Three keys to groundbreaking growth: a demand innovation strategy, nurturing practices, and a chief growth officer
In the years to come, traditional product-centered strategies alone won't create the kind of growth companies desire. An alternative platform for driving significant, sustained new growth is demand innovation (as opposed to product innovation). Demand innovation focuses on using one's product position as a starting point from which to do new things for customers that solve their biggest problems and improve their overall performance. Embedded in the customer's use of your product are all kinds of hassles and inefficiencies as they buy it, use it, store it, maintain it, finance it, and eventually dispose of it. This broader web of activity represents tremendous economic activity, often 10 to 20 times greater in total value than the product market itself. Understanding and participating in this customer "value chain" is the key to demand innovation. Making demand innovation profitable means improving both your customers' economics and capturing value for your company. Here success is rooted in putting to use a set of powerful hidden assets that your company may already have. Five types of hidden assets are described with guidelines for how to master the new discipline of demand innovation. Five principles are offered to guide managers through the challenges that arise for developing new-growth projects into major opportunities.
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