Innovate for Growth

What do you do if you own a car dealership and want to grow? You could open another dealership. You could expand your fleet of cars. Or, you could do what Motorcars in Cleveland Heights did – innovate.

This company poses as a great example of a company looking at what they offer from a different perspective. A few years ago, the leadership of Motorcars realized there was a very underserved target market – physically disabled adults. For the longest time it has been challenging for this demographic to be able to drive a car, or suv, or minivan.

Motorcars launched a new division – Motorcars Mobility Sales and Service. Taking what they excel at with the sale and service of automobiles they expanded that talent to a new
market. This innovation and diversification has provided them with an entirely new revenue stream.

We can all learn from this example. Ask yourself if there are other markets that could benefit from the value you provide. And even if they currently do not seem like a fit, expand your thinking to see if there is a way you could add them as a target market and therefore, a revenue stream.

We can always go down the same road. There’s nothing wrong with that. However, if we want to grow our business by adding additional markets to our prospect pool, we need to think from an innovation standpoint. Thinking beyond where we currently are can bring us surprising opportunities and results.

What can you do to innovate in your business? 

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