- Elon Musk, Investor & Entrepreneur
A business’ culture is one of the most important elements to its success or failure, even though it’s a little “softer” compared to things like hard numbers or business procedures and processes. Ultimately, you should always strive to have a culture of constant innovation in your business as opposed to one of assumption and relaxation.
Stressing constant innovation across all levels of your business (from your employee activities and drives to your executive-level decisions) will yield a diverse array of rewards. Let’s break down the major benefits of an innovative culture below.
AN INNOVATIVE CULTURE SOLVES PROBLEMS MORE EFFECTIVELY
Regardless, of how set up you are in your current industry or the success you’ve seen so far, you’ll eventually run into problems. Companies or brands that have innovative cultures are much more efficient at solving those problems. In a nutshell, they’re more flexible and are able to tackle new challenges with eagerness and adaptability.
Think of it another way. A brand that is set in its ways and suddenly has a customer dip or if the product they mainly provide is no longer popular, they might have trouble adapting if they aren’t already innovative. They could easily see huge profit losses and a downward spiral that leads to bankruptcy and company failure.
Companies with innovative cultures might see the writing on the wall and solve the problem before it causes real damage. This adaptability in relation to various problems can extend over all aspects of business.
Innovative cultures are better at handling customer service concerns, better at finding new clients or replacing clients that they lose, and offering new value as markets shift and people desire new things or services.
INNOVATIVE CULTURES ATTRACT DIVERSE TALENT
Furthermore, innovative cultures are much better at attracting diverse talent. Diversity is important not only for general workplace well-being and mental health concerns (though these are both important). It’s also critical to ensure that you get the best talent possible for all your positions.
Contrary to some peoples’ belief, workforces made of monolithic ideas, or nationalities or races, are far from adaptable and innovative. The truth is that different life experiences help people see things in different ways, which can provide your brand with new solutions or ideas that help your company stand out from the crowd.
Here’s an example: for a long time, car safety companies created safety regulations for various automobiles based on crash dummy tests. However, those crash dummy tests work for average male body weight, height, and other physical factors. Because car safety companies left out women from the majority of testing and design processes, they were not diverse enough to know that their safety regulations were not effective for half of the human population.
If your culture is already innovative, you have a much better chance of attracting diverse talent from a variety of nationalities, races, and both sexes. Folks will see that your culture doesn’t prioritize a monolithic workforce and will more readily apply for any open positions.
BEING INNOVATIVE KEEPS YOUR BRAND RELEVANT
Another big benefit of having a culture of constant innovation is brand relevancy. Specifically, innovation helps your brand remain relevant over the long-term because of the adaptability mentioned earlier.
The marketplace is always changing. It doesn’t matter how much of a staple product or service you believe you currently offer. Things could change in an instant, and if your brand is already innovative, you’ll be able to come up with a new product or service that people want just as much is what you offered before.
Plus, the public likes relevant and innovative brands. While brand loyalty is certainly a big social factor you should consider, there’s no denying that people like to see companies remain inventive. People are always looking for the next “big thing” that companies like Apple and Microsoft will come up with, for instance. These brands have remained relevant for decades not just because they provide staple software, but because they always come out with something new and engaging every few years.
BEYOND THAT, IT MAKES YOUR BRAND STAND OUT
Similarly, a culture of constant innovation can help your brand stand out from other similar organizations.
Take Bose, for example. There are plenty of wireless headphone companies around today, but Bose is always innovating and is arguably the most well-known out of all of them. People recognize Bose as a worthwhile brand precisely because of their innovation, so they’re more likely to purchase a set of Bose headphones as opposed to their competitors’.
Innovation directly impacts your company’s ability to draw the eye of potential consumers or clients. People like companies that have something unique and interesting to say. A culture of innovation can contribute to your brand uniqueness since innovative cultures will always be inventing new ways to solve the problems of their clients or customers.
INNOVATIVE CULTURE ENSURES CONSTANT IMPROVEMENT
Again, your current company could be a well-oiled machine. But executives who rest on their laurels will eventually end up losing everything.
Every business can strive to improve itself throughout its lifetime. An innovative culture necessarily involves adaptability and testing out new ideas. In the process, you’ll more easily come across aspects of your organization that could stand to be improved. This constant improvement goes hand-in-hand with constant innovation and will result in a more refined and better-evolved business or brand than you would get otherwise.
Besides, every company should strive to constantly improve in the pursuit of greater profits and better brand recognition. Why settle for good enough? Your company should strive to be the best it possibly can be!
STAYING INNOVATIVE ALLOWS YOU TO FIND NEW IDEAS BEFORE COMPETITORS
Lastly, a culture of constant innovation will help you make technological or procedural breakthroughs that your competitors will never see coming. Think of Apple as an example; it was their culture of constant innovation that led to the first smartphone, which itself launched an entire generation of devices and cellular technology. If they hadn’t been innovative, they might not have gotten to this finish line first and reaped all the rewards.
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Thought leaders & celebrities share their tactics for success on the Lisnic podcast by Lisa Teh & Nick Bell