How to Gain Market Share Through Innovation Strategy

Many companies are looking for ways to grow their market share, but few are aware of how to correctly use the power of innovation. Innovation is key in any business, and it can make or break your company’s success. A major part of growing your market share is through innovating on products and services that you offer to customers. This blog post will cover how you can use an innovation strategy to grow your market share.

Innovation strategy

Innovation strategy is the process of developing and implementing a plan to take your business from where it is now to where you want it. It’s critical that an innovation strategy be developed in order for any company, regardless of size or industry, to grow its market share and increase brand awareness.

Innovation isn’t limited just to improving products and services within the four walls of your company. Innovation can also occur by using disruptive technology that helps you reach new customers and expand into other markets or industries, as well as provide innovative services to existing clients in areas such as customer service. Disruptive technologies are those that change the way we live through different forms of media, transportation, construction materials, medical advancements, and much more.

How to innovate effectively

In order to create a winning strategy, you need to focus on outcome-driven innovation. According to the jobs-to-be-done theory, your customer has specific desired outcomes of a product, which they use to get a job done. This is contradictory to the common belief that consumers buy products that have the most features and benefits.

In order to innovate successfully, you need to understand what jobs your customers are trying to get done. By better understanding this concept, along with how it can be applied when innovation strategy is implemented correctly, companies gain market share through new product development while satisfying customer needs for a specific outcome.

Choosing the right market segment

When creating your outcome-driven approach, you also need to make sure that you’re choosing the right market segment to target. Even if your company is successful in creating an innovative product, you need to make sure that it’s reaching consumers who are looking for what you’re offering.

To do this, treat your market segment as a group of people who have the same job to be done rather than seeing them as one large group of people who all need the same product. Your market segment is not only made up of the companies who are selling similar products, nor is it made up of customers who are buying the same products.

Finding your customers’ unmet needs

Your most profitable customers are going to be those who have a job to be done with unmet needs. These customers understand that they’re not getting everything that they want from the product or service, and when you innovate to address these unmet needs, this is when you begin growing market share.

There are many ways to gather consumer data for this. The easiest would be conducting interviews, learning from product reviews and testimonials, and online surveys. Using this qualitative data to find out what your customers’ unmet needs are will make for a more profitable customer and a more useful product.

Final thoughts

Innovation isn’t just for the sake of making a new product. Innovation is about creating profitable products that meet consumer needs and grow your market share, all while increasing brand awareness through product updates and disruptive technologies. Understanding how to use an outcome-driven approach when it comes to innovating will help you gain market share by finding customers’ unmet needs and providing solutions that meet their jobs-to-be-done.