What are the steps to the innovation process?
The steps to a best-in-class innovation process employ qualitative, quantitative, and market segmentation research methods that reveal hidden opportunities for growth. We call this process Outcome-Driven Innovation(ODI).
The process works because it ties customer-defined metrics (desired outcomes) to the customer’s job-to-be-done, making innovation measurable. By knowing how customers measure value, companies are able to align the actions of sales, marketing, development, and R&D with these metrics to systematically and predictably create customer value.
ODI is used by companies to:
- Discover hidden segments of opportunity in the core, adjacent, and new markets.
- Increase market share by better positioning current offerings alongside the opportunities that exist in a market.
- Increase sales by changing the conversation to one that resonates with customers.
- Improve existing offerings to get the customer’s job done better and/or more cheaply (grow revenue, reduce churn).
- Strengthen the product portfolio with new product and service offerings that address adjacent and altogether markets.
- Inform digitalization, IoT and M&A strategies, and R&D investment decisions.
- Align the organization through a common language and a shared understanding of customer needs.
- Improve the customer experience and the customer journey.
- Determine what new markets to enter.
Answers by Strategyn