Aspiring Entrepreneurs: Have a Big Idea? 3 Ways to Turn Your Insights into Innovation

Everyone wants to be an entrepreneur nowadays. Many hope. Most try. But few succeed.
So what is it about those that succeed? What is the magic recipe that transforms
a desire into reality? Any budding entrepreneur should have the drive, hunger
and determination to achieve her dreams. It is imperative she has the consciousness
to execute on her observations, but what does it take to do so?

As an undergraduate student in the Integrated Marketing Communications program
at Northwestern University, I have done my fair share of reflecting of what disrupting an industry means and what it takes to transform an idea into a business. I found two articles on the power of innovation and finding novelty in the mundane for business opportunities.

In a recent Wall Street Journal article titled, Welcome to the New Convenience Store,
writer Jane Black highlights the latest business model to be disrupted: the convenience
store. In today’s age, customers are becoming more conscious of their experience at
stop-n-shop stores, such as convenience stores. Convenience and rapidity no longer suffice,
Black writes. Convenience stores AND grocery stores that want to stay relevant and
innovative must ensure the customer experience is nothing but the best.

And as more and more people increase their frequency to grocery stores, the
store experience becomes an even more significant part of the snack/grocery
run customer journey. There are a few markets like Chicago and Denver that are
being disrupted by a small, chic and trendy convenience stores like Foxtrot and Green Zebra
that are disrupting the classic 7-eleven down the street. The founders behind both
of these stores saw in this industry mediocrity, and after this observation,
they executed on their visions.

(Image credit: Aaron Burden, Unsplash)

Similarly, in
How to Build a Culture of Innovation and Turn Every Employee into an Innovation Powerhouse
by Micah Solomon for Forbes, Solomon argues that in order to seek out
opportunities and be inspired driving innovation is needed. He offers some advice
for business executives that focus on encouraging innovation and creativity for employees,
but the advice he gives is also relevant for entrepreneurs. In addition to encouraging creative
flexibility, an embracing of fear and an attitude to dissatisfaction, Solomon makes an
overall argument that people should tap into their observations to create their own reality.
This is exactly what aspiring entrepreneurs need to do.

Below I have outlined three key things those who aspire to one day create a business need
to do in order to ensure (potential) success.

Be curious: Intellectual curiosity will allow you to find opportunities in places you
did never thought to look.

Think different: Think of how can you differentiate your idea, product or
service from the standard?

Be shameless: Failure often leads to innovation so allow failure to be present in
your life in order to also welcome unforeseen insights.

As you prepare to one day disrupt an industry, think about how these
three action items can accelerate the process and get you to execute on your idea.

Ana Cordera is a journalism, sociology and IMC undergraduate student at Northwestern University. She will be graduating in June 2018. She has been actively involved in Form & Function, Northwestern's student-run marketing agency, holding several leadership positions within the group. Connect with her on LinkedIn to discuss branding, entrepreneurship, media, music or your take on the best chocolate brands out there. 

Brand Strategists: 3 effective ways to keep consumers engaged in the age of technology

As a Brand Strategist in the age of technology, it is becoming increasingly imperative to ensure that new developments in technology don’t alienate your consumers from your brand. As a graduate student of Integrated Marketing Communications at Northwestern Medill interested in brand-consumer relationships, I have found two articles on technological trends and their implications that you will find interesting.

In the article Hourglass brands and blurred reality: The top 5 trends for marketers in 2017 published on Campaign US, Mark Curtis, Fjord’s Chief Client Officer, writes about the predominant undercurrents identified in the Fjord trends 2017 report. In this article, Mark Curtis describes the influence that emergent technologies will have on marketing, customers, and society, and the shifts marketers need to make to form new types of relationships with their customers. He also stresses the importance of staying in touch with technologies and practices, and devising flexible strategies to reach, engage, and captivate audiences.

Image source: Hakisa

In the article Why the Most Important Word in 2017 Will Be ‘Experience’ published on Adweek, David Shing, Digital Prophet at AOL, writes about why ‘Experience’ will be more important than ‘Disruption’ and how going forward brands will find their space for differentiation in experience. In this article, David Shing details his predictions for the future of marketing trends around experience. He explains how brands can leverage technological innovations like IoT, VR, smart watches etc. to create better experiences and how these new technologies can make old experiences better. David Shing also stresses that while consumers will enjoy new and unique experiences, they will punish bad experiences.

Based on my review of these two articles and relevant studies I have done in the Northwestern Medill Integrated Marketing Communication program, here are 3 effective ways to keep your consumer engaged this year:

• ENRICH ROUTINE EXPERIENCES - Take the fuss out of daily decision making and make things more convenient for the consumer. Turn tools into gadgets to simplify and enhance routine tasks.
• CREATE STORY-MAKING MOMENTS - Hand over control of your platform and let consumers shape your brand story. Don’t tell consumers what your brand can do, let them experience it for themselves.
• DEMONSTRATE EMPATHY - Respect consumers’ need for space and privacy, and strengthen your relationship with the consumer by taking a step back and earning their trust.

The next time you want to enrich consumer experiences using technology, think about these three ways to keep your consumers engaged.

About The Author: Hello, I’m Rujuta Gandhi. I am currently pursuing a Master’s degree in Integrated Marketing Communications specializing in Brand Strategy at Medill at Northwestern University and will graduate in 2017. I am an experienced advertising professional committed to changing consumer behavior with actionable insights. You can follow me on Twitter @TheLittleGandhi or find me on LinkedIn.