Have you ever felt as if you may be missing something that others seems to have? Maybe you are just not as charismatic? Maybe they seem to have it altogether or even in not having it together appear to have something you don't? Well there are a lot of businesses that feel the same way and they don't know how to set themselves apart from the competition. But I want to share with you today that the two are not that different.
Today I wanted to do a short blog on the topic of the ten types of innovation by which every successful company that ever existed implemented to become the brand they are today. This type of innovation implementation is the discipline of building breakthroughs. And although this algorithm is set up for organizations it is also the basis by which we are successful human beings in what we do. You may not be a business owner but you can apply these concepts to yourself to be more effective in what you do.
First let me provide you with some background. There was an algorithm developed based on the success of companies like McDonalds, Ford, Microsoft, Google and all of those big successful companies so many wish they could be like. This algorithm can be applied to any organization and the result would be a diagnoses of innovative opportunities, that would then produce transformation and if implemented effectively would result in success.
At a high level we have three main categories: Configuration, Offering and Experience. The key is that successful innovators innovate beyond products and they integrate multiple types. Let’s break this down:
- Configuration is essentially how you are structured, your processes and your network. As an individual you also have ways of doing things, processes and your social network.
- Offering is what is unique to you as a business, what you offer. As an individual it is also what is unique to you as an individual. What do you have to offer?
- Experience is what you do with what you have. How you deliver what you have to offer, how people interact with you and what your brand is.
When we learn how to implement innovation in these areas of our lives or businesses we are able to transform our lives to a new level of success. What most companies and individuals tend to do is pursue product-based innovation (what you have to offer) which leaves out the other areas. But the most successful people and businesses learn to innovate across the board into the other two areas and this creates a lasting competitive advantage.
Simply looking at a 5-Year Indexed Stock Price Returns of top innovators vs S&P 500 you see quickly that the more types of innovation they have implemented the more revenue they produce.
Ok before I lose you! You may be saying “Aimee I don’t own a business!’ ‘What in the world does this mean to me as an individual?? I want to propose to you that there is very little difference in how you are successful in business vs. how you are successful as an individual.
Sometimes as humans we can get caught up in how we do things. Our schedule, our own social network and what we do day in and out. We can get especially caught up in what we have to offer as individuals and spend a lot of time investigating our own navel lint. We can also get caught up only in how we offer who we are, how we interact and what our personal brand is. Yet the more that we can invest in all of these areas across the board, come up with innovation in each, and stretch ourselves to step out of the box the more effective we will be as individuals and the greater our value will be to others.
Let me give you an example. Most people focus on what they know. You see this on social media all day long. People like to share what they know and what they have to offer. But rarely do you see someone being intentional about the brand they want to communicate to others. Or you may see someone so focused upon what is going on inside their own minds they forget that they really should stretch themselves to expand their social network or no one will benefit from what they know.
We need to allow ourselves to be challenged in our lives and step out of our comfort zones on a regular basis. If we as individuals do not stretch ourselves we will become ineffective or only 10% effective in what we do.
I challenge you this week to ask yourself how can you do something new in how you do things? How can you expand your social network? How can you change your schedule? Decide what it is that you have to offer that is unique and begin to offer that to others. Challenge yourself to a new level of sharing what you know. Go beyond social media and apply it to your every day life. Maybe you would want to serve somewhere that others need what you know. Maybe it is as simple as choosing to mentor someone that could benefit from you.
Begin to expand and contribute in a new way! The result is going to be that you find more people will value you for who you are and you will be someone that stands out in the crowd that many want to be around.
For those of you who are business owners and you want to know more about the Ten Types of Innovation. It is available on Amazon.com. I also can put your company through an assessment to help you to determine the areas you need to innovate. I am not the expert that wrote the book, I was just trained by them.