The Idea in Brief
Even when money is tight, it’s possible to launch new offerings that excite customers and respond to unserved needs. The trick is to find assets already in hand that can be brought to market with minimal effort and resources.
Managers should look for six kinds of “in hand” innovation:
1. Innovations that were previously developed but never launched, owing to circumstances that may have changed.
2. Features of past products that may meet newly critical customer needs.
3. Existing offerings that should be repositioned, because customers like them for unforeseen reasons.
4. Elements of bundled offerings that could stand alone.
5. New combinations of elements, in which the bundled value to customers is greater than the sum of the parts.
6. Overdesigned offerings that could be pared down for less-demanding customer segments.
Innovation is associated in many minds with bold bets on next-generation solutions. But for marketers with little appetite for high risks and distant paybacks, an innovation in the hand is worth two in the lab.
Rain Bird is a unique business. But at the same time, it is like so many other businesses: Its product line is specialized—it makes sprinklers and other irrigation systems for lawns and gardens. To keep growing, it must continually introduce new offerings that appeal to consumers and excite retail channel buyers. And like most companies, Rain Bird has felt pressured to spend less on innovation in a down economy.
