INNOVATION AS A REAL SOLUTION COMES FROM ACTIONS
Innovations are not just new things or novel technologies. In essence, an innovation must truly serve the needs of customers or consumers. Innovations are usually backed by continuously-improving technologies and marketing support. Indeed, it requires both experiments and real actions to create such innovations, which can promptly stimulate purchase decisions.
INNOVATIONS RESULT FROM READINESS TO EMBRACE “CHANGES”
One classic innovation in the world surrounds Coca-Cola drink. A mixture of kola nuts and soda, this carbonated beverage has a unique and popular taste. In 1915, this drink also got its iconic “contour bottle” that has impressed consumers for more than 100 years now. Such distinctive packaging is not just memorable but also highly functional, because customers can grab or hold it conveniently. Over time, Coca-Cola may refresh its bottles a bit, but the packaging still retains much of its iconic shape. Given its huge popularity today, this contour bottle has proven that an innovation is not necessarily “completely new or sensational”. It can be an old product with slight upgrade or added value, which enables the product to remain consumers’ favorite. Such product is called Sustaining Innovation, which usually proves popular and competitive in different periods of time.
Breakthrough Innovation refers to a new product, which has “wow” and revolutionary effects. Enabled by technologies, examples of breakthrough innovations are MP3 players that replaced cassettes, iPhone that significantly spurred the growth of smartphones, and Netflix’s streaming service that has eaten into CD/DVD, TV, and cinema markets. As these innovative products/services have won the hearts of people all over the world, their functionality is undisputable. All big enterprises have been developing both Sustaining Innovation and breakthrough Innovation to ensure they can stay on as market leaders and cope well with new changes. Unprecedented things, after all, may erupt anytime. Look at how TikTok, despite being a newcomer, has gradually wooed people away from massively-popular Facebook and YouTube.
DEVELOPING INNOVATIONS FOR CUSTOMERS TO EMBRACE & PAY FOR
A new product that cannot solve customers’ pain points or serve their needs will not be sustainable. It is just an invention, not an innovation. Innovators normally spend time studying consumers to gain insights and develop a solution for them. Canva, for instance, is an innovation. This application enables its users to create presentations like a real pro by using templates. Canva is very useful because these days people need to present themselves professionally on social media. Mr. Steve Jobs’ mouses are also innovative. Thanks to his ideas, their design delivers greater functionality and paves the way for their popularization.
Inventions that become innovations must have commercial potential. After their launch in the market, they must be good enough for customers to embrace and spend their money on.It is by no means easy to guess what things consumers will like. But with consumer insights, it should be possible to commercialize an invention. Once it started catching on in the market, you will then realize that you have already developed a much-awaited “innovation.”