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How Benchmarking Against Market Leaders Can Drive Business Success

Leapfrogging

Even worse, your business may end up being disrupted by the next big innovation that comes on the market. Most often, metrics used for comparison include sales figures, quality of products or services, brand awareness or customer experience. Look at your competitive set and determine which companies you want to compare yourself with.

Marketing 100
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First-Mover or Fast-Follower: Which is the right innovation strategy for you?

Idea to Value

What makes more sense: To be the first player in a brand new market, able to be the first (or only) company which customers buy from? To wait until other companies have proven there is a market for a new offering, and then quickly develop and scale your own? This can require significant marketing and sales effort to change.

Strategy 257
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You can't burn data

Jeffrey Phillips

As the concept of digital transformation takes root, you may frequently hear comparisons between data and oil. This comparison was strong enough to lead Wired magazine to define data as the new oil in a magazine article some years ago. On the surface, this comparison seems to make some sense.

Data 157
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Competitive Strategy – 7 Ways to Avoid “Never and Always”

BrainZooming

They reported the team’s defensive coordinator, Bob Sutton, told them that when planning competitive strategy , “I want to stay out of ‘never’ and ‘always.’”. What fantastic competitive strategy advice to incorporate this time of year as you implement new strategies. Who Sees Predictable Competitive Strategy Moves?

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Use Intuition for Innovation Just Like Apple and Target

Leapfrogging

Apple never did formal market research to tell them what to do. Steve Jobs once said, “We do no market research. Participants in the first group are asked to select the best apartment immediately after reading the comparisons–they don’t have time to really think about their choice. The answer may surprise you.

Data 130
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At the digital transformation and innovation crossroads

Jeffrey Phillips

And what happens when corporations with business models and structures and governing capabilities built for slower change and market dominance meet the agile, nimble competitors and shifting customer expectations at this unexpected crossroads? The corporations didn't change. The conditions and circumstances did.

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5 Misconceptions to Avoid When Building Your Innovation Strategy

Qmarkets

Without it, our companies would fail to grow and evolve with the ever-changing markets that we are serving. Even when the ideas aren’t there, creating a space where they can be generated will help your company to constantly grow as the market changes. Innovation — a necessary component of any successful business in the modern world.