Most leaders have a big secret when they think about innovation. They wish for continuous growth and a thriving company – but they’re stuck. They’re stuck managing the existing business and never find the time or the skills to innovate.
We’ve all seen the failure of Kmart, Kodak, Nokia, and Blockbuster. So how do you avoid disaster and gradually innovate our way to growth and opportunity?
It’s not about finding the next Steve Jobs. He was a once in a lifetime event. Instead, it’s about mindset. Four powerful ideas capture the nature of innovation as a company-wide and systematic approach.
It’s about working across the Four P’s of innovation. It’s about understanding they all inter-relate to create fantastic growth. We’re talking Apple and Amazon-like growth.
Here are the Four P’s of Innovation:
Great Teams build great Products (People)
An unhappy customer service representative never provides a happy customer experience. That’s why Northwest Airlines and Zappos have such big focus happiness on the inside of the company.
When the company creates happy staff, they are creating a culture designed to consistency produce delight for customers.
Validating Ideas With Customers Is the Ultimate Truth (Product)
Too many times, leaders create an idea in PowerePoint, and they sell everyone that it’s going to be great. It’s full guesses and assumptions. Just ask Heinze about its Multi-colored Ketchup or ask Segway about social deviance.
In the digital age, the starting point for a new product is the user. Start with getting to know the user and what are their pains and discover what gains they desire.
This user-centric means you need to conduct a lot of quantitative and qualitative research. That should culminate in in-depth testing via rapid prototyping.
When you’ve taken these steps, you’ll realise that a good product idea lives in the hands of your customers. And not in Powerpoint.
Growth Is a Result of Measuring the Right Metrics (Profit)
The real art of growth is measuring the right things. Many Tech Titans such as Uber and WeWork have focussed too much on top-line growth and not the cost of customer acquisition. Once their cash dries up, they’ll need to increase their prices, and that will lead to a painful shake-out for both companies.
The way to avoid these perils is to be e data-informed, not data-driven. Make sure you pick the right metrics as move through the stages of product development and company maturity.
Tell a Story Worth Sharing. Throughout the Customer Journey. (Promotion)
The days of 30 second TV ads being the primary advertising vehicle are long dead. Advertising is suffering a century of flat-Line growth as a percentage of GDP. The Chief Marketing Officer tenure lasts only half the time the average CEO. Also, more than a quarter of internet users are blocking ads. It’s time for a different approach.
We must tell a story worth sharing. The story of your product or company needs to full of emotion and triggers that lead to advocacy from your existing customer.
Our stories and experiences should not just be about generating awareness and acquisition. They should live throughout the customer funnel. This full-funnel approach means extending your brand story into the moment of truth at the transaction and beyond into customer service and advocacy. It’s only at this point you maximise your ROI.
Where do you start?
You want to learn new skills and innovate across all four areas of your business. Well, why don’t you try our bite-sized learning courses that are each less than an hour and are full of practical tips and tools?
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