What is one way you have innovated on a new product, service, or business model?
To help you recognize the innovations occurring in real businesses, we asked business owners and entrepreneurs this question for their best insights. From revolutionizing client communications to launching an on-demand staffing app, there are several ways that businesses have innovated that may help you find inspiration for your own business.
Here are 14 ways to innovate in business:
Modern technology has made life easier in countless ways, but it has also opened the door for information overload. The sheer amount of calls and messages a business owner receives daily can make it difficult to keep track of it all. Threads collects and aggregates all of a business’ communications into one central hub, accessible from a single dashboard. More organization equals more efficiency and less stress!
Francesca Yardley, Threads
Project Management is a complex international certification that 70% of large businesses outsource to independent contractors like me to save and make millions of dollars. www.purposecommunity.org helps simplify PM to goal, steps, cost, hours, and who’s involved (with a few other things) so it becomes a win-win formula for enJOYing life balance and events. We offer forms and forums to exercise and encourage each other to organize and track purpose, progress, and affirmations individually and in groups. Almost anything can be a project, and so much more fun getting more done, helping each other, waste less, and stress less.
Felicity Blackwater, Purpose Community Goal Network
We consider all of our products to be innovative and paradigm-shifting. But I’ve personally been plant-based for more than 31 years. My aim was to start a company that could make an impact by making it easy for people to incorporate more plant-based foods in their diets. To make this happen, I knew I needed to partner with someone in order to create delicious food products that even people who aren’t plant-based will love. I jumped at the chance to partner with renowned Chef Dave Anderson who hails from Beyond Meat. That’s how Outstanding Foods was born.
Bill Glaser, Outstanding Foods
Form Paper Co. is a designer-quality peel & stick wallpaper company that is created and vetted by an interior designer. Our wallpaper patterns are high in style, totally accessible and easy to implement. Brought to life by design aficionado and unshakable creative Dala Al-Fuwaires, who’s never been one for cookie-cutter constructs, our peel & stick wallpaper breaks the mold.
with curvy contours and statement-making color schemes that bring instant designer drip into your home, office, or commercial space. Think of us as the stylish solution for imaginative enthusiasts seeking substance over simplicity.
Dala Al-Fuwaires, House of Form
SnackMagic launched in April 2020 as a direct result of the global pandemic. As offices emptied out and everyone had to stay home, we needed a temporary way to save our NYC-based office lunch delivery business.
We knew the joy of giving (and getting) a stash of snacks would help people feel connected and boost morale. And we made sure that gift-giving service would be easy enough so that people can quickly send 1 or 1,000 snack boxes in just a few clicks.
From day one, we wanted to create a business, not necessarily a startup. We wanted it to be an established business that has revenues, profits, losses, and unit economics from the get-go. So we used our existing runway from STADIUM to build SnackMagic. People were on our website just looking before we even launched, and our first order came within 3 weeks.
We scaled the business from $0 to $20 million in ARR in just 8 months. Since then, we’ve shipped thousands of SnackMagic snacks worldwide, and we’re just getting started.
Shaunak Amin, SnackMagic
Our company took a unique spin on the classic meal kit delivery service model. We coupled our fresh ingredients and unique menus with step-by-step video guides taught by Michelin-Star Chefs. Due to our form of innovation, we’ve quickly become an industry leader. If you want to get to the top of your field, you need to come up with alternative solutions to common problems or innovate upon existing ideas.
Seb Evans, Banquist
Water is often the culprit when repairs or replacements to stone veneer panels are needed. That’s why we created the D.RAIN system, which is built into the back of every one of our stone veneer panels and ensures safe drainage when water manages to infiltrate. Integrating D.RAIN technology into our panels has made it possible to say goodbye to excess humidity and mildew, leading to longer-lasting, beautiful siding.
Todd Sriro, Be.On Stone
Increased awareness of the necessity of eco-friendly practices and products has brought about many innovations to pipelining, including our trenchless repair methods. Our spiral wound liners help minimize the impact on a surrounding area when making repairs to culverts, storm drains, and sewers. They are also a long-lasting solution that helps prevent the need for regular repairs in the future, further reducing the environmental impact.
Ryan Shallenberger, SEKISUI
First and foremost, we ask how a new product will serve the client. Otherwise, why do it? So, we actively listen to clients and their needs. On top of that, we understand that our clients rely on us to be experts in our field (HR tech and AI). They come to us, because they want to find out what AI can do for them. And so while we listen closely to recruiters and talent leaders for the pain points to solve in their industries, we also stay ahead by testing and experimenting with the limits of AI. And we ensure we’re not overreaching our current capabilities too much, which would degrade the performance of our current products and tools. It’s this holistic process that has led us to create products like our Experience Assistant last year, which won Human Resource Executive’s Top HR Product 2021 award.
