Continuing on from our last post on Innovation concepts, we will be examining the 3 key innovation strategies that companies adopt and utilise – with help from the Booze and Company research.

Need seekers engage with their customers directly to generate new ideas. They develop new products and services based on their superior understanding of the end-user and get their new products to the market first.
At a large scale – Apple is a perfect example of a typical Need Seeker innovator. But on a local scale, a need seeker could be a Cafe owner who consistently creates new drinks weekly – focusing primarily on satisfying customers in unique ways.

Market Readers utilise various means to generate ideas by closely monitoring their markets, customers and competitors. They primarily focus on creating value through the incremental innovations to their products.
Hyandai is a great example of a Market Reader – but considering the concept closer, it could be a local clothing designer who creates and sells items seasonally and alters them depending on the feedback of their previous designs.

Technology Drivers are extremely dependant on their technological capabilities to develop new products/services. R&D drives breakthroughs with incremental changes to meet known and unknown needs of customers (e.g. Google).
Sure, Google is one of the main technology drivers of innovation – but at a smaller scale – it could be a tech-dependant startup just like Local Measure!

So, now that you are familiar with 3 key innovation strategies (and who implements them) – who do you want to model your biz innovations after?