Despite the shaky economy, many companies have not only held firm but thrived. Their key? Innovation. By experimenting, pushing the boundaries and implementing unique strategies and business models, these companies have risen above the rest. Entrepreneurs and small business owners would be wise to study their tactics and learn from their successful innovations. Here’s a quick look at just a few of them and the innovative strategies they’ve used to prosper.
Amazon
The online shipping titan had a banner year in 2013 thanks to its deft use of innovation and mastery of the fast-growing e-commerce economy. After introducing same-day shipping several years ago, Amazon built on this innovation by expanding its same-day shipping and same-day delivery services. As a result, the entire retail sector was largely reshaped to accommodate Amazon’s revolutionary model of fast, efficient and timely service. Other companies would be wise to emulate Amazon’s strategy of rapid delivery and efficient shipping. In today’s fast-paced, digitalized economy, companies that don’t embrace instant gratification and high consumer satisfaction are doomed to fall behind.
In recent years, Google has transformed itself from an innovative yet simple search engine firm into a global Internet giant known for its hunger for innovation and rapid diversification. As the online world continues to change rapidly, Google has reinvented itself to not only stay competitive but to become even more dominant. Just a few of its recent innovations include Google Glass, Google Fiber and Google Now, all of which have revolutionized the world. Companies and entrepreneurs should take heed to Google’s penchant for diversification and constant reinvention as ways to stay competitive in this economy.
Yelp
Yelp has been one of the Internet’s leading companies for opinion-based content and reviews for years but that didn’t stop it from adopting new innovations and business strategies. Not content with simply being a platform for reviews and opinions, the company launched Yelp Platform, which allowed users to only to review restaurants and other retail locations but to actually place orders and appointments. This simple yet revolutionary strategy has made the site more useful and popular than ever. Savvy business owners and entrepreneurs should look at fresh ways to maximize their customers’ experience and expand their business reach just as Yelp has to remain competitive and relevant in the future.
Nike
In addition to remaining a globally-recognized brand and retail icon, Nike took itself to new heights in 2013 with several unique innovations. Its launch of the “Making” app helped companies measure their environmental impact while its collaborations with NASA and the State Department were key in promoting sustainable businesses worldwide. By thinking outside the box and tapping into the public’s conscious for environmental sustainability, Nike offers many useful lessons for other companies and entrepreneurs out there.
Innovation: The Key to Success in 2014
Entrepreneurs should study these companies closely to gain some valuable lessons in innovation and adaptation. In today’s diverse, global economy that values something new and fresh constantly, innovation has never been more critical than right now. If your company is lacking inspiration, take a note or two from some of last years leaders in innovation, and you could find yourself in their shoes one day.