Innovate Your Business by Taking Risks

Studies show that price is never a determining factor. Customers are always willing to pay a little bit more as long as they know that they are buying a superior product or service.

People will always be willing to pay more for that peace of mind that comes with an excellent service and a strong guarantee. Moreover, studies reveal that if businesses focus solely on competing by having the lowest price, it will not succeed. Prices are never a determining factor for staying in business.

A lot of businesses have closed because of this thinking. So what to do then to get ahead of the game?

Do something unique. This may sound simply daunting but depending on the type of business, this is essentially the virtue of making things happen. Attempt to do what others had never done before. Business should be willing to do whatever it takes to deliver a product or service that is exactly what the customers want. Delivering something different or something that the customer has not specified is just a waste of time.

For instance, if your business card printing company is still confined to templates then you are not offering something new. Color business cards should be as unique as the personality of the person who owns it. Scan the competition and make a list of everything that your competitors do not do. Then do them. Simple.

Your next move is to stop everything that you are doing. Take a moment and contemplate on what you have been doing or NOT DONE. If you want to succeed, take stock of what you have not been doing and find ways to do the things that your target clients expect, for as long as it takes. To win customers, you must be able to identify the things that they are looking for.

You can also look at the things you are currently doing and find ways to improve them. You can add small things or completely overhaul your product. Either way, you are constantly attracting customers by innovating.

Take these examples: Offer freebies or samples of new and improved products; Offer 100% guarantees; Ask endorsers to try your product; Offer free upgrades; Offer free training; Create a sense of community by getting involved with community activities.

Ultimately, the test of the pudding is in the eating. You may be offering new products or innovating services but if clients or customers are not delighted then you are just wasting your time. Innovations should go hand in hand with client expectations. This is essentially the idea.