Visionary Chronicles: How to Execute an Innovation Process
In the latest PODCAST, Bryan Smeltzer discusses how to define, implement and execute a tiered Innovation process, one that consistently outmaneuvers your competitors.
Building an effective, efficient, and consistent Innovation Driven brand is difficult and why so few have executed the process successfully. Those who have achieved this are richly rewarded, whether through brand equity, category leadership, or marketplace acceptance; each continues to add VALUE to the Brand itself.
The Process execution is the Goal, but what is the Process? The implementation is a multi-tier process, each mastered by those committed to relentless innovation and a foundational commitment to a free-flowing ideation flow. With this process in place, these brands know they can command higher price points through both revolutionary and incrementally better products at all price tiers. As a result, squeezing their competition at all levels, eventually moving them out of the market!
Competitors who are not committed to this process or do not know how to execute these Innovation tiers will imitate or move on to another category. Innovators DO NOT imitate; they find ways to Disrupt, building Breakaway products, moving them generations ahead. In sustaining this commitment to a Disruptive Culture, they produce both passionate internal teams and loyal communities committed to their Brand.
So what are these Innovation Matrix Tiers?
TIER I: CORE
You optimize current products, finding ways to improve without having to reinvent.
Life Cycle Adoption: Late Adopters
TIER II: INCREMENTAL
New products that enhance or complement current in-line programs. Provide value beyond current benefits, gain a new tier of consumers.
Life Cycle Adoption: Early Majority
TIER III: INNOVATION
An Ideation process that produces new, innovative products, processes, or services that align with your brand positioning. Provides unique benefits and lifestyle improvements significantly beyond the current product portfolio.
Life Cycle Adoption: Early Adopter
TIER IV: DISRUPTION
Commercializing a Breakaway design IDEA that completely reinvents a previous product or process CREATES a new way or method which significantly improves a process or lifestyle experience. Realizing a product most never knew they needed until it was created!
Life Cycle Adoption: Innovator
The Pinnacle of the Innovation Process is Disruption, and the reason so few are truly classified in this category. You can achieve an effective and consistent Innovation Process; you need to have a clear Vision, stay committed to its execution and embrace Failure to achieve Success.