JUNE 2, 2006

The Ways We Innovate

During the past few weeks here at New Persuasion, we’ve been talking a lot about innovation. Innovation is a tricky subject – while there is no arguing about how essential it is, we all seem to have different definitions or examples to represent this industry-transforming force. By its most basic definition, innovation is “the introduction of something new.”

Regardless of how it’s defined, innovation comes in every shape and form. And why not? After all, the only wrong way to approach it is by not innovating at all. While the first innovation examples that may come to mind are products, let’s not forget about smart companies that are innovating their approach.  Here are a few examples – companies innovating…   

• Through Business Strategy
  • Best Buy: By redesigning stores to accommodate a specific segment of consumers, the company is catering to shoppers who will spend more and come back more often.
• Internally
  • Rite-Solutions: They channel ideas into stock market-like game in which employees at every level are able to offer innovative suggestions. Then, with their $10,000 in “opinion money”, they play a role in selecting the ideas ultimately made into reality.
• During Information Gathering
  • Proctor & Gamble: Yesterday’s focus group has become today’s army of observers. P & G has more than 3,500 people across the globe whose job is to watch consumers and think of ways to innovate everyday tasks like laundry and dish-washing. 
• Delivery
  • LOST (ABC): By embracing multi-channel media such as downloadable episodes, blogs, interactive games, and discussion-filled websites, the show’s producers have transformed LOST from a television show into an engaging, interactive viewing experience. 
• By Consumer Engagement
  • Kettle Chips: Chip lovers nominate new flavors and then take part in taste-testing among the five flavor finalists. Tasters can vote for their favorite chip on the company website.    

This list is just scratching the innovative surface – what other companies should be added?