Innovate or Die

In an era of declining return on assets and accelerating corporate turnover, organizations that continuously test and innovate products, services, and business models to drive disruption and seize market share will produce higher shareholder returns more consistently, longer.

More than ever, the ability to rapidly measure, adapt, and optimize these variables – which we call Product Innovation – drives businesses’ success. Critical questions businesses face include:

Components of Product Innovation

What is Product Innovation?

Only enterprises capable of rapidly iterating on business models, discovering and creating new customer segments, and experimenting towards new products will thrive in the digital age. We identify three indicators of Product Innovation:

  1. The ability to impact markets
  2. The ability to adapt business models
  3. The ability to create and disrupt markets

1. Impact Markets

At this level of competency, organizations:

  • Seize market share and accelerate revenue growth by optimizing business performance of existing products and services
  • Achieve deep empathy with buyers and their most acute problems and respond instantly to needs
  • Leverage analytics to understand user behavior, optimize lifetime value of customer and customer acquisition costs
  • Experiment constantly to optimize user experience

2. Adapt Business Models

At this level of competency, organizations:

  • Test business model alternatives, differentiation strategies, and pricing/packaging/licensing
  • Pivot existing solutions to solve new problems
  • Leverage validated learning to test customer/problem/solution hypotheses and refine value proposition(s) for each set
  • Focus investment on key levers of product growth, based on market potential and product stage

3. Create & Disrupt Markets

At this level of competency, organizations:

  • Discover new markets with unmet needs and segment existing markets and differentiate offerings
  • Use Lean Startup techniques to pare idea inventory to the most promising candidates
  • Establish a vibrant organizational marketplace of innovative ideas
  • Master innovation accounting to maximize yield of innovation and far horizon product development

Our Transformation Solution

To innovate products and disrupt markets and beat fast emerging competitors, enterprises must digitize their business models. Our Digital Transformation solution enables you to transform bureaucratic risk-averse culture, realign leadership, and achieve rapid, responsive delivery with modern digital technologies. Our transformation solutions are cumulative, collectively yielding the set of organizational capabilities required for competitive business agility.

What’s Next?

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