10 Types of Innovation That Can Help You Increase Your Sales

If you want to learn more about the 10 types of innovation, you came to right the place.

In this article, I’ll explain the 10 types of innovation and how they can benefit your business.

According to the innovation firm, Doblin, there are ten types of innovation that you could apply to your business that can help you differentiate in a market. This approach can also help you identify aspects of your market that are in need of the most improvement.

These ten types of innovation fall into three categories:

• 1^st: Configuration - this refers to the configuration of a company and all the work that happens behind the scenes
• 2^nd: Offering - this refers to the combination of product performance and how your products work together flawlessly within your product ecosystem
• 3^rd: Experience - this refers to customer-facing experiences

10 Types of Innovation

Configuration

• Profit Model – this is how you make money
  • For example, the Wall Street Journal pivoted from its traditional ad-driven model to digital user subscriptions.
• Network – this represents the connections with others to create value
  • For example, Walmart maintains strategic and deep-rooted relationships with suppliers and distributors in its supply chain.
• Structure – this represents the alignment of your talent and assets
  • Zappos has a flat organizational structure that provide advantages in communication.
• Process – this represents the signature or the superior methods for doing your work
  • Toyota is famous for its use of lean production and continuous improvement methodologies.

Offering

• Product Performance – this represents the distinguishing features and functionality of your product
• An example is Dyson’s breakthrough cyclone technology for its vacuum cleaners without bags, which took 15 years and more than 5,000 prototypes to produce
• Product System – this represents complementary products and services
  • Apple has a product ecosystem consisting of products that work together flawlessly, which adds additional value to customers who use those products

Experience

• Service – this represents the support and enhancements that surround your offerings
• Chick-Fil-A is well known for having the best customer service in fast food because of its high standards for politeness and courtesy among its employees.
• Channel – this is how your offerings are delivered to customers and users
• Verizon and ATT&T use their retail stores to enhance knowledge about their products and services, provide ongoing customer support, and more.
• Brand – this is a representation of your offerings and business
• Richard Branson helps Virgin portray a fun, unique, and upbeat vibe in the industries it enters.
• Customer Engagement – these are distinctive interactions you foster
• Grand Theft Auto Online has an in-game currency system. And its open world has a variety of automobiles and properties that some customers are willing to pay a considerable amount of game currency to purchase.

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