New Product, Service and Business Model Innovation
Most companies recognize that new products and services are the lifeblood of the future – and that it is imperative to maintain an abundant pipeline of product and service concepts that range from line extensions to breakthroughs.
The challenge is a formidable one: extend existing products to maximize their contribution throughout their lifecycle while concurrently introducing compelling new offerings that may potentially cannibalize the existing portfolio or create new categories of growth.
Our approach to new product, service and category innovation takes the visionary high ground, seeking to conceptualize, develop, test and introduce breakthrough opportunities that inspire consumers/customers and, in some cases, spur disruptive business model innovation.
Regardless of the industry, organizations often face common challenges related to driving new product, service and category innovation, including:
Identifying promising opportunity areas
Moving beyond massive amounts of consumer data to gain meaningful insights
Translating insights into breakthrough business opportunities
Prioritizing and selecting the most promising opportunitiess
Championing and defending fragile ideas through the organization
Building the organizational alignment required for successful execution
Questions that keep you awake at night
- How can we get bigger and better ideas into our pipeline?
- We have great technology but how do we successfully “productize” it?
- Historically we are a “products” company – but how can we now shift our thinking and create new services, and even new business models?
- How can we gain deeper insights into emerging consumer and customer needs, and then integrate these insights into the innovation process?
- How can we gain confidence around which opportunity areas to prioritize and pursue?
- How can we develop and institutionalize a formal process to continually innovate new products, services, and even business models?
