How to Become an Innovation Consultant

Innovation is all about bringing something new to the table.

Whether that’s an idea or a new business strategy that yields results. Something innovative, is what many brands are known for across the world.

Fans of that brand appreciate the time and effort gone into the innovation aspects of the business, and they appreciate their innovative products with money.

This is the core principle of innovation – it’s a product that customers want or think they want, and they’re willing to pay up for it.

However, its not limited to products but extends to services as well.

When SaaS business first became ubiquitous, a CD-based business was under threat.

Owning to the innovative nature of companies like Salesforce, the industry shifted its vision towards a more customer-friendly environment.

These innovative technologies and products have always existed years before they’re launched, but it’s the right person at the right time – who gets the job done.

That could be a start-up CEO or an innovation consultant.

It’s not hard to switch careers into the innovation field, but it’s an uphill battle when it comes to fighting internal inertia. Lots of innovation consultants face this daily, and they like to switch their customers’ mindset towards a growth one.  

The rise of these innovation consultants has uncovered a shift in the way that companies view innovation. Now, more than ever, we need more innovation consultants because of their power to take advantage of hidden trends and analysis.

Many vendors and brands have called themselves “innovation partners” and so on, but only those that have the right team, skillset, technology and approach, can be termed as innovation experts.

So how is it that consultants emerge from the masses and qualify as partners that we can trust?

It comes down to their word and their strategy. If their strategy can be explained coherently and concretely to upper management, they can gain a chair at the boardroom.

Innovation comes down to creating a path to innovative thinking, which is what consultants are good at. They start their careers with a penchant towards innovation in their fields.

They then branch out towards more projects in the innovation domain and subsequently focus on delivering customer value through innovation-focused strategies. They understand where the industry is headed and make a 2-year plan to dedicate themselves to finding key hidden trends.

What makes a good innovation consultant is their ability to solve problems.

They have to be relevant to the organization in which they’re working. They can’t just talk the talk and must also walk the walk.

They desire to change things up but fall short of execution when it comes to delivering value. They don’t do their research and end up in the trap of being stuck in your own mind.

An innovation consultant must gain insights through letting customers and prospects into their lives. You need to be able to have multiple conversations on a daily basis and analyse the trends from a business objective.

E.g. saying – “AI will be a good investment in 4-5 years” isn’t as helpful as “AI in automobile has a 25% growth margin by Q3 of 2020”.

The more business focused you are the better insights you can uncover for your clients. You shouldn’t provide false promises, or fake results to your customers and focus on business development that lasts for years.

Showing an investment to benefit program is more beneficial than simple talk.

Credibility is another important issue. Innovation consultants must have a credible backing around them and offer credible advice.

That is the difference between successful and unsuccessful consultants.

The ones that have a good credible background are the ones that flourish.

When you maintain high standards of quality and work, you can get more clients that recommend you via word of mouth. Being an innovation consultant, a client’s referral can add a lot to your overall portfolio.

The most impressive aspect of your business comes in the form of client testimonials, which lead to increased business and reputation. Keeping on top of trends and analysing returns is the best way to build credibility in the marketplace.

When you provide positive ROI, you can build a trustworthy business.

To truly flourish in the innovation consulting industry, you must differentiate yourself. If you want to explore all avenues of development, growth and marketing, you must have a differentiated solution that is not only unique in the industry, but also unique from the other consultants.

There can be many consultants in the industry you’re operating in, but there should be only a handful of them in your niche.

Niching down is a great way to ensure that your gigs are continuous, your clients are synchronous, and the time to educate clients is reduced greatly. Otherwise, if you spread yourself too thin, you can risk endangering your development abilities.

One of the best ways to grow your consulting business is to develop a steady state of customer recommendations. When your industry invites you to events, speaking arrangements and portals, you’re doing something right.

When a marketplace has a deficiency in ensuring that innovation is ripe, that’s the perfect time to take advantage and offer your consulting services.

The payoff is higher, when you’re a respected consultant and the benefits of being invited to networking events is enhanced.

You can be an innovation consultant if you work hard.

That’s the unknown component that everyone misses out on.

Working hard is key to making it in the innovation space.

While brands and vendors make it large by offering innovation-based outcomes, you need to work twice as hard to ensure that your strategy makes sense to your customers.

You’re re energizing the organization and need to ensure that the new thinking/product, is on-point. Certain times, you may feel bogged down with the pressure of being an innovation consultant, but you shouldn’t let that keep you down.

Conclusion

When you’re an innovation consultant you need to remember to provide real value, execute on your strategies, and share real-world examples before entering into the domain of innovation.

You can start today by looking at key trends that no one seems to know about.