If you are not innovating yourself and your business, you will stagnate. In this podcast, I share five principles for reinventing myself in digital coaching!
My Secret Of Innovating In Business
Do you want to know how I keep innovating continuously in my business? Because I believe that if you don't innovate, you won't be able to sustain a business, and you must have heard of the phrase "innovate or die." So the only way to thrive in a knowledge-based industry is to keep redefining yourself. Let's delve into it.
Business revolves around innovation. If you're not continually reinventing yourself, your products, your approach, or enhancing the customer experience, there will come a time when someone else takes your place. In this particular podcast, I'll break down how I approach reinvention, focusing on five different stages or ideas. Whether you're new to coaching or the knowledge industry or have been in business for a long time, these pointers will help you stay ahead of the curve. Even during moments when you feel out of control, lose your mojo, or encounter setbacks despite your efforts, these five ideas will help you bounce back and achieve results more quickly. So, take thorough notes, and let's begin.
When it comes to innovation, I believe it's about doing something different from others in the market, something that the market perceives as valuable. Consider major companies like Apple, which have consistently innovated from the start by launching new products, employing robust marketing strategies, and continually improving their products. They've been a significant source of inspiration for me.
At the core of innovation lies intention. You cannot build a sustainable business unless your intentions are centered around ensuring everyone wins. If your intention is to prioritize your customers' success first, followed by your partners' and then your own (the win-win-win model), innovation becomes intrinsic. Without these core intentions, even with various ideas, there will be a limited lifecycle to your efforts. Examining enduring companies and cultures globally, such as Nike, offers valuable insights. Despite the influx of numerous shoe brands and competitors over time, Nike's enduring success can be attributed to their unwavering commitment to their core values. Their brand intentions are clear: they consistently aim for athletes' success and ensure that all organizational decisions prioritize the end-users' benefit.
And because of that, the kind of brand loyalty that was built over the years, you know, has taken that particular brand to a whole different level compared to many of the competing brands that came later on.
So the first thing is your intention now when it comes to a knowledge business. Why are you doing this? I mean, that's a big question. When you go deeper into this and probe yourself, are you doing this just to be ahead of others or are you doing this just to make more money than others? Are you making it solely about financial gain? Are you embarking on this journey just to outdo others and not seeking a meaningful impact? Or if you're feeling that fear of missing out,
when you have a root like that, then the fruits also over time will start to bear that way. What I mean by that is even the fruits that will bear from your business will have tinges of anxiety and fears, and everything you do to grow your business, all the decisions will revolve around that particular energy.
Now, when you look at the second way to innovate, it is to really examine the problems your market is facing and delve deep into studying these problems to understand their needs. Innovation only emerges from challenges because if something seems impossible or if somebody can't achieve a particular goal, those who continuously ponder and strategize will find ways to make it happen. In fact, looking back at my business in the last five years, there have been multiple innovations I've introduced in the digital coaching industry that are now commonplace. Innovations such as hackathons, inner circle calls, masterminds,
including high-ticket masterminds and community-oriented masterminds. There are various types of masterminds in the market, from tactical ones to more implementation-focused ones and community-driven ones. What I've essentially done is identify market gaps by understanding the problems and needs in the industry. It's beneficial to know both your own challenges and those of your customers through continuous feedback and reviews. These patterns allow you to develop innovative solutions.
So, the first critical point about innovation is that it must stem from the right intent for it to be sustainable. Second, innovation must address root-level problems that you and your customers face. This way, you can channel all your energy into creating something that benefits everyone involved. If your intent isn't in the right place, the solutions you offer will be quick fixes.
Now, let's explore the third aspect: how do I keep innovating my business? It's through connection. I maintain a strong connection with my customers and even with my quantum members. I currently have over 100 quantum members in my group, and I engage in one-on-one interactions with them. This allows me to understand what's happening in their businesses and personal lives.
And I also connect with my community twice every single week: on Tuesdays, I host community gatherings. I participate in hackathons on Thursdays. My inner circle call is scheduled for Mondays. I also engage in a leadership council call. Continuously, I run polls and surveys to gain insight into what's on their minds and what challenges they are facing. Notably, a significant portion of my community members are newcomers to the coaching world. Therefore, I'm introducing them to this realm and helping them catch up.
