Disruptive innovation is a way for companies to successfully find ways to break into new markets and compete in existing ones. Being a disruptive innovator requires an understanding of what disruptive innovation is and of your market. Here are three tips for innovative disruptors.
1. It’s a Process
Disruptive innovation is not one service or product; it’s a continuing process. You can’t just develop one product and wash your hands of innovation. Your competitors will be constantly improving their offerings so if you don’t do the same, you’ll fall behind. If you want to become a disruptive innovator, you should work on strategies and business models to support market disruption and innovation.
2. Pick Your Battles
Seasoned disruptive innovators like David Walsh Bronxville would likely remind you that you must be able to pick your battles. Look at what resources you have and figure out which part of the market you can disrupt and enter. Seek ways to compete with other businesses without causing them to turn around and try to squeeze you out before you have a chance. Likewise, pay attention to other potential disrupters and understand which innovations are more likely to threaten your company’s position. Otherwise, you’ll waste resources on lesser threats.
3. Two Types of Disruption
There are two main types of disruption: new-market disruption and low-end disruption. New-market disruption focuses on underserved consumers, meaning the disruptor finds a segment of the market that has been neglected and seeks to provide a product or service people need but don’t have access to. Low-end disruption focuses on overserved customers, meaning the disruptor finds a way to provide an existing product or service for a more affordable price. Before you can create a strategy or business model, you must figure out which kind of disruptive innovator you want to be.
Disruptive innovation is an incredibly useful tool for businesses seeking to expand their markets and reach new customers.