10 Rules of Innovations to grow Revenue & Profit !!!

from Bukisa.com 17 May 13 enhanced by Peter/CXO Wiz4biz

“The Game Changer” is a book by A.G. Lafley & Ram Charan, speaking of the extraordinary change that Lafley has brought to his company thru Innovation. The book begins with a brief prelude of the company’s previous situation before Lafley’s promotion to CEO. He explains that the company was simply trying to accomplish too much in an untimely manner. Lafley instilled the idea that the consumer comes first at all times. The company’s products seek to please the consumer at two specific times: 1) when an item is initially purchased, & 2) when it is used. This creates brand loyalty, and it is viewed as a victory.

Why Innovation? This business strategy to help drive sustainable organic growth. Lafley believed this was the key to long-term success – in a less than certain economy. He believed he could instill this unique idea into the culture – a potentially game-changing competitive advantage. Innovation quickly became a core strength of the company, allowing it to focus on how they can win and make others change their games. Lafley also emphasizes that innovation is not a choice, and must be used throughout the organization to be effective.

Innovation Leaders are important to have an innovation company. These people must have an open mind, and consider all possibilities. They should serve as a role model to the company, with the ability to “vision” how the game can be changed. Quality innovation leadership can lead to “value-added” work. The company allows its employees to participate in various programs such as Living It & Working It, where individuals are able to receive hands-on experience with real customers. It is constantly seeking to understand the needs of the consumer, because they are always the main focus of the company. Lafley does an excellent job throughout the book – explaining how he became a game-changer.

The 10 Things Leaders need to know from “The Game-Changer”

1. It’s the prime Strategy. Game-changing innovation should be thought of as the prime strategy of the organization, and should be used throughout an organization at all times.

2. Types of Innovation are disruptive & incremental. 1) Disruptive innovation involves creating a new product, while 2) Incremental is steady modifications to existing products.

3. Put the Customer first. For innovation to be successful, it is imperative to put the consumer first-marking them the boss – in order for them to get what they want.

4. A Turn-around was achieved by. Lafley – as he instilled an innovative strategy at his company, bringing a struggling company to the top of the world in a few years.

5. Innovation Products seek to bring delight to the consumer at two different points: 1) the moment of selection & 2) the moment of use.

6. Creative Freedom. The company uses unique programs such as Living It & Working It that allows employees to do hands on research with customers on-site.

7. Innovation Teams should be comprised of diverse individual with a charismatic & motivated leader to inspire them.

8. Supplier’s Role. It is important to innovate with suppliers to help drive down cost, producing a “value-added” product.

9. Focus on the Customer. Innovation does involve a significant amount of risk that relies on many diverse human factors. It is important to learn from mistakes and keep the customer as the top priority.

10. Goals: Companies must: 1) set stretch Internal goals that deliver game-changing results, while 2) setting External goals that meet financial targets – to enable the company to succeed.

Comments: Do you have anything to share regarding using Innovation to grow your company?