Businesses will have to innovate when the need calls for it. However, as there are many types of innovation, you as a business owner will have to analyze which one is the best fit for every business situation. Below are 4 innovation tactics worth visiting:
This type of innovation doesn’t emanate from any single product or service that exists. Because of its nature, radical innovations require years of research, testing, and development before it can be introduced to the market. Usually, a team of experts will optimize modern technology to come up with a product or service that creates a breakthrough. Radical innovation gives birth to products like semiconductor devices and the like.
Sometimes, it pays to create simple innovations rather than radical ones. Take the case of the makers of a ceiling fan. Traditionally, ceiling fans do not come with other features but today there are various models that come with lighting fixtures. A simple innovation changes an existing product rather than make something out of nothing. This type of innovation simply adds another feature to an existing product or service to create more function.
The targets of inverse innovation usually consist of third-world countries and regions. Products consist of solutions that seek to aid very poor nations or those whose economies are still emerging. Eventually, these products successfully find their way into developed countries whose markets have higher purchasing power. An established firm in the food manufacturing business developed instant noodles for underdeveloped nations. Consequently, however, these products have landed in every corner of the world including the wealthier nations of Europe and North America.
A type of innovation that banks on ideas from within and beyond the organization. Companies usually opt for it in order to improve existing operations. Companies looking at change as an income generating tool would fare well applying this type because when appropriately implemented, it can substantially reduce expenses, speed up the process of marketing, and even create new sources of recurring income.
The aim of disruptive re-engineering is to penetrate a market where the product or service used is highly complicated and even pricey. At first, the new product may appear irrelevant and doesn’t fit a particular niche. In the end, however, consumers will come to accept it because of offers convenience, simplicity, and affordability, features that were lacking in the first place.
Usually, products created out of this type of innovation usually occupy the lowest rungs of the market place. However, as the product is tested and appreciated by the market, they will eventually surface and make their mark. It may even cause displacement of existing products previously preferred by consumers.
One typical example of a product under this category is the mobile phone. For years, home phones were so popular you wouldn’t think that it can be replaced but here comes the maker of mobile phones. Initially, these didn’t get the recognition it deserved. Today, it’s a totally different story.