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Finding Your Next Big Idea
The business enterprise has two, and only two, basic
functions: marketing and innovation. It is not necessary for a
business to grow bigger; but it is necessary that it constantly
grow better.
- Peter F. Drucker
The organization that fails to continually innovate new products
and services will not survive long.
But not all innovations produce commercial success. A new
business idea must offer customers exceptional utility at an
attractive price, while delivering a tidy profit.
Most business opportunities emanate from methodical analysis of
seven areas of opportunity, according to Peter Drucker (Harvard
Business Review, 2002).
1. Unexpected Occurrences and Failures
Unexpected occurrences can be illustrated by what happened in
the early years of computer technology. Univac, which had the
most sophisticated machine, spurned business applications. IBM
quickly realized their potential and redesigned a computer for
payroll applications, making them an industry leader within five
years.
Unexpected failures may also prompt innovation opportunities.
While Ford's Edsel was a colossal flop, company leaders
consequently realized the value of segmentation: categorizing
consumers by "lifestyles." This led Ford to create the Mustang,
which appealed to consumers' tastes and reestablished the
company as an industry leader.
2. Incongruities
Incongruities become apparent during many stages of a product's
life cycle. They can then be used to create better services or
designs.
3. Process Needs
Many innovations develop from process needs - notably, the
invention of Linotype in 1890, which allowed newspapers to
substantially boost their press runs.
4. Industry and Market Changes
When an industry grows quickly - the critical figure seems to be
about 40 percent growth within 10 years - its structure changes.
Established companies, which defend approaches that have
consistently worked for them in the past, tend to ignore
challenges from newcomers. When market or industry structures
change, traditional leaders may shortsightedly neglect
faster-growing market segments.
5. Demographic Changes
Demographics are reliable, with predictable lead times. For
example, baby boomers will begin to reach retirement age in a
few years. Business leaders who pay attention to such population
changes can reap great rewards.
6. Changes in Perception
Along with
greatly improved health care in the last 20 years,
there has been a growing awareness of personal-care needs.
Exercise equipment, health clubs and natural foods are industry
sectors that have experienced immense growth in the last two
decades.
Consumers' perceptions are based on moods that can be studied,
analyzed and exploited for innovative opportunities.
7. New Knowledge
When newfound knowledge is used to create sought-after products,
leaders generate "buzz," publicity and funding. These
innovations have the longest lead time, with a protracted span
between the acquisition of knowledge and its distillation into
usable technology. During a long period of incubation, there is
much talk and little action. Then, all of a sudden, there is a
flurry of activity that produces myriad new products, followed
by a shakeout and survival of only the most viable.
Knowledge-based innovation can be difficult, but competently
managed. Innovators must go out into the field, observe
consumers' behavior and listen to them.
When Innovation Leads to Complexity
The pursuit of innovation, however, can be taken too far. As a
company increases the pace of innovation, its profitability
often begins to stagnate or even erode. The reason can be summed
up in one word: complexity.
The continual launch of new products and line extensions adds
complexity throughout a company's operations, and as the costs
of managing this complexity multiply, margins shrink.
To meet the complexity challenge, you must begin at the source:
the way your company views customers and their needs. In most
cases, managers overestimate the value buyers place on having
many choices. But some companies have begun to challenge this
belief. They have launched efforts to determine how many product
or service choices customers really want; then, they gear their
operations to efficiently provide that degree of complexity -
and no more.
When organizations prune their offerings to better fit
customers' needs, they do more than cut costs. They often boost
sales, as well.
About the author:
Patsi Krakoff, Psy. D. writes articles for business and
executive coaches and consultants. She provides articles on
leadership and executive development for sale, and formatted
into customized newsletters. Get Patsi's Secrets of Successful
Ezines 7-Step Mini-Course to learn what you need to know to
publish a successful ezine. http://snipurl.com/Ezi
ne_MiniCourse
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