Innovation is a critical factor in staying ahead of the competition in any industry. Companies must stay up to date with the latest trends and detect gaps in the market to create products that consumers may never have thought of before. A great example of this is Nike's HyperAdapt series, which features automatic lacing technology. To remain ahead of the competition, businesses should keep track of what's new in their industry, follow consumer trends, invest in new technologies, and have a clear vision of where they want to be in one, three and five years from now.
One example of a successful innovation campaign is a soda company that decided to bridge the gap between the digital and physical worlds by printing the 150 most popular Australian names on soda bottles they were already manufacturing and selling. Through cost-effective social media programs, online and mobile, they invited citizens to share them and start a conversation. In a few months, it successfully disseminated its messages throughout the country and increased consumption among young adults by double digits. The campaign was so successful that it later reached the United States, the United States and other territories in a big way. Innovation is essential for companies that plan to grow, as they are more successful than those that stand still.
To stay ahead of the competition, businesses should research current trends (as well as previous trends) in their industry to predict future trends and create innovative products. Investing in new technologies and having a clear idea of where you want to be in one, three and five years from now are also important steps for staying ahead of the competition.
