Business without innovation isn’t business at all; it’s stagnation. The reality is, half of the S&P 500 is projected to be replaced over the next decade. Leaders who settle for stagnation won’t see their companies join or remain in the S&P’s ranks. Market-leading innovations aren’t typically built by dreamers who simply want something different. Most great innovations are borne of necessity, formulated to solve problems that couldn’t be handled any other way.
For better or worse, the hurdles today’s companies face are higher than ever before. While some will surely fail to surmount them, others will rise to the challenge with next-generation innovations. While that’s a tall order, it’s not impossible. Here’s how to translate your toughest challenges into innovations. 1. Ask customers about problems, not solutions Customers are great at pointing out problems, but they’re awfully bad at looking beyond their current reality.
Most people were just fine booking hotel rooms until Airbnb showed that cheaper, bespoke stays could be had by renting directly from homeowners. The key is to read between the lines. Take websites: While many sites still aren’t optimized for mobile devices, six in 10 consumers aren’t willing to install corporate mobile apps. Ask consumers, […]
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