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Innovating by Looking Outside Your Industry

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Inspired by other industries other than their own, managers may grow potential and sometimes come up with innovative, unexpected creative ideas.
Managers who would like to grow their business frequently fail to look for motivation outside of the business. However, far too often in other industries, the technologies they are already looking for do exist.

Seeing this can serve as a source of ideas to improve a product or service ‘s appeal, address unmet consumer needs, or decide new ways to benefit. But how do executives analyze other sectors to find growth gaps in their businesses?

Here are four clear guidelines to help:

Creating synergistic combinations

Seek to find elements that can build synergies with one’s own business in another company’s core product – so that the combined result is substantially higher in consumer value.

Mapping and filling gaps in customer preferences

Throughout the context of other industries ‘products or services, it may be helpful to map that customer’s needs addressed by such goods or services to recognize unmet consumers’ needs and thus reflect innovating potential. The capacity of laptops and smartphones, for example, to satisfy consumer expectations for flexibility and portability, is substantially different.

Making services into products – and vice versa

The disparity between goods and services does not restrict their analysis if managers consider the fundamental offers of other industries. But it may also be useful to find how this service could be turned into a product if the vital proposition of all the other business is a consumer.

Innovating in the delivery of the offering

While this main supply from other industries is significant, the way the critical amount is supplied to consumers is also vital.

Seeing beyond the company’s borders can deliver very strong and sometimes unexpected innovation ideas. Hopefully, the consistent above will the probability that this exciting and messy trip does not take up valuable opportunities.

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