What is commercial innovation?

Innovation or invention?

Innovation is often mixed with invention. Invention is typically linked to product or technology development (R&D). Innovation however, includes all non-product (or technology) innovation. 

What is commercial innovation?

The core of innovation is the commercial use of an invention. Commercial innovation includes all forms of innovation aimed at increasing customer value. Especially, it is about new business or market entry models, whole new service offers, better aligned and redesigned processes, improved customer experiences, transformed customer relationships, new distribution channels, extra customer tools and apps. It could also be about new visions on business potential, innovative value propositions, a different perspective on market segmentation and all other non-product innovations which provide more customer value.

The internet is one of the best examples of commercial innovation. In less than a decade, the internet went from being connected networks used by universities and the military to the very powerful commercial engine it is today. (Greenstein Shane, How the internet became commercial: innovation, privatization, and the Birth of a new network, Princeton University Press, 2015)

Increasing customer value?

Increasing customer value may be realized by either increasing the benefits as perceived by target customers or by reducing their experienced sacrifices.

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The importance of commercial innovation

Hello world, this blog is about commercial innovation, customer relationships and service design thinking, but also about personal and team coaching.

Digitization gives new possibilities but is also responsible for the current disruptive economy. In this disruptive economy, new powerhouses emerge as Google, Apple, Facebook and others. They ensure that even very old, large companies shake to their foundations and begin to question their existence. For example, banks and insurance companies, but also the automotive industry are all threatened by new entrants who use often IT and digital solutions and have often a fresh look at traditional challenges. Why doesn't drive a car independently? Why does a surgeon operate still manually? Why do we still use physical (paper) money to pay?  Therefore, it is important that any organization continues to innovate. Certainly 'commercial innovation' has become even more important. It is not just about product innovation, but also about everything we do in order to service the customer better and the added customer value we create in this way.  Read more about it next time.

Personal coaching to activate individual potential

In this blog and website, however, we will also write about the importance of human interaction, personal coaching and building teams. Especially in times of rapid change, the quality of human contact, personal performance and team functioning is more important than ever. Also striving for a better balance and to more happiness, both at work and in private life, deserve more attention. The demand for personal and team coaching is therefore rising.

Next time we continue with commercial innovation and different approaches.

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