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DRIVER NUMBER ONE – INNOVATION

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The first way to create more buyers than sellers is to create something new that the market hasn't seen before and they now want. An iPod in 2002, a Furby in 1999, a geometric perm in 1963. On a local level it could be a new style of Reiki massage, the only organic cafe in the area, a new marketing strategy.

Have you ever noticed that the top movie of the month is always a new movie? It never goes backwards to Titanic or The Godfather. Even if it isn't anywhere near as good as some of the classics, people love experiencing new things. The new and shiny thing you create doesn't need to be an epic blockbuster and it doesn't need to be for the mass market.

An innovation can be subtle. It can be the way you package something up with other products and services. It can be something new you've brought in from a different market. It can be something people have seen before but with a new feature.

My team and I created the “Key Person of Influence” programme in 2010. It's a fresh look at leadership and entrepreneurship combining elements from a Silicon Valley growth accelerator with training and development programmes. That innovation has become a global business serving thousands of entrepreneurs and leaders from several countries.

There are three main types of innovation:

 Product innovation – You invest in a new product that people haven't seen before or modify an existing product in a new way. For example, George Lucas invented a galaxy of characters and products when he unleashed Star Wars on the world.

 Systems innovation – You deliver an existing product in a new way that makes things faster or more reliable. For example, Facebook is an innovative system for people to keep track of all their friends and it's a great system for advertisers too.

 Brand innovation – You make something boring a lot more desirable with a new way of packaging it for the market. For example, Ralph Lauren popularised the standard polo shirt through high fashion branding.

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