In a world full of competition, many brands have been using innovative solutions to differentiate themselves from the crowd. Only with constant innovativeness can any company hope to profit.
However, innovation is an image that can only be achieved with constant hard work. You need to ensure speed in release of new products, efficiency in research and development processes, increase in use of technology and constant exploration of new markets.
A few companies have been setting a benchmark for their inventiveness whether it is their marketing strategies or their products. Here are four innovative companies who have managed to rise above the clutter:
Amazon has been innovating since its establishment. It has grown from an online book store to an online mega store with a plethora of products under its wing. It has achieved success by its innovative marketing strategies, services and products that are offered. Amazon has always kept the consumer in mind and developed new products through quick and efficient research and development methods to fulfill their needs.
- Revolutionizing the e-book market:Through the development of Kindle, Amazon has solved the needs of their target market. With Kindle, consumers can save space and carry hundreds of books in a compact device, saving them the weightage and luggage space of paper back and hard cover editions of their favourite reads.
- Ease of ordering:Amazon has patented its 1-click checkout. Your order is on the way after one click as opposed to other e-commerce sites where many formalities need to be completed to reach the checkout page. This saves time and energy of the consumer.
- Amazon Fresh:Amazon Fresh is a home delivery app for groceries. This supports its retail service on its website and appeals to new customers.
Blippar is an augmented reality mobile app that aims to change the search engine sphere completely. It is an image recognition platform which analyses an everyday product and provides search results for the same. It is being explored by brands as an innovative and strategic advertising platform. Not only is it an advancement in innovation, but also interactive, easy to use and consumer friendly. Understanding the need for affordable options, Blippar will soon launch a new app called Blip-Builder for smaller businesses. You can self-build virtual reality posts on Blippar and use it to interact.
When the film and television industry was suffering from piracy and online streaming activities, Netflix took advantage of the situation. It cleverly set a paid online streaming website therefore providing a safe and high quality surfing experience to consumers. A technological messiah for movie buffs, Netflix has created impact in most parts of the world.
CEO Reed Hastings has an interesting view on growing any business: Think Big, Act Small. Reed Hastings has one big goal for the company. However, his approach is to divide the tasks into smaller steps and phases to achieve the set target.
Elon Musk’s efforts to make the world environment friendly through electric cars has been one of the most innovative one. Tesla uses automated machines or robots for every process in the creation of a car. They have been specifically trained only to make that particular car. Model X is one of the most difficult cars to build. Tesla has successfully used technology to mechanize processes and make them simpler while providing a solution to a vital issue being faced by the world: pollution through vehicles. It has been listed as number one in the top fifty most innovative companies in Forbes two years in a row (2015 and 2016).
The main focus for Starbucks is its belief in the value of people. It highly values its consumers as well as its employees. Customer ease, customer service and employee benefits are at the helm of its differentiation points. It has also used technology effectively through its Starbucks Rewards Payment app which allows customers to do cashless payments through their mobile and earn loyalty points. They are also known for coming up with new and novel flavors, especially during festivals such as Christmas.
There is something to learn from each of these companies. Innovation can also be achieved through simple steps. Smart marketing moves like efficient and patented product processes and quick product development are some of the best techniques to differentiate yourself from the competition and be noticed. Convince consumers that you are adding more value and provide excellent service to pave your way to profits and success!