Value added innovation

There is new value phrase that I’m hearing. Heard it in the early eighties too. Remember them? The last recession? The phrase is ‘If you can save me money PDQ, I’ll buy it.

That's the new value proposition for today, and you'll do well to think about the phrase as you look to grow or maintain your top line.

The number one concern for many organisations today (beyond mere survival for some) is cost reduction. So, if you can give them the chance to do this quickly, they'll be willing to pay you a premium to do so

This line of thinking was reinforced when I spent time two weeks ago with some friends in the South West. They gave a up a small but very successful pharmacy chain and settled down to ‘have a life’ .They've got a solution that can help families save quite a bit of money on their overall holiday spend. Given the scope of the potential savings, and the fact that they have maintained growth despite economic turmoil, they've got a key innovation strategy nailed. It’s called a camp site, but one with electricity and wifi. And some of the most stunning scenery in England as a perfect after dinner treat. It helps if you have a good product to start with of course.

What can you learn from this line of thinking? Well the key questions to ask could be....

How can you partner up with your customers to help them achieve cost savings with what they would like to do?

How can you help them quickly achieve those cost savings : faster, say, than in the alternate economy of a few months past? Remember, faster is better.


Are there changes that you might make to your product/service line that can help to accelerate cost savings?

Can you innovate like mad -- thinking about what you do and how you do it -- to generate cost savings for those who rely upon you?

Think about it in the context of any industry. If you are in travel/hospitality, and you offer cost savings with what you are selling, you've got a leg up on the competition. If you are selling a service, get the potential cost savings that the service provides out front, and clearly defined -- highlight them. If you are selling an industry solution, re-examine the cost savings that your solution provides -- and see what you can do to make them bigger.

Add value, drive down cost. Business is easy if you remember that.

Think about the phrase, and look for the innovation opportunity in it.