In this article, I’ll describe 5 innovation methods.
1. Blue Ocean Strategy
This helps companies to reach beyond existing constraints to unlock a new mass of customers that either did not exist before in an industry or were underserved in that industry. The Blue Ocean Strategy involves using the following 5 principles:
- Borrowing elements from adjacent and alternative industries
- Offering products with different levels of performance and prices
- Strategically choosing industry attributes and taking those attributes far above industry standards
- Altering your product to appeal to potential customers who generally wouldn’t consider your product
- And resolving common buyer roadblocks in your industry to open up new market opportunities
2. 10x Thinking
This framework was popularized by Google several years ago; another name they gave it was Moonshot Thinking. This concept was also popularized by Grant Cardone, one of the top sales trainers in the world. This innovation method involves conceptualizing a concept such as a product, service, function, or goal that is ten times more effective or faster than what is typical for that concept. For example, if you set a 10x goal for yourself, you’ll need to completely revamp how you approach that goal at a fundamental level. If you conceptualize a product that is 10x more effective than what is typical for that product, you’ll need to completely rethink the physical components, scientific principles, and development approaches to make that product possible.
3. S-Curve Pattern of Innovation
This is the concept that iterations of systems replace each other over time and deliver a function more effectively with each iteration. Each system delivers the same function, but different scientific principles deliver that function more effectively with each system iteration. For instance, the function of audio recording was first delivered by mechanical processes, then by electromagnetic processes, and then by photoelectric processes. Each of these technologies is represented by a relevant S-curve and evolves until it meets a barrier established by its underlying scientific principle.
4. Nine Windows
The Nine Windows diagram allows you to view the past, present, and future conditions of a system through three perspectives: system, subsystem, and supersystem.
- The System is a concept created to perform one or more functions.
- The Subsystem is a component or parts of a system
- The Supersystem is the external environment and components with which a system interacts
5. Jobs to be Done
The basic premise of the Jobs to be Done framework is that people do not just buy products and services because of their features or other attributes. Customers hire products and services to get a job done. There are three types of jobs:
- Functional Jobs are the core activities that customers want to get done
- Emotional Jobs are how customers want to feel or avoid feeling as a result of executing the core functional job
- Social Jobs are how customers want to be perceived by others
Performing two or more of these jobs for customers will allow you to fulfill needs of those customers that your competition is probably neglecting.
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