By having open communication with the customers, you can understand their pain points or dissatisfaction’s, which could help you develop a better service or process. To begin with, there should be an understanding of whether they really want a change in the product or service. Don’t innovate for the sake of innovation. Customer surveys, social media and market research would help reveal what changes are required by the customer.
Innovation thrives only in organisations that have a futuristic view, and leaders should have a vision. In the late 1970s, Ken Olsen of Digital Equipment Corporation (DEC) was doubtful if household’s would buy personal computers. Now it is a commonplace, and DEC is no morepaq acquired it, and subsequently, Compaq was acquired by HP. DEC promoter found home PC an impossibility. Sometimes, it requires courage to pursue ideas that look impossible or risky.
Many organisations face the prospect of launching a new product that is radically different from its existing offering but can’t abandon it. IBM’s mainstay was mainframe computers, and even when it launched personal computers, it retained its strength in mainframes. Hindustan Lever that witnessed the emergence of popular economy brand washing powders had to sustain its premium brand Surf even as it came up with lower-priced offerings such as Wheel and Rin washing powders. Netflix changed its business model from sending DVDs by post to streaming video to its subscribers without exiting from the business.
Disruptive technologies and changing trends
When Google and other search engines implemented algorithm changes and focused away from keywords that led to the destruction of several websites that thrived on copying or rewriting content based on popular keywords, new technologies or process can be disruptive. (more…)