Innovation can mean slight changes to current offerings or introductions of approaches that no one has seen. In any case, it represents an opportunity to create a differentiated position that can result in sustainable growth.
A key part of this process is to segment and prioritize your target. Then to develop a purposeful approach to responding to the needs of those segments. This is more than simple surveys, but a deep dive into the way that the target things and their underlying needs. As Henry Ford once said, “If I had asked my customers what they wanted, they would have said faster horses”. Sometimes the it is the idea that the target can’t articulate the represents the best opportunity.
- 1. What do customers want?
- 2. What are they willing to pay for?
- 3. Where do we have the greatest competencies?
- 4. Where can we outperform the competition?
Systematic processes should be in place so that the organization can learn from current efforts and improve on future executions and offerings. Group Newhouse has a variety of tools available to provide for analysis, mapping, segmentation, and program analysis. The goal is to not only identify where the potential is, but to find ways to turn that opportunity into profitable revenue growth.