A Reflection
In their article “Innovating on the cheap” its authors Lance A.Bettencourt and Scott L.Bettencourt provide a comprehensive overview of different methods of creating innovations, creating a valuable guide on how to come up with an innovation without trying to invent something completely new to the world or even to the company. Authors claim that it is easy to make the innovation work even if such kind of product or services has already been on offer. The authors exemplify their statements, referring to innovation management strategies, used by “Rain Bird” business, which specializes on making sprinkles and other irrigation facilities. The reasons for success of their Convert to Drip line are considered in comparison with the market destiny of other innovations.
This article’s audience may be comprised of managers and students, who are currently learning management. The authors discuss ideas on how to create an innovation without discovering something totally new as managers often think that innovations are necessarily connected with offering totally new products and services. Having considered the ideas, highlighted in the article and followed authors’ advice, managers have more chances to succeed in innovation management. Ideas and pieces of advice, introduced in the article can be useful also for students, who plan to concentrate on innovation management in their future careers.
Lance A.Bettencourt and Scott L.Bettencourt introduce such ways of making innovations without inventing something actually new as reviewing and redesigning concepts, which either were not introduced to the market or were not successful enough in terms of sales; using offerings, on which the company failed to capitalize fully due to limited vision; bundling and unbundling complementary items. To support the overall idea of innovating without inventing something totally new and speculate on such a way to create innovation as using offerings, on which the company failed to capitalize fully due to limited vision authors used the example of Rain Bird” business managers, whose Convert to Drip line was based on proprietary technology and provided them with almost instant payback. By example of DG-6 product, on which Convert to Drip line was actually based, authors show that a product can become popular even if it is merchandised in the area, where its potential users are not likely to shop, has strange name (nothing but a combination of two letters and a number in our case), lacks attractive packaging and is not advertised. Success of DG-6 was predetermined by a strong bond between the product and the job it did, which customers themselves created in their minds. Moreover, after having noticed unusual sales of GG-6, managers capitalized on its realization by changing its name and spreading a message, which helped to create an association, according to which the product was the ones, which is necessary for fulfilling particular tasks. By the example of DG-6’s reinvention authors show how the company can make use of its own assets, if it manages to uncover their hidden potential. In this regard authors advise managers to have storehouse of ideas and concepts, which can be of use for the company and develop a good habit of regularly reviewing this database.
Another example authors use is the example of C3 cordless drill by Craftsman. Many users of the facility liked the product but some of its features were overkill for average users. To reach the user, the company produced simplified type of the same drill, removing some complicated features. The changes did not undermine the quality of product and required only slight changes. These modifications resulted in creating a qualitative product for less demanding segment of the market.
Concluding, authors claim that having an innovation in hand is worth having two ones in the lab, calling upon managers for being careful not to overlook the chance to introduce innovation, using assets, ideas and concepts, which the company already owns. Reviewing and redesigning concepts, which either were not introduced to the market or were not successful enough in terms of sales; using offerings, on which the company failed to capitalize fully due to limited vision, and bundling and unbundling complementary items are valuable tools, likely to help a manager make use of ideas, which are just at hand.
