Tag Archives: Innovation

Deadly innovation sin: Depend on customers to tell you what your next product / service will be

English: Logo of Ikea.

English: Logo of Ikea. (Photo credit: Wikipedia)

Want to know why innovation is so hard?

Though the vast majority of companies do some kind of market research, it isn’t enough because whatever insight is gleaned from it is lagging by the time a formal report is made. Instead, companies need to go deeper and step into customer’s lives. A good part of why most new products and services fail is because people don’t understand how it fits into their lives; which stems from an organization’s lack of understanding of people unarticulated needs.

The Difference Between Customer Needs and Wants

The Difference Between Customer Needs and WantsUnderstanding the difference between a customer’s wants and needs is a major key to succeeding in business. Often what a customer wants is diametrically opposed to what they need. As a businessperson, your job is to give the customer what they want. Helping them to understand what they need is also important. However, it’s not your responsibility to convince customers to get what they need. Businesses make money by satisfying their customers. Often it’s easier to sell them what they want than what the need. So that’s where businesspeople should primarily focus their energy.

New Disruption Study: How entrepreneurship is driving corporate reinvention

startup innovation inspiring corporate transformationWith the inevitable rise of entrepreneurship and startups driving customer innovation, incumbent companies have begun adopting some of their techniques to either catch up or really stimulate transformation within the enterprise.

A recent report by BPI Network called “Start-Up Innovation: Inspiring Business Transformation,” examines the impact of digital disruption on global enterprises and markets.

The research report is based on an online survey of more than 250 enterprise business leaders and innovators across North America, Europe and Asia.

6 of the most common strategy traps

strategy trapsStrategy without change is pointless, and doing what everyone else is doing is not a strategy; it’s a key principle most business people don’t get.

Take the most common advice you hear out there: don’t limit yourself to niche market; you won’t make any money.