Team Tony cultivates, curates and shares Tony Robbins’ stories and core principles, to help others achieve an extraordinary life.
The keys to strategic innovation
Two factors that will take your business from lounger to leader
What makes a business successful? You might say you need to start with an advantage or money – yet many of the most prosperous entrepreneurs started from nothing. You might say it’s luck – yet the most profitable business people have failed time and time again.
The truth is that building a successful business depends on two factors: innovation and marketing. You must create a reason for people to do business with you. You must add more value than anyone else. And you must communicate that value in a way that connects with your most valuable customers.
In this episode of the Tony Robbins Podcast, Tony will help you understand how you can find a way to meet your client’s needs better than anybody else. He will show you how to make constant and strategic innovation part of your company culture so that you are constantly improving your processes, products or services in a way that creates real value.
What is strategic innovation?
If you want to be a leader in your industry, you must be constantly searching for ways to create something more, new or better than what currently exists. Because consumers are no longer impressed with a new feature or service for very long – they expect a constant evolution of improvement or they will go elsewhere.
And it doesn’t stop there. If all you do is innovate, you’re going to be out of business. You have to figure out a way to innovate in a way that’s profitable and in a way that the customer will care enough to pay for the innovation – that’s what Tony Robbins calls strategic innovation.
How to implement strategic innovation
Every business wants to make a profit. But you want to go beyond that. You want to rewrite the rules for the competition. You want to change the game entirely. To do that, you must live and breathe strategic innovation. Everyone in your organization, from customer services to sales to the janitor, must understand that you do two things: innovate and market. And you must reward anyone who brings new ideas, new strategies and new insights to the table that will help you do those things.
That’s why you need to focus on five areas for strategic innovation:
- New voices
- New questions
- New perspectives
- New passion
- New experiments.
Asking the right questions
New questions are one of the biggest key areas for strategic innovation. Are you in love with your client? Asking customers what they really want is one of the best strategies to create massive loyalty. Customers aren’t really buying your product. So what business are you really in? You’re selling a legacy, a lifestyle, heritage, nostalgia, an identity. And that’s also your key to expanding your marketing.
A business is only as strong at the psychology of its leader. Often, it only takes a two-millimeter shift to completely transform your business from a lounger to a leader. Listen to the podcast to learn how you can get ahead of the curve in your innovation and marketing – and crush the competition.
[03:42] The importance of marketing and innovation
[05:35] What is strategic innovation?
[14:00] How Nike changed the game
[16:40] What business are you really in?
[22:57] How Steve Wynn changed the competition
[24:00] Who is your customer supposed to be?
[28:35] Infinite upside
[30:27] 5 areas for strategic innovation
[34:40] Proximity is power
[35:34] The quality of your question creates the quality of your answer
[36:37] Primary questions
[38:33] New perspectives
[40:57] New passion
[41:42] New experiments
[45:37] 9 questions to consider
[46:35] New voices into your business