Today's blog is by Chief Outsiders guest blogger Pat Trifunov, CEO of Velocity BioGroup Inc.
Yes, of course we all know that business these days is tough...it’s a jungle out there. But is there anything we can learn from our lower primate partners that might help us effect better strategies in a world that has way too many competitive drumbeats? What can you do with your new and innovative product to win standout positioning? Here are a few ideas from the treetops that you might want to consider:
In marketing jargon we call these coconuts “stakeholders benefits."
Is there an unmet need for your innovation? Who recognizes this unmet need? How honestly have you assessed this?
Demonstrating cost effectiveness is often essential for new innovations that enter into today’s marketplace. The size of a gain from an innovation has become an increasing bellwether of success in this economy.
To what extent do you recognize that your innovation is entering a system of already-existing incentives, infrastructure and payments that favor the use of something else? Fitting into existing systems takes time — sometimes lots of it — as well as expertise and money.
Developing innovative new products has never been more exciting and more opportune. With a solid jungle strategy in place, you can entice customers to climb down from their comfortable banana perches and “take a crack” at the new goods or services you are offering.
Pat is the former head of all Federal US Government Markets at GlaxoSmithKline, a $3.5 billion book of business. She is now focused on new research and product planning/launch initiatives through software modeling. She can be located at firstname.lastname@example.org.