Traditional businesses have been drastically challenged by digital and technical advances. From automotive to retail to sharing economy concepts such as Airbnb, nearly every industry is being upended by innovations that tap into unmet consumer needs for value, convenience, time, and more. Many of these disruptive ideas arise out of longstanding issues that more established players failed to address. Uber was created based on the realization that town cars were unreasonably expensive; Fenty Beauty, named one of Time magazine’s best 2017 beauty inventions, attracted industry praise and product sell-outs due to the unprecedented breadth and inclusivity of its makeup and its marketing. The most successful businesses of the new millennium have challenged the status quo while also addressing under-satisfied marketplace needs, a critical success driving factor.
If established companies want to compete effectively with startups, they need to overcome their instinct to protect their current business model and think like a start-up - which means starting by asking the right questions:
- Who are the best bet targets? Why?
- What unmet needs or problems can we help them solve? What expertise and skills will increase the odds of our success of meeting their needs?
- What experiences do prime targets wish for in terms of emotional rewards and rational performance?
- What benefits and attributes will delight them? What product and service functionality, features, and design elements will set our ideas apart from direct and indirect competition?
By answering the above questions for established businesses and start-up clients alike, Lubin Lawrence’s Experience-Driven Design© Innovation Method has achieved unprecedented success as demonstrated by our experience in infant care, entertainment, food and beverage retail, and more. In all cases, these opportunities were developed using an iterative research protocol designed to deliver actionable insights and proof of concept validation through reliable qualitative and quantitative research techniques.
As these experiences prove, while it is true that established businesses face the demands of Wall Street’s quarterly earnings reporting, companies are able to overcome the innovation challenge and can reap the benefits of sustained double-digit growth in the years that follow. In each case, our clients were prepared to learn and adjust until the innovation was shaped into a compelling proposition that aligns with the market-driven insights.
LLI’s innovation track record across categories offers further proof that the key to disrupting industries, competitive insultation, and driving margin growth begins with market driven insights inspired by consumer needs and then bringing the product and service offering to life in order to surprise and delight prime targets.