Business Innovation Insights from Freeparking
Business Innovation Insights from Freeparking
Business Innovation Insights from Freeparking

Techweek NZ: 5 Business Innovation Insights from Freeparking

Any business that’s reluctant to adapt and aptly bend to the industry’s hasty changes should learn a thing or two from Kodak.

When Kodak went from holding two-thirds of the world’s global market to filing for bankruptcy in 2012, it taught businesses worldwide to respond accordingly to disruption and innovate.

The lack of innovation would put your business at a standstill. Your brand will eventually fade among other brands that have newer and more up-to-date offers. You also won’t be able to learn about technologies and processes that can bolster your growth and boost your profits.

Techweek NZ aims to bridge that gap. The week-long event provides an independent space for individuals and organisations to connect, share, and get inspired by innovative initiatives.

To celebrate Techweek, here are innovation tips from Freeparking to help drive long-term success and growth for your business.

5 Tips to Innovate for Your Business

Generate customer insights

You don’t have to look too far for innovative ideas. Start with your customers’ needs.

Look into areas and factors of your products, services, and even customer service that are unsatisfactory to them. Document their reviews. Launch surveys and market research to gather clear and quantifiable results.

Generate customer insights

Leverage this to innovate long-term solutions to common customer issues, improve your offerings, and elevate your brand in a way that’s accurate to your customers’ demands.

Stay updated on the latest innovations

Innovative ideas don’t fall on your lap out of nowhere. Unless you’re thinking about how to innovate every second of the day, chances are, this might be the least of your concerns.

Actively seek innovative insights through research, statistics, and other materials. Join events and forums that highlight innovation, such as Techweek. Find out what latest developments answer your needs and are efficiently applicable to your business.

Embrace digitalisation

Braving the online space for your business can be demanding. But once you learn the ropes, you’ll be seeing favourable results in no time.

It’s safe to say that taking the risk could be the best decision you can make. With most businesses getting online, this tells you that profitable virtual opportunities are just waiting for you. Refusing to adapt means you’re already lagging behind your competitors.

You don’t have to go all in. Pick what tool or resources might work for you and integrate them into your current business model. For example, if you want to have a website, sign up for a hosting plan and domain. This won’t hinder you from operating a physical store. Instead, it’ll help you reach more customers.

Hone a culture of innovation

Push for innovation by making it a significant topic in your organisation. Initiate open conversations about it. Designate a space where people can easily participate and collaborate on innovative ideas.

For example, you can have an innovation team to especially address innovative developments in the workplace. They’ll identify target areas, look into available resources, and decide how to go about the planning and implementation.

Hone a culture of innovation

The planning shouldn’t remain at the management level. Involve everyone concerned in the workforce. To encourage input and recognise potential innovators, you can also organise events that introduce the latest business, tech, and market innovations.

Acknowledge promising ideas

The best way to foster an innovative environment is to recognise great ideas and reward your employees for them. Doing so lets them think that you value their contribution and will encourage others to submit their pitch as well.

Establish a rewards system for innovation programs. Offer incentives, tokens, or even hold an awards event. The team or individual who came up with the winning idea should participate in the planning and execution, should it be implemented. This shows everyone in your business that you reward ideas accordingly and grant credit where it’s due.

Innovate for Growth

How do you expect to fare in a fast-paced industry without adapting to its ever-dynamic changes? Customer demands and business standards will evolve with the progress of time. If you fail to keep up, you’ll certainly get left behind.

Innovation is the only way you’ll stay relevant and stand out in business. This means continually seeking ways to be better and offer something new. Being open to emerging trends, eager acceptance of promising ideas, and urging your organisation’s participation will lead your brand to countless opportunities for growth. Put these insights into action. Freeparking has just the right resources and solutions to help you innovate and scale up online.

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