Most firms have an in-depth knowledge of their market and customers, but don’t fully acknowledge the heritage of their firm or territory. They don’t have the capability to turn their experience into an advantage.
By positioning yourself as a thought leader – a true expert in the field – you’ll add value for your customers and built relationships based on trust. That reputation based on trust creates a deep connection with customers which in turn creates a readier attitude to adopt innovation.
Consider Lloyd Bank for a minute. Its recent campaigns ‘By Your Side’ and ‘For Your Next Step’ established Lloyds brand as reliable, honest and traditional. Yet Lloyds are pushing the boundaries in terms of innovation, it is the largest provider of digital products in the UK and are experimenting with heartbeat authentication technology.
Everyone loves great a great storey. Use your expert knowledge to gather new customers and establish strong relationships. Use your acquired knowledge to successfully innovate and grow your business!
Successful innovation managers are not only those who find new ideas, but also those who are able to recognise the potential advantages of old knowledge and learn to successfully innovate by leveraging rather than discarding heritage and tradition.