I found these six great tips from Drew Boyd at Innovation in Practice. They’ll help you maximize your limited time, money and human resources around the most productive innovation initiatives (which can be applied to any product or service).
Here are the six tips, a quick explanation and an accompanying example (Drew has others in his post):
1. Your value drivers: What activities across your business model create the most value? I think of innocent, whose drinks are always completely pure, fresh and unadulterated.
2. Your core competency: What skill sets create strategic assets; and sustainable competitive advantage? Consider PatientsLikeMe, whose health data-sharing platform lets patients share their real-world health experiences to help themselves, other patients like them and organizations that focus on their conditions.
3. Your potential acquisitions: Actually using innovation methods ahead of the deal-making to clarify and enhance valuation. What is Microsoft contemplating as they consider acquiring Skype?
4. Your customer’s processes: Map the customer experience with your product or service; and then reinvent how they seek and derive value. Consider health care provider Carena, which added ultra-convenience to their services menu.
5. Your brand reputation: What are you most known for in the industry and in the minds of your customer; which you can then use to strengthen and reinforce brand loyalty. Consider Mayo Clinic’s partnership with DoApps.
6. Your strategic capabilities: How does your company win in the marketplace? What is its “source of authority?” Consider lululemon, which stands apart from all other like retailers, because it’s much more than just a retail brand. I’ve written why, here.
Once again, you can read Drew’s complete post here.