What Is Innovation Strategy?

There is no success in business without a strategy. Strategy is just about making choices between a number of possible options to ensure you have the best chance at winning. But you can think of innovation as just one of the means to attain your strategic goals. If you do not have a good one, it is actually quite tough to attain long-term success and direct your business to pace to get a competitive advantage. The absence of a clear innovation strategy is found to be one of the most common problems, especially for established businesses when they are looking to optimise their business. It is a fact that developing an innovation strategy is not tough in itself, coordinating it with your goals and ways of working will certainly take some time and effort. But first, you should learn what an innovation strategy is.

What is Innovation Strategy?

Put simply, an innovation strategy is a plan that keeps future growth milestones organised in order to fulfil unmet customer requirements. It will describe the value added to the service/product in the upcoming months. It should develop your business to better target an enhanced customer experience. An innovation will contain research methods, policies, and strategies that are needed for reaching the specific goals. It is basically a business model for your innovation planning and will serve as a guide to improve your business’ innovative capital. Innovation is not something that just happens. Rather, it is born out of an organised environment that prioritises the intentional development of new ideas. Creating a useful innovation mindset is vital for any organisation that would like to create a competitive edge and also makes future planning way more effective.

Types of Innovation Strategy

When you are looking to develop an innovation strategy, it is a must to determine which type of innovation you will strive for. Here are some major types of innovation:

Disruptive Innovation

Disruptive innovation is when you surpass the requirements of your present customer base offering something better than they need and also drawing the attention of a new market. It is typically used for targeting an untapped market to put the existing one out of place.

Sustaining Innovation

Sustaining innovation is considered one of the common types of innovation. It emphasises improvement instead of replacement. It focuses on current actions and capabilities by targeting familiar problems for the customer. While it is true that sustaining innovation is always vital, it is known to have a lower ceiling than some other ones and might seem inactive after a prolonged time.

Radical Innovation

You can think of radical innovation as the boldest innovation strategy. It requires you to destroy the current marketplace to pursue an entirely new one. It is typically an indication of a major shift within a business. It is considered that completing a radical innovation is quite rare but is highly profitable when successfully pulled off.

Architectural Innovation

Architecture innovation is less about growth and more about focusing on a structural change to the organisation. It prioritises holistic change throughout a business, with changes forthcoming from a new business model and new technology. The parts of this model are not quite innovative when isolated, but they are crucial for change that permits you to innovate your business as a whole.

Wrapping Up

There is no doubt in the fact that innovation is a vital part of the success of any business. Optimising your business can prove to be hectic if you lack a strong innovation strategy. Learning about it is one of the most important things to do. 

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