Specializing in New Product Development & Developing Business in New Channels of Trade for manufacturers in Consumer Packaged Goods, DIY Home Improvement, and Professional Landscape / Erosion Control markets. Bilingual in Spanish.
INVESTING IN INNOVATION = PROFITS
............. . . . ESPECIALLY IN TOUGH ECONOMIC TIMES!
Take a lesson from "America's Most Admired Companies". If these Top 20 companies have only one thing to teach less admired companies, it is to "keep right on investing in innovation even when times are tough. A difficult economic environment argues for the need to innovate more, not pull back," says American Express CEO, Ken Chenault (March 2008).These Top 20 Companies "are no slouches at creating new markets and disrupting old ones either. Many of the innovations that the Most Admired bring to the market are incremental - small steady improvements that take a product that is already good and make it better". (FORTUNE Magazine, March 17, 2008, page 65).
Thus, innovation is an effective Risk Management technique to fortify the portion of a business that generates revenue and growth . . . using innovation to contribute to PROFITS, not to overhead. This is the essence of Marketing Management, planning for growth and the company's future. The measurable goal is to improve business profits, remembering that:
.................... Invention is the creation of something new.
.................... Innovation is the creation of something new that makes money;
.......................................it finds a pathway to the consumer.
.................... One common error is to mistake Invention for Innovation!
Consider this: Many businesses only respond to market conditions rather than plan for them. Typically the business owner is very good at their profession, trade or craft. However, their focus is on the commodity . . . the commodity being produced is the business. Day after day management fights the same battles doing it in the same way as before. Working even harder IN the business is the general response to most market conditions. Relying on luck, speed, or a possible technical break-through is the norm. The problem is, growth and the company's future is left primarily to chance.Unfortunately, such companies lack vision and only long for change or business growth. These unfortunate companies pursue growth by working even harder IN the business . . . working and waiting, waiting and working . . . never considering the connection between where the business is today and where it is going.
In contrast, successful businesses realize that someone else will always be luckier, faster, or have better reflexes. Instead, and in response to market conditions, they plan for growth and the company's future. The business is the business. Battles are fought by working ON the business utilizing the tools of Marketing Management and Business Development. Why are these important? To deliver Innovation and Creativity . . . that spirited ability essential to out-think the competition and to out-perform the marketplace during these tough economic times!
So, how to have innovation equal profits? First, consider the connection between where the business is today and where it is going; only then can one plan for the desired future. Next, take steps each day to move the business closer and closer to the plan of where it should be.
That first step should be to call Jeff to work ON the business! Tap the "Marketing Talent" leveraged by Fortune 500 Companies. Plus, get a practical perspective balanced by years of small business experience, woven around a creative talent for building profitable business.
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