Whenever we talk about innovation we consider about the product innovation. But Doblin has talked about 10 types of innovation. It is a systematic and disciplined experiment where more types can be incorporated and the core activities can be diversified into different other activities.
The integrated systems can be managed with proper resources and the infrastructure. You can keep yourself focused on performing both in the long and the short run with the help of the 10 types of innovation. You can develop an internal innovation management system for accelerating the ideas for an overall return for the investments of the innovation.
How do the 10 Types of Innovation work?
Here is the list of 10 models of different types of innovation:
1. Profit Model:
The innovative profit models help you to find new ways of making money in the firm. This model helps to convert the resources of the organization into the cash value. The profit models can challenge the age old assumptions of the ways to collect the revenues, what should be the rate, and what services to be offered. If all the questions remain unanswered, the profit model will definitely remain dormant for years.
You are required to connect with others for creating value in your organization. In this highly competitive age, no company can work all alone. To deliver the final product and the service, different innovative methods are required through different sources. Thus the network innovations can go for different channels, brands, technologies etc and other different components. The firm can easily take the power of strengths by capitalizing its assets and can harness the assets of the other firms.
The structure innovation model helps you to create an alignment process between your talents and the assets. Starting from the superior talent management to the installation of heavy capital requirement. The fixed costs and the corporate functions can be included in departments of IT and Research and development, HR etc. The working environment should attract the talent automatically and the level of performance should be so high that the competitors cannot match the level.
The process model suggests the methods and activities that help to produce the initial offerings by the company. The company can easily adapt to different functions and can create margins of the leading market. The core competency of the organization can have different advantages in the proprietary approaches. If your process is different from the other organizations, it will definitely add an ‘extra topping’ which your competitors will not be able to replicate.
5. Product Performance Model:
The performance of the product includes the feature and the functionality. This model can be used for both newly launched products as well as the existing products where substantial values can be added. This model can be copied by the competitors very easily. The product performance innovation can often deliver competitive advantages in the long run but in very rare cases.
6. Product System Innovation:
This initiates the method through which the complementary products and services can be created. The individual products and the services can be connected together to form a scalable system. This system helps you to attract and satisfy the customers and prevent against the competitors.
7. Service Innovation:
Service model ensures the performance and the value of the final offering. The products can be used and accessed in the easy methods through the service model. The features and the functionalities can be revealed through the service even if the customers overlook about the points. Different problems and issues can arise which can be resolved in the customer journey. The average products may excel with innovative service experience and can attract the customers again and again.
8. Channel Innovation:
It defines all the different ways for connecting the offerings of the organizations to the end customers. With the advent of the ecommerce in the recent years, it is one of the dominant forces that act as the channel. Though the traditional channel like the physical stores are still prevalent, you can count mostly on the online commerce. You are required to find innovative ways to bring the products to your customers. The users can easily choose from the wide options where the final product can be reached to them at minimum cost.
9. Brand Innovation:
The customers and the users will remember and recognize your offerings and will keep a priority of dealing with you rather than your competitors. The brand strategies are to be carefully designed and can be implemented across the business partners, service interactions and the channel environment. The general commodities can turned into valuable offerings of your organization with the brand innovation.
10. Customer Engagement:
This is the innovation stage where the customers can be connected with the company through different aspirations. This innovation helps in providing various avenues for helping the people to fulfill some memorable and delightful experience.
To implement all the models in a systematic method the following things to be kept in mind :
All the orthodox and the conventional methods are to be challenged and the assumptions are to be broken before you are starting an innovation method.
Restructure The Platform:
When all the assumptions are challenged, you are required to rethink the techniques of the customer engagement. The product innovation method can definitely change the ways of the offerings.
Never forget to clear all your doubts. The right questions asked at the right time can lead to an innovation. You should be clear enough about your priority and ensure that all your questions are getting answered. According to Doblin, the improvement of the performance can be 35 % if the questions are addressed and answered properly.
Key Points from the Article
From the article we can easily comprehend
- The basic concept of the Doblin’s 10 types of innovation
- How can it be implemented in the organizations
While applying the innovation model, you should keep in mind that the previous assumptions should be ignored while giving birth to new ideas.