Non technological innovation: How to innovate cheaply ! Sophie RACQUEZ Managing Director THE IDEA MONOPOLY ®

Why innovate ? Context : globalized economy / crisis More and more competitors Gain market shares (or not lose existing ones) Bring innovative goods to compete against low-cost production

Context : globalized economy / crisis

More and more competitors

Gain market shares (or not lose existing ones)

Bring innovative goods to compete against low-cost production

Why non technological innovation ? Non technological innovation Non expensive Simple Accessible for SMEs Short time to market vs Technological innovation Expensive Complex SMEs need cooperation (R&D centres, other SMEs) Longer time to market

Non technological

innovation

Non expensive

Simple

Accessible for SMEs

Short time to market

vs Technological

innovation

Expensive

Complex

SMEs need cooperation (R&D centres, other SMEs)

Longer time to market

So how to be different ? For us, non technological innovation is based on the 4P's of the marketing mix Product Price Place Promotion

For us, non technological innovation is

based on the 4P's of the marketing mix

Product

Price

Place

Promotion

1 st P = PRODUCT Design,features, packaging, qualities, etc. A good packaging increases sales A product based on consumer needs will sell by itself

Design,features,

packaging, qualities,

etc.

A good packaging increases sales

A product based on consumer needs will sell by itself

1 st P = PRODUCT A packaging can make the difference Distillery in Raeren, Belgium : Thanks to a packaging relooking (with the help of a designer), sales grew of 40% in one year time

A packaging can make the difference

Distillery in Raeren, Belgium : Thanks to a packaging relooking (with the help of a designer), sales grew of 40% in one year time

2 nd P = PRICE Be different and lower your costs : Buy cheaper raw materials Ask your customers to partly produce (Ikea) Case study : English pottery

Be different and lower your costs :

Buy cheaper raw materials

Ask your customers to partly produce (Ikea)

Case study :

English pottery

3 rd P = PLACE Traditional shop vs : Online shop Mail order Home meetings Specialist shops (chemist, museum) Vending machines Social networks ...

Traditional shop vs :

Online shop

Mail order

Home meetings

Specialist shops (chemist, museum)

Vending machines

Social networks

...

4 th P = Promotion A Good brand name is important Do you know the multinational firm TCCC? Technical Committee on Computer Communications? Thai-Canadian Chamber of Commerce? The Creative Concepts Company? OR...

Do you know

the multinational firm

TCCC?

Technical Committee on Computer Communications?

Thai-Canadian Chamber of Commerce?

The Creative Concepts Company?

OR...

4 th P = Promotion Good brand name is important Do you know the multinational firm TCCC? T he C oca- C ola C ompany ! Brand name made of 3 letters = 17.576 possibilities Brand name made of 4 letters = 456.976 possibilities Case study : SME boat

Do you know the

multinational firm TCCC?

T he C oca- C ola C ompany !

Brand name made of 3 letters = 17.576 possibilities

Brand name made of 4 letters = 456.976 possibilities

Case study : SME boat

4th P = Promotion A Good brand name is important Is your brand name registered ? Does your brand name belong to you ? Will you keep it or will you be forced to change (first come first served) ?

Is your brand name registered ?

Does your brand name belong to you ?

Will you keep it or will you be forced to change (first come first served) ?

The Idea Monopoly® markets your innovation Your network of consumers, inventors, creative people, entrepreneurs, marketing and innovation specialists Ideas broker Trendspotter Naming & branding (companies and products names) For any questions, please contact us at www.ideamonopoly.com

Your network of consumers, inventors, creative people, entrepreneurs, marketing and

innovation specialists

Ideas broker

Trendspotter

Naming & branding

(companies and products names)

For any questions,

please contact us at

www.ideamonopoly.com

Thank you for your attention Sophie RACQUEZ Managing Director The Idea Monopoly ® rue de la Presse, 4 1000 Brussels Belgium www.ideamonopoly.com Place your logo here © The Idea Monopoly 2009 : Slidecast (slideshow and audio)

Sophie RACQUEZ

Managing Director

The Idea Monopoly ®

rue de la Presse, 4

1000 Brussels

Belgium

www.ideamonopoly.com