Big Biz in (Rubber) Bands!

July 5, 2011 at 10:33 pm Leave a comment

There are big lessons in the smallest things. For example, take the Silly Rubber Band craze.  School kids went wild for colorful rubber bands, which, when at rest, took the shapes of animals, castles and other kiddie favorites. The bands were collected by the armful. For a brief window of time, the lowly rubber band was transformed into the hottest craze since….well, since the last hottest craze. At $5 for 24 rubber bands the profit potential was astronomical.  Wild sales. And then….nothing.  Boom and bust. Snap. Over.

For those of us not fortunate enough to be rubber band moguls, there is much to be learned.

First, innovation is king. Think about something in a totally different way. A functional office supply was colored, tweaked, and sold by the millions as a children’s collectible bracelet. What are the possibilities for your products? What might be new uses for what you already produce? How can you tweak your product into something new? What new customers can you appeal to?

Second, fads live glorious but short lives. Like unwise superstars, fads hit the big time and die in a blaze of glory. Even if we don’t create the next fad, we need to realize that every product has a life cycle. And in this high tech, fast-moving world, some product life cycles are frighteningly short.  Constant reinvention is the price of survival.

What are you doing to innovate? What will you do when your product is no longer the best, or the most desirable, or, even worse, no longer needed? How will you compete with hungry competitors encroaching on your territory? How can your product be new, different, and in demand? Is ongoing innovation a permanent part of your business?

As shown by the silly rubber band craze, there is huge potential and huge profit in innovation. The challenge is to innovate constantly and stay competitive. Look ahead, create, invent.  There indeed are opportunities in every field for the new, the innovative and the fun.

Get innovative now. If you’d like a head start, for a free worksheet to get creative thoughts flowing,  please visit www.advantage-biz.com.

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Entry filed under: Blue Ocean strategy, business growth, Business growth: strategies & tools, Business Strategy, business tips, small business, strategic planning, strategy. Tags: , , , , , , .

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