The final of the intersections of the 3 dimensions of creativity is the one between the business model and the product. You are looking at a business that has an innovative product which catches people’s attention, and has a business model that enhances and serves the innovation in some way.
One good example of this intersection is Southwest Airlines. Their product was no frills flights to less popular destinations to serve business travellers. Their business model was a combination of keeping costs to a very minimum, while maintaining a very customer focussed airline (I’m tempted to say cheap and cheerful). All this has meant that while other airlines usually struggle, Southwest is able to show growth and profitability.
I chose the above because there are probably many more obvious examples where a great product is rolled out with an effective business plan, but Southwest had an innovative approach to travel and service which coupled with its cost savings meant it could be a market leader while other scoffed at what they were doing.
The interesting questions this raises for your business to think about are:
· Where do we have a really effective business model that we could apply to one of our products? Do we already do something different for one line of products that we don’t do for others? Is there anyone with a truly unique product that is struggling due to bad business practice, and could we partner with them?
· What new products do we have that seem innovative, but are struggling? How could we improve the business model and take it outside what we’re currently doing? Could we produce the product more cheaply or in a different way? How are we funding the production, marketing and other business functions to support the product? Are we bringing innovations for the product through our business process quickly enough?
Consider the above and see if you can think of ways to boost the performance of either your business model or product to enhance the offering you already have.
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