The first thing to ask yourself when you’re thinking about innovation is why are you innovating?
Before diving into an innovation project, it’s essential to reflect on specific strategic goals and determine what you’re hoping to achieve now. The reason is, whilst exciting and seductive, innovation isn’t a silver bullet For every challenge your business faces, it can come with hidden costs like time, resources and potential disruptions to existing operations. So, are you clear on what you want your innovation to achieve?
For example, is it to increase market penetration or perhaps frequency of use? Maybe you want to unlock new usage occasions? Or are you looking to premiumise or reposition your brand? Sometimes optimising the four PS and other marketing levers can achieve these goals far more efficiently than innovation.
Now this isn’t meant to put you off. Think of it more as a provocation to step back and consider the wider context. Now, if you are set on innovation to meet your growth objectives, then tune into the remaining videos in this series.
