Value proposition, innovation.
Introduction.
Another great source of innovation is to work on the value proposition.
We will discuss in this section what techniques you can use to innovate the value proposition.
In this section, we will discuss the following frameworks.
We will start by discussing how you can innovate, by expanding the brand, by expanding the brand,
we mean adding new products within existing categories, as well as adding new categories that are stretching
the boundaries of your brand.
After that, we will move to another type of expansion.
This time, we will discuss how you can innovate by expanding your product on the other side of the
spectrum.
We have simplicity.
We will have a look at firms like Apple that innovate their business by simplifying the product.
Simplification is a pretty broad term, and we will try to show you what options are on the table.
An interesting approach also used by Apple, Amazon and Microsoft is integration and creation of own
ecosystems.
We will briefly go through this method as well.
You can also innovate by dividing products into smaller pieces and selling them independently.
Whole industries like car rental were created thanks to this seemingly innocent approach.
After that, we will discuss two additional approaches to innovation, bundling products and digitalization.
That's in short what you can expect in this section.
If you have any questions or requests, please let me know.
I'm always happy to help and provide additional information if needed.
Enjoyed the section!