Supporting Innovations
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.
April 11th, 2008 at 2:26 am
Broadening your audience for your product is the toughest nut to crack.
April 11th, 2008 at 3:49 am
Broadening an audience can be difficult, and too broad of an audience can be a flaw. Yet, the benefits of expanding the appeal of your innovation can be well worth the investment.
April 11th, 2008 at 7:21 am
One, two and five on your list are about brand reputation. It’s an old chewing gum, but I have to mention it… the role of innovation is enhanced by service delivery. Great service delivery is the key to a good brand reputation.
And that is something money can’t buy, but companies build through a service delivery continuum.. How many times did you tweak a system, re-modeled your PLC just to find that customers are leaving because there was a faux pas in service delivery?
To me, the key to innovation is to make staff and customers enter the dialogue about needs and wants. Thank you for your thoughts, I enjoy your blog.
Consensio.
April 15th, 2008 at 9:19 pm
Hi,
Great stuff…
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Keep up the good work!
Tammy
June 18th, 2008 at 1:51 am
Hi Consensio,
Thanks for your comment. You are absolutely right! I am a firm believer that companies need to view innovation from the lens of their brand. Products are an extension of the whole brand experience.
Best,
Corey
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