Most times, we think of innovation as all about technology. I have a message: you can innovate across many domains, including technology, pricing, business model, etc. As I noted in Harvard Business Review (here), as I examined the Intel microprocessor business, I posited that the marketing team which came up with the sticker “Intel Inside” must have contributed as much as the team which wired the transistors.
Indeed, before the “Intel Inside” campaign, the competition was about processors and their specifications. But when Intel unveiled the campaign, shaping the perceptions, it found new markets and created a new basis of competition, leaving behind AMD and other competitors. Yes, the tech was there, but the branding made a huge difference, as Intel won the PC age.
Who came up with the idea to package milk in sachets in Nigeria? Who did the same thing in detergent, knocking Omo and Elephant brands out of their positions? Cowbell offered an alternative in the dairy universe, and Ariel bulldozed itself into the detergent game. Indeed, just repackaging products in small units unlocked new opportunities.
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My summary: innovation goes beyond tech. Your pricing innovation can unlock new growth opportunities. Think beyond technology and win.
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Some create products to admire them, while some create them to sell; those who do the latter own the markets.