A decade or so back when most companies realized that they had hit
the plateau in their market growth, many wanted to explore the markets or
countries where they had set up their operations.
These
emerging economies had expendable income and were turning to out to be mass
consumer markets.
To increase the market share, a company can do 3 things:
1. Introduce
existing products or new products in new markets,
2. Introduce
new features to its existing features and
3. Introduce
new products.
The first is a marketing strategy. The second idriven by some
extent because of changing customer needs and some part by incremental
innovation. The third is driven completely by Innovation.
Realising this all companies started with the Mantra of
‘Innovation’ by pasting posters and running year long campaigns, without
actually seeing any results.
At the company level, the CXOs and Sr. Management have to realise
that Innovation is a process and starts with Ideation. But Ideas need time,
research, resources and motivation. I.e.
- Give
time to employees to ideate within their working hours and workspace.
-
Give
resources to employees to research, experiment and validate at each step their ideas, prototype and product.
- Give
the platform to employees to collaborate and ideate, cross-pollinate and work together
-
Reward them
for their sincere efforts even if they fail. Make Innovation and its efforts part
of the Performance Management cycle.
With these measures in place employees will have the necessary
confidence to work towards innovative new products or new features.
Making this a structured approach across the organisation and with
a direct reporting to the CEO, part of the MIS, will help the company
achieve the desired results.
This is what is called setting the ‘CULTURAL CONTEXT’. Remember
your people without the right engagement and culture can jeopardise your best
of strategic intent, even though unintentionally.
For further
details on how we do it and a DEMO please visit www.peoplecube.ai
| Organisation Culture |
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