Summary: Are you looking to innovate in a particular industry? Try asking these questions to discover if you could make an impact with your ideas.
When driving innovation these eight questions should be asked about the industry that suppliers the current leading solutions for the jobs and outcomes.
- Are there consumers who are either unhappy with all of the industry’s offerings or better still that are not being served at all? Consumers that cannot do a job? For example Progressive Insurance decided there was no such thing as an uninsurable individual and covers people who no other insurance company will cover.
- Can we offer a value proposition that delivers dramatically better results for jobs and outcomes or lower prices compared with others?
- Can we radically re-define the Value Line for the industry in a way that better meets the Consumer Value Line and with much lower costs? For example as IKEA did in the furniture industry.
- Which attributes given the Opportunity Scores that an industry takes for granted should be eliminated?
- Which attributes given the Opportunity Scores should be reduced to below industry standards? This forces us to look at what is over offered and should be reduced.
- Which attributes given the Opportunity Scores should be increased to above industry standards? This forces us to think about compromises the industry currently forces its customers to make.
- Given the Opportunity Scores which new attributes should be created that the industry has never offered? This forces to think what new sources of value creation exist.
- What can be done cheaper, quicker and better, with a favourable effect on overall value?
In all – can we have a value proposition that is dramatically different and better from the rest? These 8 questions give us a framework to help conceptualise opportunities for innovation in the industry and better cater underserved or overserved segments.
If at question 1 you think you have found people that are not being looked after, very simply, all offerings going after uncontested market space successfully share 3 characteristics. They will be focused on unique and superior value, will diverge from the value curves of the rest of the industry (in other words the features they offer) and will have a unique and compelling tag line value proposition that appeals strongly to consumers.
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