How Does The Innovation Process Work?
Innovation fuels business growth but demands discipline. Success lies in identifying unmet consumer needs, balancing incremental and disruptive ideas, following a structured Stage-Gate process, and ensuring innovations extend brand relevance—not mimic competitors.
Innovation is truly one of the holy grails of marketing! It often feels like business growth for free! After all, what does one really have to do? Figure out a product that is big globally but perhaps hasn’t found its way to India yet. May a pretty wrapper, maybe some smart Facebook posts, and voila you are bathing in gold! But Innovation is perhaps the most precarious marketing tool. Too many brands and companies have lost their way on the back of an Innovation strategy that ran wild. Where you took out too much money to support the new kids on the block instead of investing in your core! However, there can really never be anything more gratifying for a business when an Innovation succeeds!
However, there are several concepts of Innovation that are important to understand, as well as a few learnings that can guide your journey. Some of the areas that we will cover are:
- Finding those Big Ideas!
- Types of Innovation
- The process of Innovation – Stage Gate Process
- Innovations that work & some of those that don’t!
Finding those Big Ideas!
The cardinal truth of Innovation is to search for that unmet consumer need. That definitely…
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