Perspectives, Trends & News

If you’re not innovating, who is?

on Fri Jun 06 2022
  • Market Insights

Sticking to the status quo can leave your business unable to make the most of new and exciting opportunities. If your competitors are more agile, you risk falling behind or losing leads to someone more willing to innovate. 

Why innovate?

Innovation is an important concept both to our brand and our customers. As the foundations for the growth and evolution of businesses, innovation allows you to reach new audiences, connect with new markets and keep your current audience engaged. Whether you're investing in a service for corporate incentives or considering launching a rewards programme to connect with customers, innovation is integral to making that growth work.

Achieving growth through innovation

The main goal of any business is to grow, streamline, and become more efficient in reaching its key goals or KPIs. Innovation and the introduction of new ideas and concepts feed into that growth, providing new and exciting opportunities to improve relevancy and provide a high standard of service to external and internal customers alike. 60% of companies that utilise digital innovation and transformation also create new business models to effectively grow their brands. From a rewards perspective, this might involve shifting from sending an eftpos Gift Card to Digital Gift Cards to reduce time lags and the extra overheads. 

Creating new opportunities for our clients

Innovation is about more than just thought and concepts. We take new ideas and make them a reality, utilising the latest technology, tools, and innovations to create real opportunities instead of just discussion points. Our commitment to innovation gives us the ability to rapidly prototype, test, and develop new products that suit clients' specific needs while staying at the forefront of the latest engagement technology and services. For example, our investments in proprietary 

New ideas help us to stay fresh and ahead of the curve

As a business, you don't want to be lagging behind others in your field with the solutions you implement. Potential leads are far less likely to be impressed by a solution quickly made outdated by something produced by a competitor. By investing in new ideas and innovations, we're able to help businesses stay ahead of the curve instead of following trends, giving them the captive audience needed to raise engagement over time.

The capacity for prototyping and development

Our internal capacity to prototype, design and create innovative rewards solutions ensures our clients get the quality solution they need to suit their specific audience. By innovating ourselves in-house instead of delegating to a third party, we can create tailored brand solutions using accurate data and suitable technology to match business needs and expectations. 

Creating solutions tailor-made for a target audience

Generic rewards programs and old-school points systems may superficially work with your target audience, but that doesn't mean they are doing enough to boost your engagement. Innovation can be the key to creating something that suits your audience perfectly, from implementing mobile-first solutions to including unique payment options or even providing efficient ways to automate and store valuable data.

How does innovation benefit your business?

As a business interested in increasing engagement to attract and convert leads, how does innovation benefit you? There are many reasons why focusing on innovative solutions is far more beneficial than sticking with what you may consider being a tried and tested methodology. If you're struggling to gain an advantage in engagement in your specific industry or field, an innovative rewards program may be the ideal solution for you.

Reaching new ideas and concepts before your competitors

Unless you fit into a particular niche, you're likely competing directly with other businesses in your sector for engagement from the same audience. Innovation is one of the most effective ways to help your business gain the edge, offering your audience additional value with a service or solution that your competition cannot immediately deliver on. 44% of companies are already investing in digital-first innovation. By getting ahead, you're never left behind.

Understand what motivates customers and how best to reach them

High-quality innovation is driven by a strong understanding of your audience persona, what motivates them, and what best connects them to your brand. By focusing tailored innovation on the specific goals, needs and wants of your customer base, you're in a far stronger position to increase engagement and gain valuable lead conversions at the same time. By offering incentives and platforms that appeal to them specifically, you're able to capture attention far more efficiently.

Evolve as your customer base does to best suit their needs

Your audience isn't static, and your business plans and programs shouldn't stay in place as your target customer base grows and changes. Innovation isn't just valuable for creating new solutions – it can also be a valuable tool in evolving existing programs to make them more effective and useful. Whether that is implementing newer technology or changing the barrier to entry, growing is a good thing if it means increasing your connection to your audience.

Utilise the latest data, technology and solutions to attract new leads

If you've ever downloaded an app or bought a piece of technology because it offers something exciting and new, you already know the appeal that the next best thing can hold to your customer base. By innovating and following new and emerging trends, you're able to capture audience attention while providing them with a new innovative reward solution that improves upon engagement simply by being the most unique and most innovative option available.

We know our clients want our support when they are trialling new technologies and solutions that capture data and drive new leads, so we’ve made Innovation one of our core brand pillars at iGo. We’ve been bringing new solutions to market for over 20 years, and this allows our clients to trial new technologies, from Digital Gift Cards to card-linked offers, before building them into their business as usual. 

Ready to innovate? Whether your current staff rewards system isn't up to scratch or you're considering implementing a new rewards program to enhance engagement and bring in new leads, iGo can help. Get in touch today to find out more.