At the beginning of April 2019, we wrote a blog on continuous innovation. We talked about how continuous innovation can be more sustainable, manageable, and consistent with our psychological behaviour. In a way, the goal was to put you off from pursuing disruption through your business.
But, since then, we have realised that the sustainability of continuous innovation can be a real challenge if the right management mentality is not in place.
Strategic Considerations to Innovation in Business
Now that you have read the blog on continuous innovation, you have seen our stance on innovation at Apple. But, being an ex Apple user, I can predict that some of you may consider the speed of innovation at Apple slightly unacceptable. This is exactly the problem with continuous innovation.
Between trying to change too much with disruptive innovation and negligible in some cases with continuous, there is a middle way. This middle way tackles the rate of change wanted by a large group of target audience without putting them off. We are hinting towards dynamic continuous innovation.
Dynamic Continuous Innovation
Dynamic continuous innovation occurs when an organisation launches the next logical product in it’s already established line, based on it’s existing or extended capabilities. We are not talking about going from an Iphone X to an Iphone XL, but rather a more needed change that is bold enough but doesn’t disrupt the existing market.
This change can be in the form of product replacements to improve beyond existing options, addition to existing options to widen solutions, addition of new product lines, or even products that target a new market segment. The bottom line is – dynamic continuous innovation does not affect the already established target audience, but improves the potential of growth for organisations. Let’s look at a couple of examples.
Examples of Dynamically Continuous Innovation
Good examples here are
- Gillette’s launch of Mach III after Mach II, providing the option for a cleaner shave.
- The launch of Xbox by Microsoft, extending the reach of the company to fulfil an entirely different need to what Microsoft was already doing.
Again, the key thing to remember here is – the companies did not hurt their existing client base with the launch of a new product in each of these cases.
We have our own example here. Starting with Axies Digital, we are now partners in two other entirely different businesses. But, in each of the case, our input in the business is from a strategy and digital marketing angle.
MV Chartered Accountants , providing accounting and finance services to businesses across the UK. And, ArchR, a company that makes HR services exciting through the integration of augmented experiences using AR, VR, 3D, and other emerging technologies.