Invention and innovation are totally different. To redefine a category, the innovation needs a brutal assessment of what business you are currently in, your target customer, studying the business from the outside-in to develop a sophisticated 6Ps business model, checking regulatory conditions, and yielding a strong leadership team to frame the financial and strategic objectives of the business and rally the magnetic core inside the firm that will draw together the company. Phew.
How To Bust A CategoryFour Foundations To Accomplish By Dean Crutchfield Associates
From the lofty valuations and spectacular deals struck of late –Facebook’s $1b acquisition of Instomatic to the thud of once greatcategory busting brands crashing out of favor: Kodak, Nokia andBlackberry, in their wake there has been voluminous amounts ofunhindered discourse on the various means to stay relevant, approachinnovation and bust categories. How? Dean Crutchfield Associates
Invention and innovation are totally different. To redefine a category, theinnovation needs a brutal assessment of what business you arecurrently in, your target customer, studying the business from theoutside-in to develop a sophisticated 6Ps business model.Additionally checking regulatory conditions, and yielding a strongleadership team to frame the financial and strategic objectives of thebusiness. Ultimately to rally the magnetic core inside the firm that willdraw together the company. Dean Crutchfield Associates
95% of innovation fails. The magic rests in the ability to find gaps in a marketand create a market in those gaps such as Europe’s “Free” (a futurecompetitor to Apple according to pundits), a new brand on the rise due its“disruptive innovation,” offering unlimited cell phone plans with no contract for$25 a month if you’re willing to sacrifice some benefits - over three millionhave earnestly signed up in France.Or the dramatic signs of success for US start-up, Hotspot Shield the world’sleader in free VPN service. It would seem that many share similar traits ofbeing different, heroic, with principles that make them known for beingremarkable and fresh, followed by many for being a challenger of the rule andabove all, shareable. Dean Crutchfield Associates
4 Foundations For Navigating A Successful Flight PathThrough Innovation Emerge Out Of The Milieu Of Information Dean Crutchfield Associates
1. On The Front Foot - The IdeaAt the core of all great brands is an idea: unique, true and selfless basedon universal ideas, suchas convenience, magic orindividuality. Entrepreneuriallore says you can changevision 4x, but evidently somepeople don’t. MuhammadYunus was so amazed at boththe impact his small loan of$27 had on a basket weaver,who keenly repaid the loan,that with the Ford Foundationand his Grameen Bank theynow operate micro-finance in40 countries. Many similar stories unveil themselves from a 23 year oldLarry Page dreaming about downloading the world onto his computer,or Jim Bezos, known for asking people he meets what they’ve invented,creating Amazon on bold principles that shattered the complacency ofeach category it has entered.
2. Leadership Driving TheChange To Drive GrowthHow do you take your people forwardthrough change because if they don’tbelieve they’re not coming? It requiresfocus, leadership, and commitment tocreate an authentic community ofmotivated thinkers and doers that canopen new channels for the business.Elon Musk’s style demonstrates this isbest achieved by treating theleadership team as venture capitaliststhat have a stake in the program’ssuccess. With clearly definedexpectations, effective employeeengagement, and consistent executionit will provide the sustainable edge allorganizations seek during todayschaotic business environment!
3.Talent Supporting TheLeadershipThere is something, moreimportant than believing: action tostride forward and make advancesto achieve the leadership’s vision.P&G’s former CMO, Jim Stengelwas a powerhouse at aligning hisin-house talent with his agenciesand their astute creative abilities,tapping co-creation and collectives,using talents and discretionaryeffort to make a difference in thequest for sustainable businesssuccess. If you show people theproblems and you show them thesolutions they will be moved to act.
3.Talent Supporting The LeadershipThe only way to know how customers see your business isto look at it through their eyes. Apple has built an empirefrom anticipating market needs because Steve Jobs wantedcustomers to have memorable experiences when they trysomething new on an Apple device: "You try to do somethingyou hadnt done before, and it works, and you think, Hey,they thought of that, too."
4. Culture To DeliverContrary to popular belief, businessinnovation is not about isolation andcompetition; it is more often aboutcooperation and collaboration insidethe business, something Google hasin droves and yet former star SAP isdesperately struggling to get back tocharge their innovation and growth.Implementing a differentiatedbusiness model aka “The Idea” cansuccessfully unite silos across theenterprise, turn around opportunitiesfaster, get customers to stay longerand pay a premium, resolve internalcrises quicker, and better leveragethe allocation of resources.
People are a brand’s greatest asset and if your people are excited andfocused, a business will adapt to the change and run well satisfyingcustomers. The real secret of business innovation is to think big, actsmall, fail fast and learn rapidly because “brand” new industries andmany existing ones have transformed to become creators of valuableideas and experiences.Increasingly, civilization is organizing itself to maximize the generationof new and better ideas, creating the infrastructure, education systems,and innovative organizations that will solve problems, create value, andchange the world. All you need is an idea.
Dean Crutchfield Associates Sell More Services Selling Presentation Skills Ambition Planning Pitch Forum Seize More Opportunity Brand Strategy Team Building Personal Branding Brand Building Business Activation Win More Business Sharpen Offers New Business 101 Pitch Boot Camp Growing Clients Pitch DoctoringDean Crutchfield Associates
Global Client Experience Aviva* McKinsey BP Metsä Serla* BT* Nomura* Camper & Nicholson PepsiCo Carter’s PG&E Cellcom* Pitney Bowes CITI RBS* College Board Scanfinest* Comcast Shell“Dean always cuts to the core of what GE SKY*needs to be done and said. He helps bring Kraft Smirnoffclarity and provides value by being an Staplesoutsider with no agenda, so he can help you Filastand back and see things from different Frito-Lay Sunglass Hutperspectives. Dean helped us think through Littlewood’s* Targetsolutions and then form the best way to Tower of London*present those solutions in a persuasive and M50compelling way” McDonald’s Warburg Pincus Dean Crutchfield Associates * Overseas Project
Contact: Dean@deancrutchfield.com +1 917 239 3303333 East 34th Street, Suite 15A/B, New York, NY 10016 Dean Crutchfield Associates
Dean Crutchfield Associates Growth Advisors Dean Crutchfield Associates