Trend-Driven Innovation: Beat Accelerating Customer Expectations
Every business hopes to be successful. But itâ€™s the ability to navigate and understand trends that separates the successful companies from the crowded i eld of â€œinnovators.â€ If you donâ€™t have the ability to understand trends and their implications to your business, you run the risk of becoming irrelevant.
A smart business understands how to identify trends that may reshape its future. A smart business picks trends that allow it to experiment with new business models and value propositionsâ€”their testing, adaptation, and implementation, instead of spending money and resources on the one â€œright idea.â€
In 2004, I published Business Model Generation, and the accompanying Business Model Canvas, to provide businesses with a framework for innovation. My company Strategyzer expands on this mission and provides software that encourages constant experimentation, failure, and iteration. The canvas is used by millions of people, and weâ€™ve convinced large corporations like 3M, Mastercard, Colgate, GE, and NestlÃ© to take advantage of the techniques that so many people have found to be successful. The challenge is to use trends to advance business models (the foundation that keeps a company alive and able to create proi t) while offering value propositions that attract customers and differentiate you from competitors. Both of these concepts run the risk of expiring like yogurt in the fridge if they are left to sit idle for far too long. Weâ€™re seeing this happen to the corporations that builtÂ dominance in another era. The key is to build a portfolio of experiments that help minimize the risk of â€œgetting it wrong.â€ Some of your tests will fail, some will succeed, but overall you will ind success if your business is focused on conducting a series of proactive experiments. The challenging part is to carry out all this exploration while executing, managing, and improving the existing business.
The team at TrendWatching provides content and tools that capture shifts in consumer behavior. They give businesses an important launchpad to shape ideas, develop new business models, and offer unique value propositions to customers. Trend-Driven Innovation is a straightforward yet comprehensive starting point to help businesses understand the shifts that will drive future business growth and success.
Trends arenâ€™t new to business development, but the businesses that understand how to identify and act on new consumer behaviors and market dynamics will have a leg up on innovationâ€”creating value for their customers and driving proitsâ€”and will lead in their industries.
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|May 30, 2020|
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