Hello , Before we dive into today's community question, a big thank you to the member who asked it! In addition, to all of you navigating the challenges of running a business, remember, perseverance is key. Though the journey may be frustrating, resist the urge to give up. Instead, focus on the path, not the pace. Success will come in its own time. Now, let's get started. You're familiar with the renowned quote often attributed to Steve Jobs, "If you build it, they will come," right? Well, we built, and surprisingly, not a single soul showed up. True story. In Jim Collins' enlightening book, "Great by Choice," he backs our experience with solid evidence—innovation doesn't guarantee high returns or success. Surprising, right? Turns out, many innovative companies face failure more often than not (for example Vine and MySpace) . Furthermore, the reality is, not every company known for its innovation (for example Apple) is constantly inventing groundbreaking things. They may, however, have a knack for branding themselves as "innovative." Here's the truth: branding and reality are two entirely different ballgames. Let's take a moment to appreciate the non-innovative companies (with success stories) —supermarkets (such as Chandarana Foodplus in Kenya or Costco in the US), clothing stores, and the like. They may not be pioneering the next big thing, but that doesn't make them any less successful. Their triumph lies in excelling in areas such as operational efficiency, supply chain management, effective marketing, and meeting the essential needs their consumer base. This includes executing intentional and strategic marketing efforts, implementing intentional and strategic sales efforts, and practicing good financial management. These factors, not necessarily innovation, are the driving forces behind their enduring success. Now, for those diving into the innovation pool, a friendly reminder: innovation isn't a constant sprint but a strategic marathon. Do it sparingly and wisely. Focus on whether your target market truly cares about your new innovation—how does it address a problem they face or fulfill a desire? Keeping this in mind will ensure your innovation aligns with what your audience genuinely needs and wants. Take inspiration from companies like Apple, Tesla, Amazon, and Google, which have successfully navigated the innovation landscape. Their strategic approach to innovation, addressing real consumer needs and desires, has propelled them to remarkable success in the long run. So, let's ditch the misconception that innovation is the sole key to success. It's time to celebrate the varied paths to prosperity, acknowledging that success isn't exclusively reserved for those who are continually inventing the wheel. The Range Team |
