The old saying that you shouldn’t try to reinvent the wheel is more pertinent than ever in the modern world of business. No matter what industry you’re in, the businesses that conform to the norm and make slight alterations tend to be more successful than those that try to hit the market with something brand new.
There are some success stories when it comes to reinventing products, services, and even industries. But if you are looking for a safer approach for your business, then micro-innovation is preferable to offering something completely new.
What is Micro-Innovation?
In today’s cutthroat age of business, customers have a plethora of choices in the same industry. That means that if you simply copy another’s business model, it’s hard to stand out. Why would a customer choose your company over the one that has existed longer and gained their trust? However, it’s also risky to put something different out there that challenges the norm in your industry.
That’s where micro-innovation comes in. It allows businesses to conform to the established format but to offer something slightly different. This tends to be how businesses and industries evolve, through minor changes and improvements over many years.
Micro-innovation is all about incremental, low-risk improvements that don’t cost you too much if they go wrong. You need to look at ways to make existing products or services better, while keeping their core fundamentals in place. This could involve things like adding a new feature to an existing product, or bringing a successful idea to a new demographic.
What are the Cases of Micro-Innovation in Recent Years?
There are various benefits to turning to micro-innovations, and various business owners have realized just how powerful they are in recent years. Some of these changes have come in the form of simple ideas, such as adding a dedicated pickup counter at a coffee shop or a bring a friend for free offer at a local gym.
Micro-innovation can be found in some of the internet’s most thriving sectors as well, with the online casino industry a great place to see it in action. The slots market is one that has evolved greatly over time, but this has come about through small changes and additions over the years. One of the latest upgrades has been the Megaways casino engine. The invention from Big Time Gaming was so popular that the studio licensed it to other developers, and now it’s one of the most widespread mechanics in slots.
Why Complete Reinvention is Risky
There have been a few cases of landmark businesses over the years that have had immense success through reinventing the wheel. Apple, for instance, is famous for coming up with world-changing products that others hadn’t thought of before. The problem is, though, that these stories are rare.
Businesses that undergo major transformations often incur great costs in doing so. On top of that, there’s sometimes confusion in the market, with customers unsure about whether to switch to a completely new product or service.
If you’re trying to think of ways to make your business stand out, the best approach is to take what already works and try to improve it. This is the concept of micro-innovation, and it’s something that all the best businesses understand.
