If you are selling a software, an online course, or physical product then it seems the name of the game is “innovation”.
By demonstrating that your company can innovate (and does so often) you are showing potential customers that their money is well spent. That they will constantly have access to the best, and that your business is at the forefront of the industry.
Let me be clear about something: innovation is necessary for business survival.
For example, if you created an online course in your area of expertise and never modified it or tried to make it better then you will ultimately go out of business. People don’t purchase “stale” products.
On the other hand, if you are modifying your course offering with new content, scripts, templates, videos, and functionality then it keeps your customers engaged. The more engaged they are with the content the more likely they will tell others about it. Word of mouth referrals are the gold standard of any business.
So innovation is a “must-have” for any business. That I know to be true. But as is common with many things in life innovation should be done in moderation.
Continual innovation is at the core of any business, but it shouldn’t be your primary business plan. When you are innovating you are thinking forward. You think about the “next big thing”, or the next customer. You are securing your place for tomorrow. Again, this is all well and good.
The danger comes when you focus too much on the future and not enough on the present.
I have seen first-hand that it is the “not so sexy” things you do in your business that have the largest impact.
Things like helping existing customers with questions in a timely (and friendly) manner, implementing small refinements in your product to make it more accurate or stable, and providing a personalized pre-sales process to those who are interested in learning more about your product.
These day-to-day operations are the foundation of your business. Committing to doing these correctly on a consistent basis means that you must exist in the present. This can sometimes make even the most seasoned entrepreneurs feel restless, but it is necessary for success.
Though it’s funny, because by staying in the present you may actually come across more practical ways you can innovate.