- To build and launch new customer propositions
- To find business opportunities in markets that are new to my company
- To grow revenue/profit
- To respond to a competitor’s unexpected move
- To fill an innovation pipeline with attractive opportunities
These types of business challenges will be familiar to many of you.
Innovation, to me, is simply a powerful way to solve business growth challenges. It turns them into positive outcomes.
But innovation doesn’t happen by itself.
Management teams have to be 100% accountable for the performance and growth of their business. This means owning the innovation agenda. Innovation can no longer be the responsibility of the CTO or head of marketing. Nor is it the sole responsibility of the CEO. Each member of the management team has to be on board, with their oar in the water. There are no exceptions. Profitable innovation is always led from the top.
Profitable Innovation is so important because:
- Your competitors will eat you for breakfast if you don’t remain competitive and innovate.
- In existing markets, innovation compensates for price erosion and shrinking margins.
- In mature markets, growth through geographical expansion has natural limits, so growth must also come from new business opportunities created through innovation.
- Innovation creates shareholder value: share price is influenced by steady performance, with premiums for long-term growth potential.
- Has your organisation articulated (in plain language) the business challenges that it is trying to solve across the near, medium and long term?
For more innovation tips, please visit: http://www.3inno.com/our-articles
Do you want to be more successful at innovation? I recommend the book Innovation Unplugged – helping managers prepare today’s business for future growth.
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