36. Innovation Through Improvement: How Successful Companies Don’t Invent Products from Scratch

In this episode of the Etsy Seller Podcast, host Cody McGuffie presents a thought-provoking concept that challenges the traditional notion of inventing products from scratch. He argues that successful businesses rarely create entirely new products, but instead focus on improving existing ones. Drawing examples from renowned companies like McDonald's and Coca-Cola, Cody explains how these industry giants revolutionized their respective markets by recognizing customer demand and finding innovative ways to enhance their products. Listeners are encouraged to apply this concept to their own entrepreneurial journey, particularly in their Etsy businesses, by identifying successful products and brainstorming ways to improve them. Cody emphasizes the importance of understanding customers' pain points and finding creative solutions to address them, rather than reinventing the product itself.By embracing the power of improvement, listeners can unlock the potential to build a thriving and globally successful business.The Etsy Seller Podcast is hosted by Cody McGuffie, CEO and founder of EverBee. In each weekly episode of this podcast, you’ll hear from experienced Etsy Sellers on how they run their Etsy business, how they got their first sales on Etsy, how they market their Etsy shops and so much more.EverBee is an Etsy product analytics tool that helps Etsy sellers find best-selling products and keywords so they can sell more on Etsy. It helps Etsy sellers speed up product research and product discovery so they can get their first Etsy sales and grow their business.Sign up for EverBee for free at the link - https://everbee.ioTimestamps with key takeaways:(01:27) Taking existing ideas and improving.(03:08) Fast food revolutionizing the industry.(06:19) Improving existing products globally.Entities mentioned:ecommerce, Etsy seller, online business, successful companies, invent products, customer demand, proven sales, improve, market, fast food industry, McDonald's, hamburger, milkshakes, fast food chains, streamline operations, consistent quality, fast food assembly line, Coca-Cola, soft drinks, taste, branding, packaging, marketing strategies, global brands, soda industry, existing products, product research, data, improve images, improve price, improve quality, improve shipping time, improve processing time, bundle products, potential customers, pain points, innovation, power of improvement, globally successful Etsy business, niche, industry