What’s Your Edge? Focus on Business Innovation to Stay Competitive
A single great idea can launch a business. But, in order to stay competitive over time, business innovation is essential.
Brian Stoffel drives home this point in his recent article for The Motley Fool, LLC. Stoffel highlights how companies that don’t have a moat—the unique advantage of a business that beats out the competition—are at risk of losing growth momentum over time. Competitors see their success and copy their business model or offerings, tanking growth.
A moat, or competitive advantage, could be anything from competitive costs to brand power to patents. Even so, competitive advantage seldom lasts.
So what can you do to stay ahead of your competitors?
Be innovative! Increasing your business innovation will keep your organization relevant, competitive, and at the front of the pack.
At Upstart Group, we’re always reminding our clients that their business needs to be agile to remain ahead of competitors. Rapidly and creatively meeting the needs of customers and changing market conditions isn’t just necessary for effective marketing—it’s also key to maintaining business growth over time.
Oftentimes, it comes down to effective market and customer research to stay tuned in to developments and changing needs in your industry—and innovate accordingly. Make business innovation a priority and remain the leader in your sector that others struggle to emulate.
Not sure how to guide your company’s innovation? Schedule a free strategy session with one of our expert CMOs today!