Three Approaches to Innovation Strategy
When senior management defines the strategy first, growth is emphasized through markets, technologies, and products. Growth requires alignment from the senior management levels to the factory floor workers. A clear, concise, and communicable strategy can help all team members march toward a common set of objectives, measured by transparent performance initiatives, and guided by an involved and experienced leadership team.
New markets are often unknowingly identified by customers themselves or by non-consumers. A strategy elucidated by the customers is one way for a firm to introduce new or existing products into a new market. The classic "jobs" model - which asks what jobs customers need done with convenience or less cost - is a foundation to customer-centric innovation. New markets certainly can also bring business growth yet make take the long-run to fully develop.
Finally, a focused strategy building from a company's core capabilities can lead to success through market penetration. A product that is superior to all other competitors can guide the way to an expanding market. Sometimes, a firm's core capability is identified as a technology that not only benefits a firm financially with deep penetration in one market, but can also be developed for additional customer profiles.
Whether your firm's strategy for innovation aligns with one of the three described here, or your strategy is a compendium of these, it is imperative that the company does indeed follow a defined vision for NPD. Global NP Solutions is available to help you lay out a strategic pathway for success!
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