What is innovation? Which companies are leaders in innovative ideas to keep the business afloat or ahead? What are some examples of innovation? How do I get ideas that can make my company be more successful?

Innovation is a process, product or idea, which is used to improve your business, penetrate markets, or create more efficient processes/procedures which can assist in companies cutting cost. Ultimately, innovation is a critical and effective tool used in any company’s sales and marketing strategies. Ideas can come from changes in sales and marketing culture, market research, customer feedback, surveys, etc.

More companies are looking towards the rapid advancement of technology in the modern society to create new innovative methods to increase or streamline sales and the fluidity of their current processes. Some that have been known to lack in innovation have all shown a decline in market share (sales) and even are no longer in operation. Their lack of innovation may not have been the only reason for their fall, but it did pave the way for their competitors to gain substantial market share and competitive advantages.

On the other hand, some companies understand innovation as the key to their marketing and sales success and have all seen increases in sales by also now being able to provide efficient service to their clients/customer. These companies have penetrated markets by creating subsidiary companies, creating new products, including new business ideas and have proven to have strong research departments within their organizations.

Is your company safe from other company’s innovations?