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Podcast | Episode 428
How to Innovate New Products So Your Business Doesn’t Become Irrelevant
How do you invest in innovation to stay relevant in the marketplace without starving the products that are the bread and butter of your business? Joel Heath is the co-founder of FluidStance.com and he joins me to talk all about innovation – how to think about it in a way that can keep your business relevant without sacrificing what made it successful to begin with.
Tune in as we explore Joel’s experience with innovating to the point of alienation and the lessons he learned through that process, what the golden ratio for innovation is, and the importance of taking care of the base first. We also discuss the challenges of selling your business and watching somebody else run and raise it and what the three boxes to check are when you’re thinking of selling your business.
You’ll learn:
- The pivotal moment in Joel’s career. (4:40)
- What the transition was like going to corporate. (6:55)
- What Joel wishes he had known before he sold his business. (13:00)
- What went wrong at Teva. (14:45)
- What the right amount of innovation is. (20:45)
- Ways to innovate that will increase your chances of success. (27:20)
- Joel’s advice for hiring somebody to help with innovation. (31:05)
- Rapid fire round with Joel. (36:45)
Subscribe: iTunes | Stitcher | Amazon
(With your host Andrew Youderian of eCommerceFuel.com and Joel Heath of FluidStance.com)
What Was Mentioned
- Joel Heath: Website | LinkedIn | Twitter
- Managing Your Innovation Portfolio by Bansi Nagji and Geoff Tuff
- eCommerceFuel Forum
- One Click Upsell – Increase Sales 15%+ with Pre-and Post-purchase Upsells. (On average, Shopify users increase sales 15% immediately after installing the app!)
- A2X – Simplify your bookkeeping, eliminate the guesswork, and automate.
Image credit to Michal Jarmoluk from Pixabay.
Ideas Worth Sharing:
“Through all my change and desire to create innovation in my organization I just created chaos.” - @joelheath Tweet this “I’m not sure I’m really an entrepreneur, I think I’m an artist.” - @joelheath Tweet this "I wasn’t taking care of the base to pay the bills tomorrow.” - @joelheath Tweet this
Post by Andrew Youderian
Founder and Chief Instigator, eComFuel
Andrew quit an early finance job to sell CB radios online — an admittedly unorthodox career path. It set him on a course to found and sell multiple businesses, host a decade-running podcast, lecture at Harvard Business School and create eComFuel, the leading community for 7- and 8-figure online business owners. Andrew is fascinated with branding, AI, building community, investing and growing meaningful businesses that don't require sacrificing what truly matters.
