While launching a new product is exciting, especially in the sciences, it’s not the only way to grow a business. We can change our business models or how we go to market.
Dave Brock shared with me some of the things that he has seen in terms of companies thinking more broadly about how to do things.
There is typically a cycle that companies go through. First is, “How do we do more?” A volume and velocity strategy. Next is “How do we do better?” Eventually, you need to do something different. Then maybe the whole cycle starts over.
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Where do the ideas for doing things differently come from? Dave’s recommendation is to not look at your competitors. First of all, they probably aren’t different enough and copying what they do doesn’t deliver an advantage.
He described an extreme sports company he worked with that was struggling with creativity and growth. At the same time, he was working with a semiconductor business win a similar situation. Imagine the scene when he brings them together for an innovation session: Powder blue shirts on one side of the table. Sleeveless vests and tattoos on the other.
Once they started sharing what they had been doing, each side saw ideas and opportunities that would be novel to their own industry.
Another way to be inspired without the intermediation of a consultant is to go to a trade show from a very different industry to see what they are doing. Talk to the people there about their business and see if you get some new ideas.
If you’ve been around this podcast for a while, you know I’m a big fan of bringing in marketing talent from outside. This is the same idea.
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Business Model Innovation