In five ways:…
They don’t care about your business strategy, your marketing strategy, your supply chain, your approach to human resources; nothing.
They also don’t care about your latest innovation program. And, unless you’re Apple, they don’t care about your latest product extension. Seriously, they don’t.
A recent post on the Wall Street Journal has pretty much put it in perspective how executives are looking at innovation the wrong way: something that is innovative to them, not the customer.
Basically, the Wall Street Journal article shines a light on how diluted the definition of innovation has become. It’s become a marketing ploy. Before I addressed this here, a couple of bloggers beat me to it. Both addressed the mindlessness thinking that the article uses as an example. You should read both their posts (here and here).
Of course, innovation is a buzzword, this isn’t new. But seriously, the example they used in the article is common across many industries. The way companies want to innovate, or the reason they are investing in it, is because they are playing not to lose by out-featuring competitors.
Reactive mindset, not proactive.
When they act this way, they forget a very important principle about marketing: people don’t remember specific features, they remember the experience they had. Companies are confusing a product upgrade with innovation, and to believe that changing one thing is enough to make a splash is short-term-ism at its finest.
I love Pop-Tarts, but a different flavor of Pop-Tarts is not an innovation. …
A few days ago I mentioned that I had been receiving a lot of inquiries about developing an innovation capability, cultural development, and why this matters to avoid systemic failure. My post touched upon feedback as the shortest path to innovation and how people need it to learn.
This is the essence of agility, the ability to move quicker, learn faster, understand what works and doesn’t, and shift direction if needed. In the world that big organizations live in, agility is not business as usual. Rather, life inside a large organizations feels like you are going backwards, not forward.
Inside large organization’s, the common obstacle innovator’s have to overcome to get traction is getting permission to innovate. Of course, in a perfect world innovation shouldn’t require permission, but we don’t live in that perfect world. So, most of the time, permission won’t be granted.
Customer loyalty. Oh my, today it is as important as the topic of innovation. Customer loyalty is the key to profitability. The reason is simple: It costs more to acquire a new customer than to keep a current one. Without customer loyalty, customers leave.
I’ve had the opportunity to work with companies of all sizes, from scrappy startups to large multinationals. And while there are many differences between them, there is one distinction that trumps them all: their attitude towards existing keeping customers.…
In the past week I’ve had some interesting conversations with colleagues, friends and random people about culture and innovation capability. There are a couple of themes that have come up, one of which I’ll touch on here: feedback as it relates to innovation.
First, let’s put one thing on the table: there is no innovation without experimentation.
Question-to-innovate Series: This the thirtieth of a series of weekly posts where I will answer a few common questions about innovation. Please feel free to add your own response. Also, if you have any questions you think we should discuss, let me know.
Success hides problems. – Ed Catmull, President of Pixar
This is a question that really interests me, and spend quite some time thinking and contemplating this question. And it doesn’t necessarily have to be an organization, but a person. It is the reason why I worship companies like Disney and Pixar, and people like Michael Jordan and Madonna, they’ve overcome the trap of complacency.
And that, is what I believe it all comes down to: complacency.
This question, doesn’t just interest me, it is a question that puzzles many, but not most. Ed Catmull is one that was puzzled, and figured it out, by why so many successful companies ultimately failed. “I’m thinking, ‘If we’re ever successful, how do I keep from falling into the traps these companies are falling into?” he recalled in a recent lecture at Stanford Business School.…