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Value Innovation Delivering Beyond Customer Expectations |
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By: Vadim Kotelnikov, Founder, Ten3 Business e-Coach – Inspiration and Innovation Unlimited, 1000ventures.com, 1000advices.com
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"The biggest mistake anyone can make is to focus on the competitor. You focus on the consumer and you will get it right." – K.B.Dadiseth |
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What is Value Innovation? The value innovation concept provides a relevant support for questioning product/market strategies as well as underlying assumptions. You must examine radically what constitutes real value for customers by asking fundamental questions: what value offering need to be introduced or increased to meet customer needs? what value offerings can be reduced or eliminated, because they do not constitute real value for customers? Why Value Innovation? Why do some companies achieve sustained high growth in both revenues and profits? In a five-year study of high-growth companies and their less successful competitors, researches3 found that the answer lies in the way each group approach strategy. The difference in approach was not a matter of managers choosing one analytical tool or planning model over another. The difference was in the companies' fundamental, implicit assumptions about strategy. The less successful companies took a conventional approach: their strategic thinking was dominated by the idea of staying ahead of the competition. In stark contrast, the high-growth companies and market leaders paid little attention to matching or beating their rivals. Instead, they sought to make their competitors irrelevant through a strategic logic called value innovation. The market leader is dominant in its industry and has substantial market share. If you want to lead the market, you must be the industry leader in developing new business models and new products or services. You must be on the cutting edge of new technologies and innovative business processes. Your customer value proposition must offer a superior solution to a customers' problem, and your product must be well differentiated.Customer-driven Innovation: 7 Practice Tips
Blue Ocean Strategy: 6 Principles Blue ocean strategy is about revolutionary value innovation. The six principles drive the successful formulation and execution of Blue Ocean Strategy. These principles attenuate the six risks... More By: Peter Drucker
Look At Your Company From Outside-In As Well As Inside-Out By: Masaaki Imai
Quotes from Great Corporate Leaders "The man who will use his skill and constructive imagination to see how much he can give for a dollar, instead of how little he can give for a dollar, is bound to succeed." – Henry Ford ... More
The Seven Dimensions of Strategic Innovation The Strategic Innovation framework weaves together seven dimensions to produce a range of outcomes that drive growth. Core Technologies and Competencies is the set of internal capabilities, organizational competencies and assets that could potentially be leveraged to deliver value to customers, including technologies, intellectual property, brand equity and strategic relationships... More The Art of Innovation: 9 Truths By: Guy Kawasaki
Value Innovation: Two Fundamental Questions... Innovation: A Paradigm Shift... Principles for Driving Growth Through Innovation... Understanding Risks Perceived by Customers... Become an Easy-To-Do-Business-With (ETDBW) Firm... Apply 80/20 Principle... "When" Is a New "What"... Listening to Your Customer...Customer Partnership... Case in Point Dell Computers... Case in Point GE... Case in Point Amazon.com... Case in Point ABB...
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