In simple words, trend-driven innovation can be explained as spotting the latest trends and recognizing whether they are beneficial for their business or not.
Well, it is essential in today's changing world to identify an ideal trend that could stimulate your business's growth and provide highly favourable results. The need for trend-driven innovation is relatively high and significant. It enables a business organization to attract more customers, launch new business strategies and expand its market. It is accomplished by raising the customer's expectation and meeting the new high every time you launch a new product or strategy.
The need for innovation for entrepreneurs has brought a new milestone in every business strategy. Therefore, we have mentioned how trend-driven innovation can help a business survive in the competition –
- The best part of trend-driven innovation is that it helps in improving your customer's overall experience to a great extent. It is mainly because expectations of the customers keep on increasing infinitely.
Once you work closely towards a trending technological advancement with a touch of creativity, your customer's expectations are fairly met, and they look forward to other advancements by your business.
- Another aspect of digital transformation is that trend-driven innovation eases up the workload of both an employee as well as the customer. For examples, online chatbots, 3-D imaging and VR techniques have greatly improved the overall shopping experience and made it more intimate, personalized and unique.
Therefore, customers feel especially satisfied and special, whereas the workload of employees in doing a routine job that leads to monotony also gets reduced.
- The importance of innovation for entrepreneurs is more prominent if you wish to stay unique and at the top of your business. Everyone wants a different concept that could meet the exact basic needs of a person in a more advanced way.
Entrepreneurs can set up unique business strategies and establish close personal relationships with the customers once they tend to provide everyone with a different, exceptional service or product as desired by them through a trending technology and approach.
- Everything gets faded over a period of time. Taking about the tech world, every gadget and design loses its charisma after it becomes widely available in the market and becomes outdated. So, it is suggested to enjoy the trend when it is in trend.
For your business to propagate, you need to maintain the creative essence of your work constantly. The gadgets, electronics and other devices allow digital transformation and the physical transformation that would give them new style and design. It will prompt customers to buy their products since they tend to have unique features, the latest design and updates software.
- Apart from that, having an eco-friendly approach towards the environment has grabbed many customers' attention, especially after widespread awareness of the phenomena. Every customer and employee want to work and support the organization which works sustainably, has a safer and reliable future. The idea of innovation of entrepreneurs is not limited to business strategy but is a whole round concept involving sustainability, working environment and the impact of any activity over nature.
Thus, it also grabs the eye of certain professionals, conservatives and environmentalists. Therefore, providing a good business model can result in making your venture a brand.
In a nutshell, trend-driven innovation plays an essential role in propagating and expanding any kind of business. From helping to meet the expectations of customers to raising theme every time, this strategy dramatically attracts significant consumer traffic. Also, many other aspects of trend-driven innovation involve:
- Increasing the reliability of the business.
- Improving customer experience.
- Reducing the workload and eyeing out the competition.
According to Accenture's data, 62% of the companies plan to invest in technologies to boost high-growth innovation. However, one needs the vision to understand the evolving trending technologies and their working to make profit out of them. Therefore, to extend such young minds' horizons, MIT ID strives for holistic development and produces a visionary mindset.