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Why innovation is crucial in the contemporary marketplace

14 May 2015
Chris Jock

Propelling_Innovation(1)Each company has its own unique way of doing things, from establishing talent management processes to creating marketing strategies. However, in the contemporary marketplace, one thing’s becoming evermore paramount: companies that wish to remain competitive must embrace innovation.

Three decades after becoming mainstream, the Internet continues to drive change. For companies, this means that how we recruit, source, and employ talent has changed. It also means that how our customers decide to use our products or services has changed. Social media makes it possible for both talent and customers to communicate laterally about companies and their products.

Moreover, people can also communicate directly with companies. And with the inevitable transparency that results from people being able to post their experiences and opinions online for all to see, it’s essential that we learn how to adapt our strategies, services, and products in order to remain relevant to every candidate and customer—while still maintaining our own unique brand.

That’s why innovation is so crucial to business success in the contemporary marketplace. Innovation is a state of mind that requires self-governance in terms of determining market value and relevance to the customer. We need to be customer centric, i.e. put ourselves in the shoes of talent and customers to understand their perspectives, as well as their motivations for wanting to engage with us. And in this endeavor, social media is a powerful tool that can help us gain the insights we need to adapt our strategies and mark out a course towards innovation.

Whether your company competes on a global scale or not, it’s important to recognize that the influence of other innovators will always be noticeable in today’s global economy. Talent and customers come to expect a new normal, and we need to be able to not only keep up, but also get out ahead of the competition in order to add value to what we offer. Think, for example, of the recent trend of companies using highly customized talent communities to source top quality candidates.

With a willingness to adapt to what people want, a drive to add value, and flexibility in terms of thinking and processes, innovation can become standardized within your company’s culture. And with the right leadership, strategic change management, and robust risk mitigation, you can use innovation to continuously maintain your competitive position in the contemporary marketplace.

Read more about the topic innovation in my latest ebook here.

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