I'm delighted to share that due to the efforts I've put into bringing people on board, it has had a profound impact on the entire industry. I don't view anyone in this field as competition; instead, I see them as catalysts. Each person may excel in a particular skill, complementing one another. The key is to recognize our own strengths. In my case, my superpower is community building and fostering unity to drive a collective revolution and create meaningful change within the industry. This philosophy has been central to my business since its inception, thanks to the guidance of my mentors.
When you establish a human-to-human connection with your customers, even on a one-on-one level, you'll gain numerous innovative ideas. For instance, during a recent call with my first batch of quantum members, I received invaluable feedback. This feedback inspired a complete overhaul of a system I'm currently preparing to launch, one that promises to be a game changer. It will allow people to monitor their businesses at an unprecedented level, potentially evolving into a technology-based platform in the future.
I already have a technology platform, Polestar, for my diamond members, which has had a transformative impact on their habits and accountability, as evidenced by the stories of their life transformations on our https://blog.internetlifestylehub.com.
Likewise, I'm currently in the process of developing a brand-new platform focused on tracking business-related activities at a more granular level for my quantum members. The common thread here is that innovation thrives when connections are established.
Finally, the fourth approach to continuous innovation in your business involves staying attuned to evolving tactics in the market. Tactics change over time; what worked five years ago may not be effective today. It's crucial to stay informed about the latest tactics and select the ones that align with your business while addressing the problems you aim to solve for your tribe. Marketing, content, and sales tactics continue to evolve, with webinars, workshops, and various sales strategies gaining prominence alongside traditional methods like one-on-one and stage-based selling.
Overall, remaining adaptable and connected with your community and industry will empower you to choose the right tactics and continue to innovate successfully in your business.
The best way to maintain innovation is to continuously test and track your numbers. If something is trending downwards, even if your business is performing well overall, it's essential to identify when this pattern began and why the numbers are declining. You must act swiftly to reverse this trend. Additionally, consider the most up-to-date tactics necessary to remain competitive.
Staying ahead in the business world requires a willingness to learn and adapt to rapidly changing strategies. Even industry giants like Apple consistently innovate when it comes to their go-to-market approaches and product launches. They invest substantial time in research and analysis before launching products. Personally, I spend a significant amount of time on tactics.
One crucial aspect of my innovation strategy is taking time away from the business environment for at least 25 to 30 days each year. During this period, I turn inward, channeling higher energy and seeking inspiration. These moments of introspection allow for valuable insights. Detoxing from work and focusing on personal growth often yields fresh ideas, which can be applied to refresh and improve the business.
My routine includes an annual retreat lasting 25 days, located in a serene setting. It involves daily meditation sessions and brainstorming. I diligently record 3 to 6 new ideas each day, maintaining an ever-growing idea document. Not all these ideas are immediately actionable, but over time, they accumulate and provide a wellspring of potential innovations.
Once a year, I organize an event called "Reboot" where I overhaul all my systems. This event, held on July 3rd this year, featured a complete revamp of systems and the introduction of new products. Much like Apple's WWDC event, this initiative has proven to be a game changer for our community. After innovating and launching, I retreat, relax, and contemplate what's next.
In summary, my approach to innovation revolves around five key elements: a strong core intent, problem-solving, audience engagement through surveys and polls, staying informed about the latest industry tactics, and continuous testing and improvement of strategies.
Number five is that my best ideas come when I'm not at work. So it's very important, especially if you're in business, to stay on the cutting edge of innovation. Otherwise, you risk losing customers, and you'll find yourself in a position where customers seek alternatives. It's essential to understand that having a customer doesn't guarantee lifelong loyalty. Customers are always exploring new solutions for their needs. However, if you maintain the right intent and create a space for them, they'll return whenever they feel the need to reconnect with you.
In my observation over the last five years, people come and go. But as long as you stay on the cutting edge of innovation where the action is, people will stick around. The best part is that nothing beats delivering results for others when it comes to innovation. If you can assist others in achieving quick results and progress, it doesn't necessarily have to be about money. Even if they are making internal or external progress and feel a connection with you, it will help you retain customers for life.
I hope you found this podcast useful. Please share your thoughts in the comments below. If you're interested in staying at the forefront of innovation like I am and want to know what I'm up to, consider becoming a part of my Diamond Membership by visiting sidz.co/diamond. Attend my next Diamond Showcase and Certification to learn more about it.
If you're not already part of my community, I highly recommend visiting sidz.co/live and attending my next webinar. I would love to have you join our community.
Lastly, I want to express that you're awesome! Make sure to subscribe to this podcast on Apple and Spotify, and I'll catch you in the next episode.