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3 Mistakes Companies Make When Trying to Foster a Culture of Innovation Given the rapid pace of change today, it’s no surprise that many leaders want to create a culture of innovation to stay relevant. Yet, in my work as an innovation and growth-strategy consultant, I consistently see organizations make the following three mistakes: Confuse …
One Executive’s Perspective on the ‘Jobs-to-be-Done’ Innovation Approach I recently had an opportunity to interview Jeff Baker, head of customer insights, category management and strategy at Valvoline, and a former client of mine (Microsoft and NetJets). There are very few executives in the country who have the depth of experience with the job-to-be-done (JTBD) innovation approach as …
Why Big Data Underperforms at Innovation – Part 2 There’s a simple way for leaders to obtain the customer information they need for innovation, but it’s not big data. In my last article, I argued that big data underperforms at innovation because it does not reveal causality, i.e., why people buy. Even “predictive” analytics does …
There’s a Better Way to “Refresh Your Brand” We know from study after study that the key to successful growth is having a clear understanding of customers’ unmet needs. It’s very hard to innovate, differentiate, and grow if you don’t know where your target customers’ needs remain unmet by your own offerings and your competitors’ …
Forget About Trying to Create Customer Needs Many people believe that the most innovative companies create customer needs with breakthrough new products. Nobody knew they needed an iPhone, the thinking goes, until Apple created the need for it. Hence, if you want to be an innovation leader, you should find ways to create customer needs. …
Increase Your ROI on R&D In a recent McKinsey survey, 84 percent of global executives reported that innovation is important to growth strategy. Yet only 6 percent are satisfied with their innovation performance. That’s a staggering 94 percent dissatisfied rate — worse than Congress! Perhaps even more disheartening is the finding that very few of …
Drive Growth By Redefining Your Market Definition of a market: “A medium that allows buyers and sellers of a specific good or service to interact in order to facilitate an exchange.” — Investopedia Note that this definition is based on current goods and services. Consequently, it should be no surprise that many business leaders define their markets …
TIGER Talk “Pivoting Innovation: New Ways to Drive Growth” Urko recently had an opportunity to speak at Innovate New Albany, one of the startup incubators in the Central OH area. About 50 people attended from local companies, large organizations and startup entrepreneurs. Jessica Pirro of Innovation New Albany wrote the recap below. This information is …
3 Reasons Why Nike is Effective at Driving Growth One of my favorite companies to watch is Nike. They keep doing things right, including driving growth at more than 10 percent annually even with sales of $30.6 billion last year. But that’s not what inspires me; their big numbers are just evidence of their effectiveness. …
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