Innovation -The key to success in business

 Innovation -The key to success in business

As and when the customer improves his/her knowledge about the product and business around them, it becomes difficult for the organization to persuade the customer. The world has witnessed many business promotions and customers have also understood the tricks of the trade, and hence it becomes difficult for the organization to attract and retain customers.

The food industry has seen a huge leap in terms of business, due to changes in eating habits and willingness to eat varieties of food. After the advent of food delivery apps, people have started ordering food at their convenience from their doorstep. Though the restaurants benefitted from these apps, still their quest to increase walk-ins has not reduced after the removal of the lockdown.

As we are aware that competition comes in many directions and today competition does not come directly from the same business, it can come in different forms, in the past, a restaurant was a direct competition against a restaurant, but today the game has changed.

Let me introduce how the Chennai food industry is taking different shapes and attracting customers to their joints. In recent times I came across an advertisement from a caterer who was promoting lunch and dinner, but the caterer did not own a restaurant, he tied up with a wedding hall and started using his expertise and the hall’s infrastructure to showcase his variety. Very slowly he started getting walk-in customers who wanted to try traditional wedding food and he started coming up with both weekday and weekend menus.

When we closely examine this promotion, there are many long-term benefits for both the caterer and the wedding hall, the caterer was able to attract potential customers who would like to use the caterers’ service for their future needs and the wedding hall gets an opportunity to be visited by potential customers too.

Such a collaborative approach not only attracts customers but also helps the wedding halls to earn some money during the non-peak season and helps the caterer to provide both full-time and part-time jobs to the people who are dependent on him.

In today’s modern world doing business in isolation is difficult and the traditional marketing approach will not fetch the desired results, hence we need to identify with whom we should collaborate and develop a win-win approach to stay ahead in business.

Think about your business along the lines of the above case and find out how you can collaborate to win the heart and the mind of the customers.

Business is not about investing money; it is about investing time in generating ideas. Keep innovating to stay ahead.

M.L.Narendra Kumar