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Value Innovation: – Where are the opportunities in your organization? Part 3 of 3

In our 2 companion videos we gave an introduction to Value Innovation and also showed ways To Make Value Innovation Work In Your Organization, Once that culture is established, you can look to find opportunities for innovation in your organization.

Remember, The company’s real goal should be not just innovation but value innovation. “Does the innovation either reduce the company’s cost or increase the value to the customer?” Really good ideas do both.

Here are some places you can find opportunities to create value innovation in your organization.

  1. Look at your products. Are they designed with the customer in mind? When was the last time you went to people who do not buy your product, and ask them what would make them want your product? Nintendo did just that when their primary “customer” was the young, antisocial male. They went to females, families, even senior citizens in assisted living facilities. When they analyzed the information, they discovered a lot of commonalities. They made a product these groups would love and the Nintendo Wii was born.
  2. Look at your people. Look at their contracts, their benefits, their loyalty, their rewards, their compensation, the culture they have to work in. Think about how these factors might shape relationships and their ability to innovate. .
  3. Look at the deal. Consider a range of options that include price, delivery, financing, leasing, subscriptions, coupling and tradeups.
  4. Look at the market. Look at the current market, the adjacent market, untapped markets, and the markets that would never buy your products or services. With innovative products and services, these underserved or unserved markets can provide unlimited growth.

Today’s executive team needs to be leading the charge for value innovation that will differentiate their company from the competition, and grow the company’s bottom line – and culture.

This is Dr. Sarah Layton. I invite you to view all three videos in the series.   Together these videos give you an introduction to Value Innovation, four ways to foster Value innovation in your organization and the places to look for Value Innovation in your organization.   Visit us on our website www.corporatestrategy.com or call on my private cell 407-342-6507 if we can help

 

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Posted by Dr. Sarah Layton in Strategic Planning on May 22, 2015.

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