Stewards Log: 10:48:12:05:2010
I recently read that Innovation is new ideas, executed exceptionally well and that got me thinking about what makes some forms of marketing “innovative” while not being risky (which they would be by the above definition.)
Let’s call this idea Business Transference, the art (yes art) of taking what works in one business sector, industry, or profession, and transferring it to another.
New Idea – Check
(While it may not be brand new, it may have not been used in your industry/profession, or your area before. This will make it new to the target market you are attracting.)
Executed Exceptionally Well – Check
(I will have to trust that when you seek out ideas from other sources, or regions that you do your homework and ensure that the strategy, system, marketing medium, etc. that you are innovating to your business IS WORKING for the people you innovated from.)
The easies and simplest measure of Business Transference is to network with other professionals in your industry from different area’s of the country or world and adapt what works well for them to your own business. This will work great as a strategy for a while, but there is the possibility that at some point in the future the whole industry may begin to look homogeneous.
This is why every car advertisement looks the same, and why bait and switch advertising can lead to serious backlash at your company.
Tier 2 (Yes apparently I am tiering now?) of Business Transference is to look at similar industries – personal service sales to personal service sales, retail of one kind to retail of another, and so on for ideas and best practises. This will allow you to seem like a leader in your business sector while still having the security of knowing that what you are doing already works well and carries very little risk.
This strategy, though relatively tame in the risk factor will still be resisted by large percentage of your business associates. You will hear a lot of “but it’s never been done that way before” or “but that is a different business” and trust me that is great news, because by the time they realize you are on to something they will look like the imitators.
TIER 3 (wow that’s big) Business Transference looks a little like going well outside your traditional business sector and bringing back the holy grail of another business sector, figuring out how to integrate it into yours, monitoring it and tweaking it till it works just right, and yet somehow this is still an easier practice that developing an entirely new idea…hmm.
I hope I’ve given you something to think about.
Share some idea’s on best practices from your industry that could be shared with other business professions. I’ll get us started:
1. In the insurance industry when ever a salesperson makes a house call or demonstration they ask the clients to help them make a list of other people who could benefit from the products (asking for referrals).
2. In the direct home sales sector (Tupperware parties, Candle Parties, and others) the host receives free gifts for their hospitality and even better gifts on the scale of sales.