1. Incremental Innovation
For most forward-thinking businesses, incremental innovation should form an integral part of their company DNA. Incremental innovation essentially involves increasing the value of existing technologies and processes to enhance user experiences for existing customers.
Coca-Cola is a great example of incremental innovation in practice. The long-established brand has gradually innovated through introducing new product line extensions like Coca-Cola Cherry and Coca-Cola Zero to keep the brand up to date and aligned to emerging consumer trends.
While it’s easy to let your innovation efforts plateau after building a successful product, incremental innovation is necessary for helping your business move with the times and improve customer experiences through a series of baby steps. Gradual enhancements of internal processes and operations also help your business cut costs, improve efficiency, reduce time-to-market, and boost employee satisfaction.
Incremental innovation provides the strategic advantage of making it quick and easy for your organisation to execute new initiatives. So-called ‘quick wins’ are a powerful way to spread confidence across your teams, test the water, and demonstrate the benefits of enhancing your existing business model — especially if your organisation is resistant to radical change.