2018. We can’t believe it’s already arrived. To set you up for success, this week’s blog breaks down just what sets successful, innovative businesses apart from the rest – the latest research from marketing expert Dr George Day at the University of Pennsylvania.
1. Investing in talent
Leading companies put talent at the top of their list and invest time and money into scouting and attracting expertise to lead transformative initiatives. Continued success will foster success which is why companies like Apple and Samsung have stayed on top for so long. Everyone wants to be part of a winning formula so it’s much easier for these top-performing companies to attract and retain the best talent in the market. But on a smaller scale, businesses will attest to the fact that exceptional talent can exponentially enhance a company and attract new clientele.
2. Look outwards
The most successful companies look outside for ideas – turning to customers, data, industry and experts. Top businesses invest heavily in customer experience maps (a map of every touch point a consumer will experience from lead to customer), analysis and research to continually adjust, adapt and reshape their business. Collect the customer data you already have and analyse it to make strategic business decisions. If you don’t yet have data, start collecting – targeted social media campaigns, competitions and newsletters are places you can start.
3. Take risks
You can’t get ahead without taking calculated risks. Research suggests that many companies are following the lead of start-ups and venture capitalists - encouraging risk-taking in their businesses through rapid prototyping and implementation of lean start-up methodologies. Companies like General Electric in the US encourage employees to think up concepts and develop the most standout ideas. It’s a catalyst to encourage creativity, freethinking and innovation, develop talent and enhance employee engagement.
We added this point as it’s such a pertinent aspect of successful business at the present. Automate as many tasks as you can so you don’t have to do them manually, opening up time and space to focus on taking your business to new places. Tools like MailChimp (automated newsletters), Buffer (scheduling social media posts) and Quickbooks (keeping track of expenses) can make processes cheaper, more efficient and effective. You can find a suite of automation programs here. Marketing is at the core of every successful business and the marketing automation space is full of tools. Platforms like Infusionsoft can manage your leads and build campaigns in a few simple steps, triggering when they are sent at every step of the customer journey from the first point of contact. It also tracks activity from first visit to latest purchase and captures and calculates user metrics so you can refine and adjust based on what works most successfully.
Growth and innovation are things that don’t just happen in an organisation – they have to be nurtured, encouraged and sustained. Take a lead from the top-performing businesses and use these ideas to develop innovation and business growth in your company.