The business landscape evolves every day, so to remain profitable, many organisations are now choosing to reinvent themselves using modern technology. Relying on business innovation, they’re enhancing their familiar products and services in order to withstand this disruption and make their daily operations easier. With this in mind, we’re going to take a look at 4 excellent examples of innovation in business.
Pokemon Go is one of the best examples of how a company can make itself relevant again. Nintendo reinvented one of its classic games by incorporating gamification, virtual reality and commerce at scale. Pokemon Go hit the market at just the right time and was accessible for gamers of all genders and ages. A game like this had never been achieved with such precision, which is why it was so successful.
Starbucks may have started out as a coffee company, but it’s now a technology giant. Over the last 10 years, the company has been investing in its digital strategy, attempting to connect to its customers via mobile. Starbucks’ loyalty programme is admired around the world, and it gives them the opportunity to track customers’ purchasing decisions and reward them based on how much they spend. By also allowing customers to place orders online – 30% occur on mobile – it’s been reported that the coffee company has reduced waiting times in-store.
Bricks-and-mortar DVD rental stores were a cornerstone of the home entertainment industry, so when Netflix came along, everyone sat up and listened. Not only did Netflix initially reinvent the delivery of DVDs (selling or renting them by post), but it transformed the rental industry altogether when it launched its streaming service. Ultimately, Netflix’s success hasn’t solely come from embracing change, but from recognising opportunities for innovation.
Procter & Gamble
Best known for its household cleaning products, you might be wondering how Proctor & Gamble fits into this list. P&G uses its large research budget to understand not only what products would benefit their customers’ lives, but how they can access those products in the easiest way possible. Thanks to this intense research, P&G was one of the first companies to adopt Amazon’s Dash system, meaning customers can reorder products and have them delivered directly to their homes simply by pressing a button.
Thanks to this early adoption, in 2018 P&G products accounted for approximately a third of all Amazon Dash orders. By taking an early lead with technologies like this, P&G is proving that even businesses based around household staples know how to innovate.
Linking Business Innovations
There we have it, four companies that have used business innovation to better understand their customers’ needs and improve their day-to-day operations. By doing so, they’re making doing business easier, which in turn can result in improved customer experiences and increased profit. To find out more about how business innovation could benefit your company, contact us at vLinkD today.