Value innovation: Plan for the customer scramble in recovery
Organisations which fail to plan for recovery risk being left behind in the race to rebuild market share and restore volumes. Value innovation, the simultaneous pursuit of differentiation and lower cost, will be critical to how businesses emerge from the pandemic and its aftershocks, as it will be a buyers market.
Organisations should consider innovating to ensure they emerge out of recession with compelling, value driven propositions which differentiate them from the pack of providers scrambling to sell and are at a positive price point to competitors
About finding new market space rather than head on competition for shrinking market..
Value may look very different as we emerge from this. Utility, price, flexibility, control, agility, transparency, endorsement.
Orgs need to plan ahead
- Putting customer value at the forefront will be critical to guiding business investments which will deliver strongly differentiated and compelling offerings and competitive advantage in the post Covid-19 environment
- Now is an opportune time to invest in innovation with reduced operational distractions
- Developing or bolstering an internal ‘innovation’ infrastructure (processes, criteria, insight) and development pipeline will position firms strongly to go to market more rapidly ahead of competitors
- A focus on innovation will keep employees engaged and productive, and lead to better identification of ‘star’ performers
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