Innovation workshops can turn unknown, murky ideas into clear, tangible outcomes. One of the foundations of any innovation workshop is to have an applicable framework.
Today, we're sharing a type of innovation framework called "new market innovation". A game-changer that redefines industries and ushers in fresh horizons.
The Heart Of New Market Innovation
Imagine a company introducing a new product or service to a market that before didn't exist. This groundbreaking move creates a new demand. Capturing a new set of customers who were before untouched by the industry.
A prime example? Apple's introduction of the iPod back in 2001. Before the iPod, the music industry revolved around CDs and cassette tapes.
Enter the iPod - a sleek and portable device that transformed how we carry and enjoy music.
Apple didn't create a better, cheaper version of existing music players (low-end disruption). They pioneered a brand new market for digital music consumption.
Another compelling illustration is Airbnb. Before Airbnb's start, the hospitality industry was synonymous with hotels and traditional lodging.
But then came Airbnb, allowing people to rent out their spare rooms or entire homes to travelers.
This idea created a new market where people could experience travel more personally.
New market innovation is about identifying needs in under-explored areas. Then crafting innovative solutions tailored to those needs. It often breaks the mold of traditional industries and opens doors to new territory.
By tapping into new market innovation, companies can reshape their industries. They reach untapped customers and even create new sectors. It's the kind of innovation that has the power to redefine what's possible and rewrite the rules of the game.
What To Watch Out For
The biggest risk with this type of innovation is knowing if this is something the market wants. Companies often spend a lot of time and money on a big guess that often fails.
This is why companies turn to us for our innovation workshops. We specialize in helping teams build and de-risk new products or services. Ending with real data to bolster confidence in their next pivotal moves and save them significant time and resources.
Interested in bringing tangible innovation to your team? Fill out the form below and let’s see how we can help you!