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New Markets Insights
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Strategy and Analysis from Innovation Specialists

Costovation: More Is Not Always Better

9/12/2016

 
By: New Markets Advisors
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.

To continue reading, click here.
​

Story by Jennifer Luo Law.

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  • About
    • Our Distinct Model
    • Team
    • Join Us
  • Services
    • Develop Growth Strategies
    • Uncover Jobs to be Done
    • Build Innovation Capabilities
  • Industries
    • Arts and Culture
    • Consumer Goods
    • Financial Services
    • Healthcare
    • Social Innovation
    • Technology
  • Past Work
    • Success Stories
    • Recent Clients
    • Testimonials
  • Our Thinking
    • Books
    • Working Papers
    • Articles
    • Blog
    • Leading through the Coronavirus Crisis
    • Speaking Engagements
  • Contact