Growth + Innovation

How does your business consistently create and deliver new value to existing or new customers?

In a 2013 survey on Innovation and growth conducted by Pricewaterhouse Coopers in 25 countries and 30 sectors, the survey found that :

• the most innovative companies are predicting over 60% growth over the next 5 years
• companies considered the least innovative are predicting over 20% growth over the same period

Here is a graphic from the survey that shows the importance of innovation to growth

Source: PWC 2013 survey on Innovation and growth

What is the expected growth rate of your business over the next 5 years?

Successful innovation delivers differentiated value that customers are willing and able to pay for. Innovation is not ideas chasing a market or problem to please. Innovation delivers value that is appreciated and rewarded by your customer base.

Together with company culture, or an entrepreneur's mindset and leadership, effective innovation when implemented well, sets your business apart from the competition by occupying a special place in your customers hearts and minds.

How can your business differentiate and benefit from disruptive innovation?

Here is how Wikipedia defines disruptive innovation - innovations that improve a product or service in ways that the market does not expect. You don't have to necessarily invent the disruption, you may just need to know how to adopt the innovation, weave it within existing competitive capabilities and demonstrate an advantage that is relevant to the customer, and distinct from the competition.

Before your competition does it!

Source : Mckinsey Global Institute

How many ways can disruptive technologies, business model, or winning company behaviors will result in your business setting itself apart from the competition and with customers in the areas of:

• Product Uniqueness 
• Distribution 
• Product Market Segmentation
• Customer Service/After-Sales Service 
• Breadth of Offerings 
• Brand 
• Size/Market Dominance
• Low Price 

How does your company currently... create and deliver differentiated value through your innovation process, or do you need to develop a process?

Here are some ways to discover innovative opportunities for growth:

1. What are the industry rules and conventions that are ripe for change?
2. How will current changes in the industry, regulatory, or technology trends impact your business?
3. What future needs are you anticipating with, and for, your customer base?
4. What are the opportunities within your organization to tap, shape and grow with the change(s)?