We’re all thinking about innovations. We’re all looking for something that will amaze the world around us. Let’s talk about innovations today.

Which type of innovation will you go for?

Innovation does not necessarily need geniuses. Obviously, they are a welcome addition but it might be enough to recycle existing concepts rearrange them into something that will revolutionize your business.

Check out the 4 types of innovation for those with a thing for the past.

Customers

You don’t need to create new customers – they all are already there. But think of a segment which is not well taken care of – that might be your future target! Maybe you yourself are a member of a niche? Develop a solution for yourself and market it to others – a problem off your head and money in your pocket!

Process/ logistics

You have a good product but something just doesn’t click with the business? Possibly, it’s the way you provide the service or deliver the goods that causes trouble. Keep believing in your product and think of alternative ways to produce or deliver. Maybe some processes can be automated? What tools can make your business life easier? What’s the task management like in your company? Hopefully, some of these changes will also reduce your costs and, consequently, lower the final price.

1+1 = ∞

Two good products? Combine them and make a third. The key here is how to combine them to create the added value. In this case the equation good + good = good is not enough. It has to be better!

Customization

Mankind has already come up with a bunch of good ideas (e.g. chocolate). Use them. But add something from yourself. If you customize an already functioning concept to your local market there’s a big chance the customers will chose an area-specific solution which directly answers their needs.

All in all, innovation turns out to be way more about analysis than about the extraterrestrial. First step is to pinpoint the things you are already good at. Then see which elements need to be saved to keep the “good”. And the remaining part is the place for the new.

Kasia

Philologist with a deep belief in people that made her become account manager at PayLane. Searching for the most adequate support for our merchants she goes through whatever resources available – websites, encyclopedias, helpful colleagues' tips, comic books, and accountancy statements. Done with that, she looks for anything with the label "culture" on it.