Achieving business success is never easy. This is because the market is flooded with businesses already offering the same or similar products or services many entrepreneurs plan to offer.
The question entrepreneurs must ask themselves before taking the plunge is, what makes their business different?
The answer to this question will form the basis of the marketing strategy to be used by the business to get a footing in the industry. Innovation is critical when starting a new business or when running a business that's not yet successful. Innovation can be described as the process of coming up with new products and services.
Improving the quality of existing products and services can also be described as innovation. Veritas Global Protection has grown by leaps and bounds within ten years because of the company's focus on innovation.
Why Innovation is Important
1. Improves Industry Standards
Innovation benefits the whole industry. When a business comes up with a better product or service, the competition will have to follow suit or become obsolete. After all, consumers are always on the lookout for better products and services.
2. Gives the Innovator a Competitive Advantage
As noted above, consumers typically look for better products and services. This means that they are likely to work with businesses that show innovation. This means that innovation gives a business a competitive advantage over other businesses.
Therefore, a business can attract new customers and create a loyal customer base by showing innovation. Veritas Global Protection attributes its success to the innovation shown by the company over the years.
Veritas has been coming up with a new vehicle protection plan every now and then to meet the needs of consumers with different types of vehicles. This includes the electric and exotic plans. Additionally, the company made changes to existing vehicle protection plans to come up with customer-friendly packages. This innovation made the company the industry leader it is today.
3. Reduced Costs
Consumers are usually cost-conscious. They want quality products and services at the lowest prices. Through innovation, entrepreneurs can figure out ways of offering the same quality of product or service but at a reduced cost. Therefore, innovation reduces costs and makes products and services more competitive.
Before Veritas Global Protection was established, consumers had to pay punitive premiums for vehicle protection plans that did not meet their coverage needs. However, Elijah Norton and his team shook things up and ensured that through innovation, consumers had access to cheaper plans that offered better coverage.
4. Increased Profits
Innovative companies like Veritas Global Protection generate more revenue and make bigger profits. A part of their success can be attributed to innovation.
They have figured out ways to keep their expenses low while growing and increasing their sales. The result is increased profits. Without innovation, a company may have difficulty increasing its revenues or keeping its expenses low.
5. Improved Brand Recognition and Value
Innovative brands are always popular with the public. This is because as consumers search for better products and services, they constantly come across these brands.
As a result, innovative brands are more popular with the public. They also have a higher value. Veritas Global Protection is a good example of this.
In 10 years, the company has grown to become an industry leader employing dozens of employees. This can be attributed to the innovation shown by the company, which has solidified its place in the industry.
6. New Partnerships
Innovative companies always attract new shareholders and partners. In the auto service contracts industry, it's the team of mechanics spread out throughout the country that make life easier for the clients of Veritas Global Protection. These local partners chose to work with the company because of the innovation it has shown in the industry.
The company's focus on creating a sustainable business environment where everyone is happy has attracted these local partners. The company created a new relationship with a European partner to ensure Veritas Global Protection has a strong presence in Europe.
7. Stand Out From the Crowd
It's difficult for a business to distinguish itself in a crowded industry without innovation. By creating innovative products and services, a business may appear different and have improved chances of getting noticed and attracting potential customers. When Veritas Global Protection was starting, they tore up the complex plans that were the norm in the industry and drafted simple, easy-to-understand, and clear plans that the average person could understand.
This innovation distinguished the company and attracted the attention of the whole industry. As a result, many other companies have been simplifying their vehicle protection plans to get the same competitive advantage as Veritas.
Innovation is a Continuous Process
Innovation is not a one-off process, it's continuous. If you fail to continue innovating, you may lose your customers to the competition, as consumers are constantly scouring the market for better options. Therefore, business owners should always think of ways of improving the quality of their products and services. Innovation should never stop if a business wants to achieve long-term success.
Veritas Global Protection has shown innovation in its customer service. The company is known for offering award-winning customer service. Every staff member knows that the customer is king and is treated as such. The partners of the company are also treated with the utmost respect.
The team is always responsive, so every call is responded to immediately, and emails are replied to without any delays. This is crucial because nobody likes being ignored. Veritas Global Protection has a team of customer support staff available 24/7, every day of the week.
