The post-pandemic economy is filled with instability. Things like people losing their jobs or having their income reduced are just some of the factors that the brands of today will need to keep in mind in order to pursue business growth. And so…
To survive this new economy, entrepreneurs will need to stand out. They need to give themselves an ‘edge’ over their competitors. And the best way to do that?
Is to use creativity and innovation to support their growth!
The Importance of Creativity & Innovation | Overview
Creativity and Innovation work in conjunction with one another, and it can take many forms. To keep it simple, however, when we use the term ‘innovation’ we’re referring to the introduction of something new into your business practices. For example:
- Exchanging or replacing business processes for the sake of increased productivity or efficiency (i.e. introducing marketing automation to scale your customer service efforts.)
- Developing or upgrading your products or services to meet the demands of your consumer base and compete with other brands in your industry
- Introducing new marketing practices to find and capture bigger and better leads
And so on and so forth. Pushing forward, even in the littlest things, that’s what you have to do.
Of course, don’t forget that innovation isn’t only needed for make-or-break situations either. Constant improvement is what you have to strive for, even if it’s just one tiny step at a time!
The premium vodka brand, Vavoom Vodka, and its founder and CEO, Luke Battiloro credits this type of thinking as the key to their success with their direct-to-consumer marketing — which saw them through the pandemic with incredible success, what with their 300% growth spike!
Even more, it’s the basis of Vavoom Vodka’s mission statement, ‘Stai Bella’, which, according to CEO Luke Battiloro, means, “stay beautiful” in Italian. A statement that they use—not to encourage the pursuit of vanity—but the pursuit of constant personal improvement.
Benefits of Creativity & Innovation
There are many ways that introducing creativity and innovation into your business can make a difference. But, speaking broadly, here are some concrete improvements that you can expect:
- Boost Sales: A no-brainer. But, by constantly improving your products or your services, you can expect to see an increase in sales and traffic.
- Improve Customer Relationships: In the same vein as the previous benefit, by constantly improving your products and services, you can also boost customer retention rates — which, in turn, also have the added bonus of boosting your sales.
- Better Competitiveness: Your ‘rank’ in your industry is dependent on how much better you are compared to your competitors. Innovation is your answer to this!
- Dynamic Work Environment: Creating a team that prioritizes creativity and innovation makes for a more productive and dynamic work environment.
- Save Time & Resources: One of the main goals of innovation is to cut back on resources or time spent. And, by doing so, no matter how small the improvement, you put yourself in a better position to explore and develop other aspects of your business.
The Cost of Failing to Innovate
With benefits come costs. And in the case of innovation, choosing not to innovate means the following:
- Falling behind on productivity and efficiency
- Being outperformed by competitors
- Losing out on sales and numbers
And, of course, if worse comes to worst, failing to innovate can cause your business to fail completely. Which is a very real risk that you run when you’re not constantly trying to improve.
How to Sustain Growth with Innovation?
As Vavoom Vodka’s CEO, Luke Battiloro says, “If you don’t move, if you don’t push, you won’t get anywhere.” Falling behind your competitors is out of the question. So, don’t allow it if you don’t want to run yourself out of business.
But how do you do that, you might ask? Well, first, you have to think. Think about what your business needs. Study your marketplace and try to find areas that require improvement or ways to add value to your service — this is where creativity comes in.
No two businesses are exactly alike, so I can’t give you the answer to what you need to do. Maybe you’re behind on the latest trends in your market. Maybe your product is lagging behind your competitors. Maybe your employees are in a rut.
Whatever the case might be, acknowledging that there is something to improve (and understanding that there will always be something to improve) is your first step in using creativity and innovation to sustain your business’ growth!