Why you should rethink your innovation strategy often
1. A new type of innovation arise due to changing markets
Rapid technological progress and changing customer needs mean that customers no longer want to buy a product, for example, but only want to use it.
The example of the clothes rental is a wonderful explanation of this dynamic: the ethical buyer groups are expanding, they no longer see the clothes as prestige objects, ownership recedes into the background. Renting models come onto the market due to new technologies and are suddenly readily available. Popular retail stores ex. H&M although offering fast fashion is open to slow fashion movements too.
The innovation process, which was previously focused on product development, now face the challenge of developing products but also new business models. The market now requires an adjustment.
2. A new type of innovation through market saturation
The saturation of a market is another reason for changing types of innovation and strategy: A company can no longer grow in a market and must create innovations within the existing market, but also of developing new business areas.
There are new innovation types taken into account “market innovation” and “new business development”. Because of that, the company must adopt the innovation process and strategy so that new business fields can also be developed in the future.
In order to take account of new types of innovation due to new technologies, changing customer needs or saturated markets, the innovation process should be reconsidered every 4 years at the latest. I would advise adjusting innovation strategy annually.
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