05 Apr Niche Media – The (Not So) Secret Sauce for Success
If you follow us on social media, then you know we are having a blast in Austin, TX at the Niche Media Conference. We couldn’t help but live blog Dan Oswald’s keynote discussing innovation in the publishing industry.
Keep reading to get a glimpse of the “Secret Sauce” for Success.
“If your business isn’t growing, it’s dying.” Dan Oswald
1. Get Over Yourself
Owner and operators of niche publications have taken all of the risks and are betting their life on the success of their publication. Dan Oswald points out one of the keys to innovation and growing your business is to leverage the people within your organization to build your publication.
One of the biggest mistakes is that we overlook our people and what they can contribute to our success. You have to go beyond what you can do on your own in order to innovate.
2. Encourage Collaboration
It’s great to have ideas, but you have to have buy in from everyone in the organization. From advertising to marketing, each department needs to work together and share ideas in order to encourage brain storming and forward thinking within your organization.
What is their investment in the newest product or service? Having your teams involved at the get-go helps build ownership within each department.
3. Budget for Innovation
“Put your money where your mouth is.” – Dan Oswald
Budgeting for innovation shows that you are committed to growth and you are planning to invest the resources needed to make an investment in the future.
When you’ve allotted for a new product launch or the resources needed to innovate in your yearly budget, you will spend it.
4. Place Many Small Bets
Go big or go home isn’t the mindset to have when placing your bets. By placing smaller bets, you have a series of smaller wins and it builds momentum. It also encourages collaboration as teams have successful “small wins” they continue to drive innovation through new ideas.
5. Celebrate Success
Build incentives around innovation, especially team incentives. Celebrating successes encourages your people to continue bringing in new ideas.
Celebrating at the end of a win isn’t the only part of innovation. Celebrate the success throughout the entire process and create an atmosphere of trust within your organization.
To wrap up, Dan reminds us that people are the most important part of innovation. The organizations who have included their people in their innovation strategy are the organizations that will be here for many years to come. Innovation doesn’t just come from one person, it comes from a team. Teach your individual teams what they can do to help deliver innovative ideas throughout their day to day activities.