Find new needs to solve within existing markets, or invest in a new category. New offerings. Make new stuff to sell: Develop a new product - not just enhancements.For Apple, this goes back to reaching the mainstream rather than the design community. New customers. Sell more of the same stuff to new people: Introduce the product to new markets with needs similar to your core, or to markets where it might address a different need.An example of this is every new phone Apple releases, with better cameras and so on. New features. Sell enhanced stuff to the same people: Add improvements that drive incremental purchases.An example is the Apple Store experience, which many would argue is as compelling as the company’s products. New experiences. Sell more of the same stuff to the same people: Increase retention and share by powerfully connecting with customers.New processes. Sell the same stuff at higher margins: Cut production and delivery costs, automate for efficiencies, cut fat in the supply chain or manufacturing, and utilize robots.
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We believe growth has been made unnecessarily complicated, so we’ve boiled it down to six simple categories with corresponding examples from Apple: But the first step to generating real growth is to understand where it comes from. Innovation is a word that’s been attached to finding new ways to grow, and every corporation needs to grow year over year. (For more, see Brand New: Solving the Innovation Paradox, by G.
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#HOW TO MAKE A CURSE ACCOUNT 2018 SERIES#
But according to a series of three surveys conducted over six years by Maddock Douglas, the consulting firm where I work, while 80% of executives know that their companies’ success depends on introducing new products and services, more than half agreed that their companies dedicate insufficient resources to support innovation.
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The same is true of ideas: Knowing which to fund without making random bets is key. Many companies invest in or buy them, unsure what they’ll yield other than the halo effect they may overpay for, made worse by the fact that most don’t align with the company strategy or meet a market insight. Meanwhile, every company aspires to be as innovative as these startups. These bets on the next growth engine often depend on luck more than insight. Private equity firms place hundreds of little bets on these startups, hoping one produces a windfall that covers the rest. The term “innovation” is often associated with geniuses turning startups into gold mines - the next Google, Apple, or Amazon, with products no one even knew they needed.