non technological innovation: how to innovate cheaply !
DESCRIPTION
In a context of globalized economy and crisis, companies are facing more and more competition. They want to gain market shares or at least not to loose existing ones and they want to bring to the market innovative goods or services. Cuts in R&D expenditures are unavoidable, so why not turn to non technological innovation - cheap and easy to get started with.TRANSCRIPT
Non technological innovation:
How to innovate cheaply !
Sophie RACQUEZManaging Director
THE IDEA MONOPOLY ®
Why innovate ?
Context : globalized economy / crisis
More and more competitors
Gain market shares (or not lose existing ones)
Bring innovative goods to compete against low-cost production
Why non technological innovation ?
Non technologicalinnovation
Non expensive Simple Accessible for
SMEs Short time to market
vs Technological innovation
Expensive Complex SMEs need
cooperation (R&D centres, other SMEs)
Longer time to market
So how to be different ?
For us, non technological innovation isbased on the 4P's of the marketing mix
Product Price Place Promotion
1st P = PRODUCT
Design,features, packaging, qualities, etc.
A good packaging increases sales
A product based on consumer needs will sell by itself
1st P = PRODUCT
A packaging can make the difference
Distillery in Raeren, Belgium :
Thanks to a packaging relooking (with the help of a designer), sales grew of 40% in one year time
2nd P = PRICE
Be different and lower your costs : Buy cheaper raw materials Ask your customers to partly produce (Ikea)
Case study :English pottery
3rd P = PLACE
Traditional shop vs : Online shop Mail order Home meetings Specialist shops
(chemist, museum) Vending machines Social networks ...
4th P = Promotion A Good brand name is important
Do you know the multinational firmTCCC?
Technical Committee on Computer Communications?
Thai-Canadian Chamber of Commerce?
The Creative Concepts Company?
OR...
4th P = PromotionGood brand name is important
Do you know themultinational firm TCCC?
The Coca-Cola Company !
Brand name made of 3 letters = 17.576 possibilities
Brand name made of 4 letters = 456.976 possibilities
Case study : SME boat
4th P = PromotionA Good brand name is important
Is your brand name registered ?
Does your brand name belong to you ?
Will you keep it or will you be forced to change (first come first served) ?
The Idea Monopoly®markets your innovation
Your network of consumers, inventors, creative people, entrepreneurs, marketing and
innovation specialists
Ideas brokerTrendspotter
Naming & branding (companies and products names)
For any questions, please contact us at
www.ideamonopoly.com
Thank you for your attention
Place your logo here
Sophie RACQUEZManaging DirectorThe Idea Monopoly®rue de la Presse, 41000 BrusselsBelgiumwww.ideamonopoly.com
© The Idea Monopoly 2009 : Slidecast (slideshow and audio)