Well you have launched a new company… or a new product. You made your big splash and made some money. But, your competitors are already mimicking your big idea. And you are frustrated that you cannot find another innovation that will appeal to your market share. What are you supposed to do now? Simply put, you need to look at things from another perspective; you need supporting innovations.
If your mission is to sell great shoes and you focus all your time and money developing the perfect shoe, then you will fall short! Consider the things that your company values and look to innovate in those areas as a way of supporting your overall products. If your company values customer service, look to innovate in customer service.
Supportive innovations accomplish three key things for your main product:
- Draw in new customers
- Generate repeat customers
- Lengthen the product life cycle
- Increase product effectiveness
- Broaden the audience of your product
Supporting innovations are a simple but powerful concept. Too often we get bogged down with our “bread and butter” innovations and neglect the areas that make such innovations possible and effective.
A quick word of caution, do not spread yourself too thin with supporting innovations which distract from your overall purpose.