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First-Mover or Fast-Follower: Which is the right innovation strategy for you?

Idea to Value

What makes more sense: To be the first player in a brand new market, able to be the first (or only) company which customers buy from? To wait until other companies have proven there is a market for a new offering, and then quickly develop and scale your own? This can require significant marketing and sales effort to change.

Strategy 263
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How Benchmarking Against Market Leaders Can Drive Business Success

Leapfrogging

Even worse, your business may end up being disrupted by the next big innovation that comes on the market. Most often, metrics used for comparison include sales figures, quality of products or services, brand awareness or customer experience. Look at your competitive set and determine which companies you want to compare yourself with.

Marketing 100
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At the digital transformation and innovation crossroads

Jeffrey Phillips

And what happens when corporations with business models and structures and governing capabilities built for slower change and market dominance meet the agile, nimble competitors and shifting customer expectations at this unexpected crossroads? The corporations didn't change. The conditions and circumstances did.

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Building an Agile & Innovative Organization

Idea to Value

There are great many companies and leaders that obsess about their market share, competitors, or technological prowess. If you don’t have customers, your market share is zero. And, if you don’t have customers, the reason really isn’t your competition, it’s you not providing them with enough value. It’s not easy.

Agile 308
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Creating the Industrial Ecosystem

Paul Hobcraft

Time to market suffers for one. Siemens is in some highly competitive industrial markets. If you focus too much on other parties practices, they are not your own “emerging practices”, they are someone else’s practice, operating in a totally different business contexts and market conditions.

Industry 187
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You can't burn data

Jeffrey Phillips

As the concept of digital transformation takes root, you may frequently hear comparisons between data and oil. This comparison was strong enough to lead Wired magazine to define data as the new oil in a magazine article some years ago. On the surface, this comparison seems to make some sense.

Data 120
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Use Intuition for Innovation Just Like Apple and Target

Leapfrogging

Apple never did formal market research to tell them what to do. Steve Jobs once said, “We do no market research. Participants in the first group are asked to select the best apartment immediately after reading the comparisons–they don’t have time to really think about their choice. The answer may surprise you.

Groups 130