Lead Question: How to create an Innovation Strategy that will lead to Differentiation ?
I took up the role of Innovation Differentiation Leader at a Multinational Company two years back. Our team's focus was on growing the business in emerging markets through product innovation. I spent the first 30 days defining and getting acceptance from folks on (a) what should be the focus of our innovation efforts and the next 30 days on (b) if product differentiation is the purpose of our innovation, then how should we define and achieve sustainable differentiation ?. I share the general wisdom on this topic, my own experience and the key learning here.
I realized that the first and most important step is to decide what particular kind of value we want to deliver to whom.
When it comes to strategy, I would like to hear Porter's thoughts first. I came across three excellent tips from Porter on differentiation - differentiate yourself, deliver value and be consistent.
Read Rowan Gibson's interview with Michael Porter, hosted at Innovation Excellence,
http://www.innovationexcellence.com/blog/2011/12/29/michael-porter-on-strategic-innovation-creating-tomorrows-advantages/ for a detailed discussion.