Why is so difficult to innovate?
Many traditional business or market leaders simply couldn’t find a way to add value through online, mobile or digital services.
To change a business model or justify an investment in technology to the benefit of the consumer takes so much time that many leading companies died or lost expressive market in the latest years due to lack (or late action). K0dak, Nokia, Microsoft, Blackberry, Phillips, Blockbuster, Sony, Yellow Pages…Once innovative and edgy companies, they all lost some battles. Or even the war. For sure they all saw it coming. However an Start-up or a competitor from a total different industry got a piece of their market. What the above mentioned companies didn’t do timely?
The market leaders are being challenged by a pletora of start-ups and cloud services. Airbnb has got a piece of the hotels cake. Pandora and Spotify are growing in paid subscribers meanwhile the revolutionary iTunes from 6 years ago faced music sales decrease in 2013. Netflix, iTunes and Amazon are taking over Tivo and Cable TV market. Basically these are digital services accessed through an Internet browser that are challenging brick and mortar business, traditional business models or physical devices.
The market is demanding but resources are limited. How to innovate under this scenario?
- Innovation by design
- Innovation by usability
- Innovation by technology
- Innovation by business model
- Innovation by positioning
- Innovation by service
In the process of developing a Social TV system and our Corporate Events Networking platform, we created a methodology to analyse thoroughly the following aspects of a product and industry.
Through a multidimensional approach, complementary to the traditional 4Ps of Marketing, BCG, SWOT and Porter Forces analysis, we are now offering our expertise in competition and innovation analysis to companies who are interested to be one step ahead of their traditional competitors, monitor new entrants and develop new services through digital platforms.
In a nutshell, these are the aspects we evaluate to propose a new product experience to the client’s consumers:
Social: Aderence between product, brand and consumer groups’ aspirations:
- Current and future consumer needs
- Consumer behaviour tendencies
- Market positioning
- Brand positioning
- Consumer Path and touching points
- Purchasing behaviour, decision making process, usage and opinion amplification
- Product and Brand Connection opportunities
- Usability and user interface
- Learning curve
- Manufacturing process, technology and materials
- Functionalities and ease of use
- Competitors inside and outside the industry who are addressing any of the consumer needs currently fulfilled by the client’s product with a different approach
- Product pervasiveness
- Start-ups assessment
- Cost and Revenue projections
Based on the S.T.A.R Assessment we bring the necessary insights and action plan to align the company and its connected consumers expectations.