As business owners, I understand being able to keep up with current demand can be rather challenging, let alone being in a strategic thinking place with regards to business innovation, especially if you are entrepreneurially minded and can see opportunities for product/service growth. Recognising that some products/services has come to the end of their life cycle, or simply they might have supply chain issues or key talent has impacted the delivery obligations hampering your brand. Remembering that Innovation isn’t limited to products or service.
Here are three types of innovation your company can design and implement.
- Product or service innovation:
This focuses on creating a new product, service, or product feature. Examples range from the internet to the pivoting head of Gillette razor blades. - Process innovation:
This refers to changes made to make a process more efficient. For example, assembly lines were a breakthrough in manufacturing. - Business model innovation:
This is when you transform business operations. Ride-sharing platforms, such as Uber or Lyft, are an example of this. They took the taxi and car service companies’ business model and altered it to a peer-to-peer, digitized model.
Although product innovation is only one type, much can be gleaned from analysing past product innovations. This requires an understanding of what makes products innovative. Also, that business owners have over the years imported products, purchased businesses to maximise the lifetime client value and in the process developed significant equity as well.
Lastly, who in your organisation has unique abilities that might be aligned in this area and what would this do for retention as well. There are other factors that could be leveraged to drive this all important strategy forward, book in a complimentary strategy session with Jerome….
