"Regardless of how you go about innovating, make sure you're continually pursuing the next thing, because a company's commitment to staying relevant must never cease," writes Steve McKee, president of McKee Wallwork Cleveland Advertising.
As McKee notes in the article, you must understand how customers view and interact with your brand or service to understand what’s next for your business. And knowing what’s next is the only way you can stay ahead of the competition.
Customers and markets are always changing and staying ahead of the curve is imperative if you want to stay in business.
Many businesses start out as innovators, win awards, and over time fall behind.
Just like mutual funds, past performance does not guarantee future results. Even if you have customers tied up in long term contracts, you will eventually have to convince them to renew. Will you have something new and innovative to share or will you be relying on your previous service and relationship?
Continually innovating and growing will not only keep a business relevant; it will also give customers another reason to stay.