Ipsos in SiMa Ipsos | Curiosity October 2016 | Page 15
Innovation Is
Always Positive
Innovation is always positive to the
business as it improves brand image and
expands business
“If you don't
cannibalize yourself,
someone else will”
- Steve Jobs
Truth is, innovation can sometimes be a double edged sword.
While it often leads to new markets, it can cannibalize your
current market – which might not be a bad thing.
Steve Jobs was aware that the release of iPhone will lead to
iPod’s obsolescence. But this did not stop him from foregoing
the existing market to reach a larger market.
Better Late
Than Never
Play safe and see how innovative product
turns out before adopting into our business
Truth is, playing safe is never safe. Blackberry is a recent
example of what happens when a giant fails to innovate on
time. Blackberry failed to recognize the emergence of mobile
entertainment and touch screen, and instead focused on their
differentiating strength - QWERTY keypad. When they eventually did
launch their touch screen, they were not well received in the market as it
was seen as a mere imitation of the pioneers.
Work On
What’s Working
Build on your strengths rather than
following competitor’s innovation
Truth is, sometimes you have to let go of your strength.
Kodak is a classic example of a once successful company that
failed to respond to the rise of digital era. Being a market
leader, they didn’t see digital camera and increasing
connectivity as a threat as it used to be a niche market. With
their confidence in ‘capturing the moment’, their success has
become another moment well captured in history.