10 Innovation Tips to Boost Your Long-Term Customer Base



Businesspeople are constantly under pressure. Daily events make it challenging to make critical decisions for financial sustainability.

Businesspeople want to alleviate uncertainty in business – challenges from their marketplace forces and their human capital – so they will experience growth.

Unfortunately, a study showed CEOs lose sleep from 10 issues and many feel unprepared to cope.

Puzzled professional stockimagesPerhaps that’s why since the birth of this business-coaching portal in 2009, the most-popular categories have been human resources strategies, career advice, marketing and sales strategies.

They’re among more than 1,000 business-coaching articles.

Trend watching

But the single most-popular page has nothing to do with those topics. Readers are watching for trends.

So readers prefer the one page that keeps them up-to-date with current events in business – the Business Page from The Biz Coach Newsroom.

It’s updated daily with videos from respected sources such as The Wall Street Journal, The Financial Times and Bloomberg TV.

Businesspeople must be mindful that their customers face the same realities. Customers are under financial pressures, too. They want empathy from you with the best-quality products and services at the lowest-possible price.

Efficiency

Extensive research showed how and why corporate projects result in cost overruns and failures; of which management reels from five frequent causes of cost overruns and failures.

By being efficient and understanding the long-range concerns of customers, it’s easier to stay relevant with them so your margins don’t dissipate.

So you must constantly evaluate your situation and develop the right strategies to become the best innovator.

There are many facets of your business to consider – it’s a painstaking process to evaluate risk management from staffing to supply chain with the right manufacturers.

“Most of us understand that innovation is enormously important. It’s the only insurance against irrelevance. It’s the only guarantee of long-term customer loyalty. It’s the only strategy for out-performing a dismal economy.”

-Gary Hamel

In a coordinated effort with the assistance of an outside participant or consultant, that means you and every key employee should be asking the right questions of your business.

The innovation questions include:

  1. How can you determine what your customers will need?
  2. How can you prevent your customers from going elsewhere?
  3. How can you provide the best offerings at the lowest-price and stay profitable?
  4. How can you differentiate your business?
  5. How can you thrive despite the risks of continuously new competitors?
  6. How can you defeat the alternatives competitors are offering your customers?
  7. How will you respond from the pressures of your competition?
  8. How will you maintain the right attitude to deal with competitive forces?
  9. How will you continually determine what your customers will need in the years to come?
  10. How can you improve efficiency and cut costs on an ongoing basis?

Obviously, your company and employees will need to stay resilient and persistent for continuous relevance in the minds of your customers. That means understanding trends, retaining talented competitive-minded employees and making the right choices for long-term growth.

From the Coach’s Corner, here are related strategies:

Why Companies Stay Successful When Others Fail — There’s a common thread among companies that succeed long term. A Stanford University professor calls the reason “organizational ambidexterity. That’s the ability needed to manage business lines while simultaneously strategizing and implementing change as the world and marketplace evolves.

Strategies to Make Change Management Programs Work — Management is mostly to blame because most change-management programs crash and burn. Why? It’s up to management to hire the right people, and to invest in the right tools while inspiring employees to accept and drive change. Here’s how.

Powerful Example for Business: Course Correcting in Sailing — Cunning and skill are paramount for success for both business and sailboat racing. A salient concept in sailing is course correcting. Here’s how to apply it in business.

10 Red Flags Your Business Needs Strategic Planning — Many entrepreneurs are so busy putting out fires, they fail to take care of business in two ways. They fail to plan strategically and they don’t make marketing a priority each day.

Productivity – 7 Steps to Build Performance Indicators — For performance-measurement in human-resource administration, the key is to design measurement systems to drive engagement, productivity and quality. Here’s how.

Finance Checklist for Strategic Planning, Growth — Strategic planning in finance for growth means avoiding trendy fads. Instead, it requires an ongoing down-to-earth approach in order to create value. Here are seven steps.

“Most of us understand that innovation is enormously important. It’s the only insurance against irrelevance. It’s the only guarantee of long-term customer loyalty. It’s the only strategy for out-performing a dismal economy.”

-Gary Hamel


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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.





Photo courtesy stockimages at www.freedigitalphotos.net

Seattle business consultant Terry Corbell provides high-performance management services and strategies.