Innovation is back in vogue. Everyone is talking about it. That’s the good news. The bad news is it can be just as confusing as ever to know how to do it in a way that generates better sustainable, profitable growth and not in a way that wastes time.
Think of innovations in two buckets: iterations and eliminations. Iterations are when you improve an existing product or service so that it provides greater value for your customers and desired customers. Eliminations are when you create a new product or service that eliminates the need for an existing product or service. This could be your competitor’s existing product or service or your own.
In the end, it is critically important to continually create iterations and eliminations.