If you ask them, customers have a lot of needs — they want bigger, faster, more efficient, more variety. Most companies chase after this laundry list of to-do’s, churning out solutions that are increasingly elaborate and feature-laden.
Sometimes they end up with a bullet train; other times, you get green-colored ketchup.
On the other end of the spectrum, we’ve seen companies direct their innovation efforts towards finding radical ways to do less — which correspondingly allows them charge less to their customers. These businesses are veterans at making tough trade-offs; they relish in ruthlessly and imaginatively funneling down to the bare bones of what their customers need. There are many ways to go about this cost-cutting, but the end result is almost always a transformative approach to the industry. We call this Costovation.
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Story by Jennifer Luo Law.
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