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1-Page Summary of Ten Types of Innovation
Innovate or Die
Innovation means the creation of a new product or service. Most companies don’t know how to innovate, so most innovation projects fail. Doblin, an organization that specializes in this area, analyzed 2,000 innovations and identified 10 types of innovation through pattern recognition and other analytical techniques.
The “10 Innovation Types”
Innovation is crucial for the success of any business. It’s important to figure out which type of innovation will work best in your organization, and then bring it about with the help of other forms of innovation that fall into three categories: configuration, offering and experience. The 10 types are as follows:
A profit model is a business’s way of making money. Fresh new models are different from the traditional ways that businesses make money. Next Restaurant, for example, sells tickets to customers who buy their meals before dining and pay less during non-rush periods. Next earns interest on their payments.
“Network” – How can you collaborate with partners to build value that you could not achieve alone? Natura, a Brazilian cosmetics company, collaborated with 25 universities across the globe. “Structure” – Consider how your firm organizes its intangible assets and its capital as well as its people. Southwest Airlines flies only Boeing 737s because they are able to recruit top performers consistently.
Process – Inventive methods are necessary to handle work. These innovative ways of doing things affect a company’s core process or competencies. For example, Toyota’s lean manufacturing system is an efficient way to perform every step in production.
Product performance is the special features and functions that differentiate your goods or services. For example, OXO offers a sturdy potato peeler at five times the cost of a standard one. Product systems are how you create high quality products with complementary ones, such as Oscar Mayer’s Lunchables boxes that include crackers, meats, cheese and desserts for school lunches.
“Service” – Customers appreciate companies that provide great service. Zappos goes above and beyond to make sure its customers are satisfied, even by getting them other items if they can’t find what they need in stock.
“Channel” – Firms use channels to move their products or services to the market. Amazon’s free Whispernet service for Kindle users, for example, lets them order and download e-books in less than a minute.
“Brand” – Customers who shop at stores with innovative brands feel special and want to be a part of the community. Trader Joe’s grocery store offers specific products that cannot be found anywhere else in their stores.
“Customer engagement” is the special way companies connect with their customers. For example, Apple introduces its new products at a conference for developers who feel like insiders when they get an early look at Apple’s newest offerings and provide valuable feedback.
The More Innovation Types, the Better
Innovation is important to stay ahead of the competition. However, simply bringing out a new product isn’t enough; your competitors can reverse engineer it and come up with their own version. Instead, combine many different types of innovation to create something completely unique that will be hard for others to copy. To do this effectively, follow these tips:
“Understand the 10 types” – Study their value and subtleties.
“De-emphasize…products and technology.” – Products can be copied easily.
“It’s important to think about categories as well as types” -Rethink how you “configure assets, build platforms and foster fresh experiences.”
