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Friday, February 17, 2006
Renovate, not innovate
Source: CMO Magazine
Marketing consultant Sergio Zyman says too many companies are jumping on the innovation bandwagon but in the process they're ignoring their core essence...what they know consumers will buy from them. He cites the iPod and teeth whiteners as truly innovative products. But he points to Sony, whose Walkman had the corner on the portable music market, right up until the iPod obliterated it. Like Sony should have, most companies should renovate, not innovate. Renovation is not retooling; it's rethinking...or leveraging a business' core essence to create organic growth opportunities. Innovation is expensive and it feels great - like a sugar high - but then when your innovation doesn't approach iPod levels, look out for the crash.
