This topic is my personal speciality and I will share you some lines from my paper I published in 2016:
"Traditional marketing teaches to split markets into customer segments and offer custom-tailored products and services to increase profitability. Therefore markets tend to become more and more fragmented with products and service with all kinds of features.
The problem for companies focusing on hyper-fragmented markets is, that they will only be able to reach a limited share by fighting with the competition. Most managers have therefore understood the importance of differentiation and the subject of innovation has hit the world of business for decades now."
What we are looking for is the crazy stuff: radical innovation! This is new to the world and has the potential to make most of the existing market offer irrelevant. Examples are the Walkman, AirBnB, and Uber. In contrast incremental innovations are rather minor product improvements like a smart TV with ever new features.
Innovation is not only about technology but it covers all the following fields: new products or services, new business models, brand extensions, new channel creations, finding new markets, redesign customer experiences, re-invent the business processes and finding new marketing or new pricing approaches.
We have the right methods to uncover the potential for radical innovation for your business! Let's do a workshop and create extremely valuable ideas together!