Josh Zywein, Paradox
Xena Workwear makes stylish safety shoes & work apparel, empowering women in STEM and the trades to feel confident in any workplace. The workwear space has long been male-dominated. And for women working in demanding environments, most PPE options have long been uncomfortable, unprofessional, and unappealing. And having to change from office shoes into bulky work boots creates an internal barrier between them and their male colleagues.
How you present yourself and what you wear in the workplace can impact self-confidence crucial for success. This is why Xena designed and engineered a line of PPE products for women in 2019. The Gravity ESD boot is designed to dissipate static electricity, a key feature for electronics manufacturing and working around highly flammable chemicals. And the Omega boot features insulating properties that protect the wearer from shocks up to 18,000 volts. Our attractive, versatile boots ensure women never have to choose between functionality and style.
Hayley Albright, Xena Workwear
Our Rainy Day Fund is an innovative perk of membership in KONG Club by AskVet. As the leader in virtual pet care with over 1 million chats between virtual vets and pet parents, we integrated our customer feedback that the cost of pet emergencies is one of their most worrisome causes for concern.
This emergency fund, funded by us, covers up to $1000 for pet emergencies to the ER. It isn’t insurance but a benefit of membership with our service. KONG Club’s pet wellness platform is unrivaled in the industry due to our unique, personalized pet care approach and benefits. Take your customers’ worries into mind and address them directly to be successful.
Laura Berg, Kong Club
At Spotlight Podcasting, we have created a full-service podcast production solution that focuses on both execution and business strategy. This means making sure that the show format aligns with our client’s business goals, allowing them to focus on what they do best and leaving the production up to us.
The response to our new product has been overwhelmingly positive. We have found that this success is due, in part, to the fact that we are able to provide a one-stop shop for all podcasting needs: including booking guests, audio editing, graphic asset creation, copywriting, distribution and more. Our clients appreciate not having to deal with multiple vendors or freelancers and can focus on their zone of genius.
Jonathan Baillie Strong, Spotlight Podcasting
I started WallStreetZen when I realized almost all financial advice was basically unverified. Stock analysts—even highly-reputed ones—pick and chose their metrics for deciding whether to invest or not, and ignore everything that contradicts.
We decided to see what would happen if we took all the information one would consider and removed those biases through AI. The result is WallStreetZen, but you could do this in any industry. Once you really start considering what thoughts, opinions, and ideas are driving your competitors, you’ll be better able to use technology to think more holistically than a person ever could.
Nate Tsang, WallStreetZen
We launched the Qwick app in 2019 with a goal of making it as easy as possible for hospitality professionals to control their own schedules. Three years later, we’ve succeeded, by creating a simple way to connect hospitality businesses and qualified professionals looking for shifts, allowing them to set their own schedules, and get paid the same day. An on-demand staffing app like ours saves time, energy, and money. It’s a game-changer for everyone.
Retta Kekic, Qwick
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What is one growth strategy to increase local market share for a small business?
To help small businesses increase local market share, we asked consultants and small business owners this question for their best insights. From intentional hiring to customer retention, there are several growth strategies that may help your small business increase market share and drive new conversions.
Here is what 15 thought-leaders had to say:
While it is important to stay nimble, be innovative, and be diligent in strengthening your relationships with your clients, small businesses can increase their market share through smart hiring practices. Being intentional and focused on the roles you are looking to fill and crafting the job descriptions to include the competencies required for each position will help to attract the best candidates. Another useful tool is to use a competency-based assessment tool, like Reveal, to help strengthen your hiring efforts and your teams.
Linda Scorzo, Hiring Indicators
Treat every customer you come across as a special guest, which they are for visiting your business. You need to make them feel like their presence, and not just the money they spend is valued. This attitude of friendliness and gratitude can lead to repeat visits, and word-of-mouth referrals from these customers to others they know. By building up a satisfied, loyal customer base, you’ll be able to steadily increase your local market share.
Henry Babichenko, European Denture Center
You can grab a significant piece of the local market share pie with your social media presence. Awareness is a key stage of the sales funnel, and local consumers are more likely to visit a local business they know is in their area. Use your social media accounts to build a local following, highlighting your integration with your community and participation in local events. You’re bound to be rewarded with more business and repeat customers.
Randall Smalley, Cruise America
Publicity is called ‘earned media’, advertising is called ‘paid media’.It is earned for a reason – because you (or your publicist) write a good enough story to get (free) coverage from a journalist. This is sometimes called ‘traditional PR’, (but all goes digital now) and it is still the most powerful way to reach your audience because this type of publicity creates credibility where advertising does not.
Some tips to do it yourself:
First research the media outlets you want to be in. Find the journalists that write about your industry or topic. Write what is interesting about your company and be sure it would be interesting to their audience. Send them a pitch with a great title, personalize it to them specifically. Follow up four days later with an email or even phone call if you can find their number. Happy pitching!
