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.

———————————————————————————————————–

P.S. Not all fashion entrepreneurs are created equal. When you are ready to become a future-proofed fashion brand here is how you can get help:

1. Order Team Strategic Session – 2 days (It involves gathering representatives of selected company departments in one place, over one goal/topic. The goal of their creative work is to generate various business concepts/ideas/options, analyze them and propose actions)

10.000 PLN net (≈ 2 185 EUR) + travel expenses and accommodation costs (Bydgoszcz, Poland – your location)

2. Hire infuture.fashion Department – 12 months of virtual cooperation across strategy, marketing, sales and product development innovation (informed opinions, a global perspective, forward thinking, true partnership, winning approach – 100%).

To be discussed after the strategic session with your team.

3. Have 45 min Consultation – phone or online session with one-month email support (pick my brain, ask me all your questions, learn steps, walk away with tools)

790 PLN net (≈ 175 EUR)

4. Attend Fashion Business Expo in Dubai – 5 days, Autumn 2020, up to 12 spaces

(Main attraction Dubai Expo 2020; Airfare, accommodation, and meals are NOT included, must have at least communicative level of English)

10 000 PLN net (≈ 2 185 EUR)

Write to me contact@infuture.fashion

We all have 24 hours in a day. Think about it. Contact me. Talk to me. Get results. Fast.

WARNING: I never negotiate rates, I don’t break down payments into instalments. No refunds. You either want it or you don’t (begging and convincing not included).

Leave a Reply

Your email address will not be published.