Driving Market Success with Innovation

Posted by | Fuld & Company

From revolutionary products to groundbreaking services, innovation permeates every aspect of modern business, shaping industries and redefining market dynamics. In our recent webinar, Driving Market Success with Innovation, industry experts Justin Sutton from Catapult Insights, Colin Byard from Delta Faucet and Tiffany Carle from Mary Kay shared their perspectives on innovation, its structures, and the keys to driving success with Fuld COO, Michele Sachar.

Below is a look at the key insights and takeaways. You can watch a replay of the webinar here.

Sources of innovation

Innovation often originates from a mix of curiosity, observation, and an understanding of emerging trends. Successful innovation strategies harness insights from a range of sources, including market research, customer feedback, and interdisciplinary knowledge. The panel shared examples such as developing new technologies based on user behavior and repurposing existing products for new markets.

“Innovation can come from anywhere”

Justin Sutton

Unconventional sources of inspiration—such as art, nature, and cultural perspectives—play a crucial role in driving innovation. Encouraging teams to think outside the box involves fostering a creative environment, promoting diversity of thought, and allowing freedom to experiment. Innovation also goes beyond product development to include commercial strategies like rebranding or discovering new applications for existing products.

“Think way outside of what your role is designed to do to drive success and enable innovation”

Colin Byard

Structure

Innovation structures vary widely across organizations. Some companies have dedicated innovation teams, while others integrate innovation across departments. The most effective structures often blend both, ensuring a specialized focus while promoting an innovation culture across the organization.

Successful innovation strategies include structured brainstorming sessions, cross-functional workshops, and open innovation platforms that invite ideas from all employees, not just the innovation team. These methods have led to successful new product lines, improved processes, and enhanced customer experiences.

“Innovation comes from all kinds of sources, it really depends on the product and the need” 

Tiffany Carle

Keys to successful innovation

Cross-functional collaboration that brings together a range of expertise and perspectives is key to successful innovation. Collaborative projects between R&D, marketing, and customer service teams often yield significant results.

“Don’t go it alone. Find a coalition of interested people within your organization to support and drive innovation. It’s really hard and not any fun to do it solo.”

Tiffany Carle

Overcoming resistance to change involves clearly communicating the benefits of innovation, creating a safe environment for experimentation, and recognizing and rewarding innovative efforts. Effective risk management in innovation requires thorough assessment and the flexibility to adapt as needed. Keeping innovation teams motivated amidst uncertainty involves setting clear goals, providing ongoing support, and celebrating small victories to maintain momentum.

“True innovation is always going to carry inherent risk”

Colin Byard

How to drive innovation

Our discussion concluded with advice for driving innovation within organizations:

• Foster a culture of curiosity and creativity to encourage continuous learning.
• Be open to failure as part of the learning process.
• Avoid common pitfalls by ensuring clear communication and aligning innovation efforts with business strategy.
• Recognize the need for cross-functional collaboration.
• Maintain a forward-thinking mindset to navigate the dynamic landscape of innovation.
• Stay close to your customers as innovation should always serve a real need.
• Be willing to pivot based on feedback.
• Don’t get too attached to a single idea.

“Great ideas evolve continuously. Resist the urge to be overly protective; instead, encourage your idea to grow, and take flight. It will go places you never expected.”

Justin Sutton

Conclusion

Driving innovation requires a blend of structured approaches, creative thinking, and a supportive culture. By fostering cross-functional collaboration, embracing an innovation culture, and managing risks effectively, organizations can achieve sustained innovation and growth.

“Constraints are immensely helpful at being able to enact change and focus on what’s actually meaningful”

Colin Byard

Watch a replay of the webinar here.

Please reach out if you would like to discuss how Fuld can help you drive innovation at your company.

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Tags: Innovation