For a long time I have been contemplating writing a series of articles related to innovation. Let's consider this article to be the first one. I want to talk about the importance of innovation inside the organization. Yes, it sounds obvious that we need innovation but not so, how much or who should do it and so on. Let me start with some examples from recent history:
1. PALM – The company that created the first hand held
device. But, unfortunately, failed to continue innovating by adding mobile phone
capabilities to it, or enabling real time synchronization and so on. When Intel
completed the development of the radio chip set, they offered to PALM to use it; unfortunately, the company refused it. They do not exist anymore.
2. RIM – Yes, they jumped at the opportunity of
using a new Intel chip set and created the first Blackberry. Unfortunately, they did
not see the importance of being able to have a full internet connectivity with a great
user experience. Its web browser was useless for many years and they did not
do anything about it. Yes, Apple recognized the opportunity and came up with the iPhone. The rest is history.
I can go on and on with examples including Apple
Computer Corp. at the time when Steve Jobs was not with them. Eventually, every company that stopped innovating suffered big time.
In last decade of my life I have been working in the marketing/interactive agency
sector. This sector is used to a business model that requires customers to finance
any work that agencies do. Nothing wrong with this except...
The problem with this approach is that you, as an agency, are not a forward thinker visionary that will drive customer business. Where is that value that will make your client love you, respect you and eventually keep you in the business?
Clients expect from you to be innovative and to
help them drive their business. And to do so you need to invest in your people,
projects and relationship with clients.
Same as we expect from our employees to invest in their professional building, our clients expect from us to invest in our own and their business. They want to hear we are forward thinking and see our ideas in realization. Of course, that doesn’t mean that we are going to build products and solutions for free.
One way you can address this is by creating prototypes and allow clients to get a feeling for the final solution. This on one side, does not require a large investment; and on the other, it opens incremental business opportunities by organically growing the account.
In my next article, I will continue with some thoughts on how can you implement innovation inside your organization.
Same as we expect from our employees to invest in their professional building, our clients expect from us to invest in our own and their business. They want to hear we are forward thinking and see our ideas in realization. Of course, that doesn’t mean that we are going to build products and solutions for free.
One way you can address this is by creating prototypes and allow clients to get a feeling for the final solution. This on one side, does not require a large investment; and on the other, it opens incremental business opportunities by organically growing the account.
In my next article, I will continue with some thoughts on how can you implement innovation inside your organization.
I like the way you have summarized the topic. I believe that creating own products which target audiences larger than a single client help organizations grow exponentially. For eg: In the marketing agency sector, if you are working on a particular campaign either initiated by client or the agency, the solution involves a lot of market research and consumer behavioral analysis. Now the research done for this specific campaign should not be kept in shelves after the campaign is executed; IT SHOULD BE SHARED AND PUBLISHED.
ReplyDeleteA marketing research repository which should be online and accessible to marketing and research students, professionals, everybody. Like an open source contribution platform lead by the marketing agency could be one of the approach. All this can be done with reasonable investments which are probably already been taken up by the client.
Not just this repository will act as a new revenue channel but also build a STRONG BRAND. The clients will be proud to be associated with the agency because WHAT THEY SAY, MATTERS to audience larger then them.
In my opinion, innovation is a NEW perspective of looking at existing things. These days, its technology that enables innovation.
your idea is quite good. Apply Business Canvas framework to see if there is viability it this idea. Explore it more, I believe that you have something interesting here.
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