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Don’t get caught in a short-term innovation trap.
By the team at Egg Strategy
Optimizing your products, services, or delivery to the mainstream market to create new news that retains consumer interest and sustains sales dominates a lot of focus and company innovation resources these days. So do pushes to find white space within the category or very close adjacencies capable of generating new occasions or uses within a core audience of brand fans. Occasionally, focus is directed at creating new features, benefits, or benefit bundles with the hopes of bringing stretch consumers into a brand.
But these efforts all tend to sit within a narrow framing of a few innovation types within a few prioritized consumer segments and a time horizon of a year or two. Further, these efforts tend to be aimed at addressing the need to improve quarterly or yearly sales figures to meet performance requirements. This exposes companies to risk of being disrupted by new market entrants who often target a market or consumer audience underserved or overserved by your current offerings with a new business model.