Dimensions of Business Innovation and Marketing Strategies
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Marketing Innovation
Innovation in marketing is critical. Imaginative ideas on strategy exist in many places within a company.
Senior management should identify and encourage fresh ideas from three underrepresented groups: employees with youthful or diverse perspectives, employees far removed from company headquarters, and employees new to the industry. Each group can challenge company orthodoxy and stimulate new ideas.
Scenario analysis: Develop different ideas. “What will we do if it happens?”
Dimensions of Business Innovation
- Offerings (WHAT): Develop innovative new products or services.
- Platform: Use common components or building blocks to create derivative offerings.
- Solutions: Create integrated and customized offerings that solve end-to-end customer problems.
- Customers (WHO): Discover unmet customer needs or identify underserved customer segments.
- Customer Experience: Redesign customer interactions across all touch points and all moments of contact.
- Value Capture: Redefine how company gets paid or create innovative new revenue streams.
- Processes (HOW): Redesign core operating processes to improve efficiency and effectiveness.
- Organization: Change form, function, or activity scope of the firm.
- Supply Chain: Think differently about sourcing and fulfillment.
- Presence (WHERE): Create new distribution channels or innovative points of presence, including the places where offerings can be bought or used by customers.
- Networking: Create network-centric intelligent and integrated offerings.
- Brand: Leverage a brand into new domains.
Marketing Innovation
Innovation in marketing is critical. Imaginative ideas on strategy exist in many places within a company.
Senior management should identify and encourage fresh ideas from three underrepresented groups: employees with youthful or diverse perspectives, employees far removed from company headquarters, and employees new to the industry. Each group can challenge company orthodoxy and stimulate new ideas.
Scenario analysis: Develop different ideas. “What will we do if it happens?”