When we talk about transformational growth and what it takes to achieve it, we could talk about a lot of things. We could talk about overcoming the fear of making big bets on transformational innovation when we know there’s an extremely high likelihood that most of those big bets will fail. We could talk about how to overcome the risk-averse culture at enterprise corporations. We could talk about the challenge of fostering a culture of innovation when we’re all so slammed at work we barely have time in the day to keep our heads above water. We could talk about all those things - in fact, we have talked about most of those things. But today, we’re going to talk about why it’s critical to generate and go after net new ideas if transformational growth is what you’re after.
First, let’s talk about why you should care about transformational innovation: Sustainable, long-term success. If you’re committed to seeing your company succeed and thrive in the future, then incremental innovations that focus only on your core product, service or customer are not enough. Today, the threat of disruption looms heavy. New technologies are emerging faster than ever (AI, anyone?), our changing economic landscape rapidly impacts customer needs and sentiment, and in order to stay relevant, you have to be willing to adapt with these changes, take risks, and place some big bets.
Now that you’re convinced to go after transformational growth, let’s talk about a few key reasons why net new ideas are critical and how to start generating some of these ideas that could uncover breakthrough value for your business and customers:
- Net new ideas are a proactive defense against the disruption we mentioned earlier. By actively generating and exploring new ideas, companies can better adapt to changing circumstances and proactively disrupt their own industry before others do. Embracing this idea and mindset becomes a competitive advantage, enabling you to seize opportunities, adapt to emerging trends, and drive transformational growth.
- Speaking of competitive advantage, this is always on the mind of truly great companies, and exploring and nurturing new ideas is a key tactic to get there. In a crowded marketplace, a genuine competitive advantage can make all the difference. Net new ideas provide an opportunity to differentiate your organization from competitors by offering new and unique value propositions, innovative products or services, and exceptional customer experiences. These differentiators help you carve out a distinct position in the market, attract new customers, and even retain existing ones.
- Beyond just changing your value prop by innovating on your product, service or experience, new ideas also give you the opportunity to expand into untapped markets. By thinking beyond your current customer base and product lines, you can discover new areas for expansion and diversification. These ideas may open doors to previously unconsidered demographics, geographies, or market segments, unlocking significant growth potential.
- Being intentional about seeking new ideas and ways to disrupt yourself also helps your company overcome industry stagnation, where incremental improvements and minor innovations dominate. While incremental innovations to your core business are important, they rarely lead to transformational growth. Net new ideas, on the other hand, have the potential to disrupt the status quo, inject fresh energy into your industry, and position your organization as an industry leader.
Transformational growth necessitates the exploration and adoption of new ideas. By embracing a growth mindset and being intentional about exploring new ideas, companies can position themselves to shape the future of their industries - not just tread water to stay alive. Don't settle for incremental improvements when net new ideas hold the potential to revolutionize your business, capture new markets, and secure a sustainable future.
A final note: Net new ideas are often born out of a deep understanding of customer needs and emerging trends. Stay tuned to learn techniques we use to help companies find, generate and explore net new ideas.