Episode 1: Strategic Innovation
How to create changes in your business that will drive profit & infinite upside
If you want to be a leader in your industry, you must be constantly looking 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.
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 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.
[3:42] The importance of marketing and innovation
[5:35] 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
3 pain points of a growing business – Innovation (or lack thereof) is just one problem your business will face as it scales. Find out the other two, and how you can overcome them.
Why do businesses fail? – Too many businesses “fall in love” with their product or service and neglect to innovate it to meet their customers’ changing needs. Fall in love with your client instead. Anticipate what they want, what they need, and when possible, try to determine what they might not even know they need yet.
Do you need a 2-millimeter shift? [VIDEO] – Business owners can feel like they don’t have the energy or resources to innovate. Hear what Tony has to say about the incremental effort it takes to reach the next level.