Innovation is the lifeblood of any organisation, be it a B2B enterprise, a government body, a B2C company, or even in the realm of war strategies and tactics. It is the key to staying competitive in an ever-evolving marketplace.
Here are ten innovation strategies that have proven to work across various sectors:
10 Innovation Strategies That Work
1. Open Innovation (B2B Innovation): Procter & Gamble’s ‘Connect + Develop’ program is a prime example of open innovation. They actively seek ideas from outside sources, such as inventors, scientists, and entrepreneurs, to complement their internal R&D. This strategy has resulted in successful products like Swiffer Dusters and Tide Pods.
2.Co-creation (Government Innovation): The UK government’s ‘Policy Lab’ uses co-creation as an innovation strategy. They involve citizens in policy-making processes to ensure that policies are user-centric and effective. This approach has led to more inclusive and impactful policies.
3. Customer-centric Innovation (B2C Innovation): Amazon’s ‘Customer Obsession’ is well-known. They constantly innovate based on customer feedback and needs, leading to successful services like Amazon Prime and Alexa.
4. Disruptive Innovation (War Strategies and Tactics Innovations): The use of drone technology in warfare has been a disruptive innovation. It has changed the face of modern warfare by enabling precision strikes with minimal human risk.
5. Platform Innovation (P2P Innovations): Airbnb’s platform innovation disrupted the hospitality industry by connecting hosts with travellers directly. This peer-to-peer model has revolutionised travel accommodation.
6.Iterative Innovation: Google’s approach to innovation is iterative – they release products early and then refine them based on user feedback. This strategy has led to successful products like Gmail and Google Maps.
7. Process Innovation: Toyota’s ‘Lean Manufacturing’ is a process innovation that minimises waste and maximises efficiency. This strategy has made Toyota one of the most efficient car manufacturers in the world.
8. Business Model Innovation: Uber’s business model innovation disrupted the taxi industry by connecting drivers with riders via an app. This strategy has made Uber a global leader in ride-hailing services.
9.Blue Ocean Strategy: Cirque du Soleil’s blue ocean strategy involved creating a new market space (circus without animals) that made the competition irrelevant. This strategy has made Cirque du Soleil a global entertainment giant.
10. Radical Innovation: SpaceX’s reusable rockets are a radical innovation that has disrupted the space industry by significantly reducing the cost of space travel.
Get Started implementing Innovative Strategies Fast
To implement these strategies, start by :
Identifying your innovation goals and then
Choose the strategy that best aligns with those goals.
Involve all stakeholders in the process and create an environment that encourages creativity and risk-taking. Remember, innovation is not a one-time event but a continuous process.
Draw to Win the Hearts and Minds of Your Audience
As for demonstrating these strategies through simple sketches, imagine each strategy as a journey from point A (current state) to point B (desired state).
For example, for customer-centric innovation, point A could be ‘customer needs identified’ and point B could be ‘innovative product/service developed’. The journey between these points would involve steps like idea generation, prototyping, testing, refining, and launching.
In conclusion, innovation is not about reinventing the wheel but about finding better ways to make it roll. It’s about challenging the status quo and daring to think differently. And as these case studies show, when done right, innovation can lead to extraordinary success.