Ellie Lowney, Creating Buzz Public Relations
Flexible, competitive pricing can be a very effective way to increase your local market share. Take a look at your competitors, and see if your prices are competitive. If not, don’t be afraid to adjust if you feel that’s what it will take to have an edge in your field. Price-matching can be an incredibly effective tool to win over customers, keep them coming back, and grow your business.
Chris Abrams, Abrams Insurance Solutions
While most of our training can be done virtually, we are also localized in the Atlanta market. Over the years, Atlanta has grown in the tech space so increasing market share here is important. One of the strategies we’ve used to increase our local market share is by partnering with companies and organizations like the Atlanta Tech Village, Boys & Girls Club, and Terminus, to name a few. By increasing our local network of partners we are able to increase business through referrals and other great opportunities.
Nick Santora, Curricula
If you want to increase your local market share, you have to advertise locally. You don’t have to spend a lot of money to do this. You can just go door to door, leaving flyers or business cards on people’s doors. Even if you don’t grab direct conversions from your efforts, you may get referrals from those who heard about you and mentioned you to others.
Vanessa Molica, The Lash & Sugar Company
One growth strategy to increase local market share for a small business can be something as simple as introducing yourself and your business to other local businesses and local people. If you’re in the restaurant business it’s grassroots getting out there and saying hello, offering a coupon or a flyer.
If you’re in the consulting business it can be networking, guest blog posting, or being interviewed by a podcast or local radio station.
Amanda Russo, Cornerstone Paradigm Consulting, LLC
Sometimes your brand image can be what makes or breaks your market share. One way to improve sales and encourage growth is to refine your brand and focus your advertising capacity.
As cheesy as it sounds, people still judge books by their covers. When comparing two small businesses, your average consumer is more likely to choose the brand with which they feel aligned. There are small but effective methods for improving your business face as simple as being cleaner-looking than your competition.
Your advertising efforts make a huge impact on how many consumers you can reach. One way to gain the edge over competitors is to simply produce more, or better, advertising for your business. You are guaranteed, at minimum, to be reaching more potential customers which is the name of the game.
In the end, it is a sort of game to be played to win out over the competition. With a professional look and some solid effort, you can secure your share of the community.
Zach Goldstein, Public Rec
We began our business in conjunction with Tony Robbins’ upcoming book on health. We share a passion for maximizing good health and we wanted a brand that could help us raise our profile. Tony gives us exposure. He is familiar around the world. It was a perfect marriage.
That works well for small businesses, too. So many businesses work in step with existing companies. Find a business that is adjacent to yours and exploit that partnership as much as you can.
You want to sell your brand of tartar sauce? Get it in restaurants, grocery stores, retailers, seafood stores, and more. If one business dominates a particular market in a space that you don’t directly compete in, look for strategic ways for it to help your business. The exposure potential could be immense.
Joel Jackson, Lifeforce
In order to grow your local market share as a small business, you have to get your name out there and prove that you’re worthy of people’s attention and money. You can do this by providing excellent products or services on a consistent basis. Stay the course, develop a reputation for quality and consistency, and more business will come to you. This is the best way to sustainably increase your local market share.
S. White, Novus Maintenance
For small businesses and solopreneurs, word-of-mouth referrals happen quickly by engaging with your community. In a business capacity, when you support local fundraisers and events or help out in community projects, it shows your customers that your brand cares about them and the place in which you all live and work. And when community members share your efforts on their social media channels, they validate your good works and provide the social proof that can influence potential customers to like and trust your brand and purchase your products. This helps to grow your audience and drive more foot traffic to your business.
Daniel Tejada, Straight Up Growth
While small businesses may face competition from larger corporations when it comes to working with online influencers, collaborating with micro-influencers is an option to consider. According to my observations, influencer marketing is growing more popular than ever… Micro-influencers will be the ideal alternative for small businesses because they are less expensive and more willing to collaborate with them. Growth will not be difficult in 2022 with a couple of these tiny influencers assisting [your firm] in reaching specialized audiences.
Rameez Usmani, PureTuber
Google My Business (GMB) is a free local business directory provided by Google. You’ll need a GMB profile if you wish to appear in Google’s local search results as a local business. Consistency is crucial when it comes to developing and enhancing your GMB profile. Because Google uses your GMB profile data to populate search results, everything you provide in your profile must match the information on your website as well as your NAP citations around the web. When your information is consistent, Google will recognize you as a real company. Your profile will appear better in search results if you submit more information.
Salvador Ordorica, The Spanish Group
One understated way of increasing local market share is by maintaining the market you already have. By prioritizing Customer Retention Rate (CRR), you’re feeding customers through the steps of the marketing funnel and creating advocates. Sometimes, for small businesses, aggressive techniques to increase market share are overstated, and organic growth is your most consistent and cost-effective.
Michael Williamson, Hoist
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