5 key trends in innovation and how leaders can use them in 2021

In order to create something new and lasting, you need to have a handle on what has changed in the business right now.

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30, 2020

5 minutes to read

The views expressed Entrepreneurs The donor countries themselves.

Innovation is a given in today’s market, but not all types of innovation are created equal. In the past couple of decades, innovation has been the use of a new form of technology, become more efficient and expand your reach further than ever before. While these are still crucial parts of the business, forward-thinking entrepreneurs starting out in a new direction.

It is estimated that from McKinsey & Company, the lowest economic value, has been the evaporation of a pandemic is somewhere within the range of $ 9 trillion. With an image, it is no doubt that business leaders around the world are looking to change the way they think about innovation.

If you want the next change of the tide, just need to know what is the current discussions around innovation looks like. Here are some good places to start.

1. Consumer interaction

The customer may always be right, but the company also does not like about her her. COVID-19 has been exposed, is how fragile some of the business of customer experience is that consumers are ready to fight back. Research from American Express has shown that a third of customers will be off brand, after just a single bad experience, means it’s time companies get their act together.

The first is simply by putting more attention and resources to the needs of your customers. Jeff King, one of the most innovative people I track and EY’s global chief innovation officer, encouraged the leaders to go from”‘right now(at the time they just focus on what is in front of them)’the eyes up and forward-looking assessment of what needs to be done to meet the ever-changing needs.” One of the”eyes”of the attitude, may be all need to bring your company one step closer to the people, its services and improve the business process.

Related: Why you should accelerate the digital conversion during the crisis

Now more than ever, people want the opportunity to make a difference with their purchase. Nearly 90% of customers want businesses to more environmentally and ethically friendly, and these customers are more willing to put that desire into cash.

Embracing sustainable development will look significantly different to each company, but it always produces the consumer advocacy when done right. Consider Burger King is by the impossible of the Whopper or feeding livestock, lemon vanilla, in order to reduce methane emissions. These are huge steps for an enterprise, but they are tangible and expand the company’s pool of customers, including those concerned about their carbon footprint.

3. Focus on EQ.

When we think of service innovation, which can be easily obtained using the concept of the drive, then start to turn entrepreneur with something to prove. While this may be true in some cases, this is an outdated picture of an increasingly diverse fields, is the starting value of the equivalent of many, because of its IQ.

Innovation does not only mean creating a pretty new product; it easily means that the new enterprise reorganization, implementation of new workplace policies, or refining recruitment tactics. Start Advisor Andrew Dean said it best, when he wrote that the high equivalent of the Entrepreneur”good in putting yourself in someone else’s shoes to see the challenges from different angles…these characteristics usually make them outstanding and respected communicators.”

Consumers are tired of companies promote social responsibility, but can’t put their money where their mouth is. After hundreds of companies released the Black Square on June 2, in solidarity with the National Black Lives Matter protests, after the rally, claiming that this amounted to little more than performances. Companies are willing to pay extra soon separated from the rest of the packet company, such as Apple pledges 100 million dollars to racial equality initiviates. No matter what, the next in the business, it is necessary to make a real change if it wants to survive.

Related: Collaboration is the new innovation

5. Virtual life

Even in the pandemic of attacks, the average Internet user spent just shy of 7 hours a day network—has a high number of a certain increase, since the beginning of the epidemic. The digital world can be a comprehensive way to keep yourself entertained, but as the Internet started to become a prosthetic for other aspects of life, people began looking for new ways to replicate the experience online.

Wave, digital music-streaming platform, recently captured $ 30 million in a round of financing and later collaboration with Jay-Z’s ROC Nation label pave the way for a new era of concert, not to attend. Rock star Management motorcycle Braun perhaps summed up best when he said,”the future of the industry depends on”the company, such as the wave, and the same applies to almost all other industries.

The business world is changing in front of your eyes, you just need to lock the right changes at the right time. Innovation is a story is never complete, but getting involved now can ensure a happy ending for you later.

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