3 Examples of Companies with Superior Innovation Strategies
Innovation is a buzzword that many companies throw around. But what does it really mean to innovate? And how do you know if your company has a strong innovation strategy in place? In this blog post, we will explore how many companies are successfully bringing their products to their customers through these three innovation strategy examples.
1. Apple
When the iPhone first came out, it was not the first of its kind (technically). There were already cellphones with touchscreens that could easily send photos and videos, surf the web, play games, and contact others. However, Apple was able to successfully bring the product to market and make it a household name.
How did they do it? They created a simple, user-friendly interface that anyone could use. Because they had a clear understanding of what their customers’ needs were, they could design a product that would bring customers exactly what they wanted.
In addition to the simplicity of its interface, Apple made it easy for people to purchase their products. They sell directly from their website and via apps on other devices, eliminating any need for retail locations or salespeople. This also keeps overhead costs low which, in turn, allows them to offer their products at a higher price point than many of their competitors. All of these factors have contributed to Apple’s continued success and make them one of the best examples of a company with a strong innovation strategy.
2. Google
When Google first came on the scene, it completely disrupted the search engine industry. They made it possible for people to find information quickly and easily, no matter where it was hiding on the internet.
By developing a superior algorithm that could index websites more accurately than any of their competitors, they were able to provide better search results and attract customers quickly. Search engines are now an essential part of the internet and people would be hard-pressed to find a world without them.
3. Amazon
When Amazon was first created, it was an online bookstore. However, they quickly realized that they could do more than just sell books. They could create a platform where people could buy anything they wanted, from anywhere in the world. They achieved this by creating a customer-centric model that focused on providing the best possible shopping experience for their customers. This included offering free shipping on orders as well as allowing customers to leave reviews of the products.
Now, Amazon has grown to offer a number of products beyond e-commerce including music, movies, and TV shows. They have also branched out into the grocery industry with their line of fresh foods that can be delivered quickly via Amazon Prime Now or purchased online for pick up at local stores.
In addition, they continue to sell books as well as Kindles which provide an easy way for people to purchase and read books. They also make it possible to self-publish through their platform, making it a one-stop-shop for those looking to become authors. All of these initiatives have led Amazon to become one of the most successful companies in the world and make them a prime example of a company with a strong innovation strategy.
The reason that they were able to accomplish this is that they had a clear understanding of their customers’ relationship with their service. By consistently understanding what their customers were trying to get done on their platform, they have been continuously able to innovate and create a constantly improving product.
The one thing that all three of these companies have in common is that their product innovation begins with the customer. Because they are able to incorporate their customer’s needs and wants into their product design, they are able to create a superior product that stands out in the market. This is why it is essential for companies to have a clear understanding of how their customers are using their products before they are built. Only then can they truly innovate and bring new products to market.
