Importance of innovation

Innovation is one of the key points for the growth of any business, innovation is what allows us to distinguish ourselves from our competition and take a greater market share. All companies need to innovate in order to survive over time, but innovation is a very complex and costly process that requires a certain dedication and sacrifice to be successful. Many leading companies have disappeared because they did not know how to adapt to new trends and failed to evolve their products sufficiently to meet new demands.

The fact that innovation is costly should not be an excuse for not encouraging a culture of innovation in our employees. By developing creative strategies with a long-term vision, we can prepare ourselves for the coming changes in our market. In this guide we will be addressing a series of basic recommendations so that you can apply innovation in your business from the earliest stages.

Creativity

Creativity is the fundamental factor in innovation. Innovating requires being creative and having a vision of what we want to achieve in the long term. When we are innovating we focus on building a product or service for a market that does not currently exist. It's like predicting what my customers will want in the future and how I can provide it to them.

Encouraging creativity in your company, from an early stage, will be extremely useful to generate a culture of innovation among your employees, where results are rewarded and they are motivated to look for new solutions to current problems.

Make sure that your employees understand that creative work is rewarded in your company, that innovative solutions will be rewarded and that you are open to listen to your employees' criteria and visions. In this way you will ensure that they are not inhibited from participating and making risky and revolutionary proposals. The greater the participation of your employees in the innovation process, the more you will reduce the cost of innovation and increase the chances of obtaining satisfactory results.

Know your market

Knowing your market is not only knowing how much of each product sells and how many customers you have. Knowing the market is also knowing how to predict and understand your customers' desires and wishes, how they imagine your product in the future and what are the current problems in your industry. When it comes to knowing our market, we must place ourselves in the customer's perspective, face decisions from the consumer's point of view. How can I make my product better and my customers more satisfied?

Regardless of your type of business, it is important to understand that your market will evol