It’s about Profit, Market Share, Success and Survival
The problem: Every product and service has a beginning and an end. Most people just don’t realise this.
We tend to think that some things have been there forever, and we somehow fool ourselves to believe that things will stay the way they are. But the aren’t.
Change is the only constant
Consider the Product Life Cycle shown above
Every product and service has a lifespan. Just the time scale varies.
Do you remember VHS video, or how photographs were taken on film? We’ll, I do. And I think we all agree that something newer and better – digital imaging – has taken over, much to our own benefit. All products or services will sooner or later be replaced by something else.
It is normal that an offering will be in decline or not needed anymore at some time in the future. Remember the good old phone book? When have you used one the last time? Isn’t it far easier and quicker to just Google to find what you’re looking for? Do you remember the information phone numbers, where you could call someone to find a persons or a companies phone number? Those services have long been replaced with websites and online directories. Back then, when those services were considered “normal” is was almost inconceivable that one day they might not be needed anymore.
Innovation is the way we humans evolve.
In nature we call it evolution, in business we call it innovation. It’s the way we evolve.
No company can afford not to innovate, and it takes a deliberate effort to make innovation work. That’s where our team can help with a dedicated and specifically tailored Innovation Strategy and other offerings.
The 2nd Problem: If you don’t innovate, someone else will.
In our quest for securing our own livelihood (income), security, safety and lifestyle many of us tend to stick with a “safe job”. The trouble is that there are no safe jobs anymore. In the past it was OK to learn a skill or job, and then you could stick with it for the rest of your life. Not anymore. Technology and the rate of change, driven by those who change, adapt and make best use of technology has an impact on all of us, regardless if we want this or not.
Without innovation you are limited to charge for your products and services at the going market rate. And if you’re too expensive, your customers will shop elsewhere. With innovation on the other hand, you’ll gain differentiation which means you develop a unique selling point (USP) or a unique value proposition (UVP) that allows you to set yourself apart and charge more.
Innovate or Die?
The forces that are shaping industries and competition dictate that change is inevitable.
It seems there is always someone who is very eager to win the race, earn more money or who is maybe just focused on doing a better job to make their customers happier.
The basis of competition means that there’s an ever-increasing need to innovate to stay afloat and in business. In the long term, it is about the survival of your organisation and your job security.
Done well, innovation activities
- provide new solutions and new income streams
- deliver alternative futures with better outcomes
- help to secure the future of your company and career
ICEBERG Innovation and its partners provides the tools, know-how, products and services to assist organisations to better cope with an ever changing world and to benefit from innovation strategies to deliver better outcomes.