On this episode of The Innovation Engine podcast, we delve into “cost-ovation,” or innovation that gives your customers exactly what they want – and nothing more. We’ll look at how companies like Planet Fitness have become wildly successful by challenging long-held assumptions about what their customers actually want and need, the three core traits shared by companies that excel at costovation, and why setting a vision with strategic objectives is such a key component for any innovation effort.
Stephen Wunker, the Managing Director and US Market Head of New Markets Advisors, joins us to share insights from his latest book. Stephen combines world-class strategy consulting and entrepreneurial skills, and he’s the author of the newly-released Costovation: Innovation that Gives your Customers Exactly What They Want and Nothing More. He’s also the author of Capturing New Markets: How Smart Companies Create Opportunities Others Don’t, which was named one of the five Best Business Books of 2011, and co-author of Jobs to be Done: A Roadmap for Customer-Centered Innovation, which was one of four finalists for Best General Business Book of 2016.
Tune in to the full episode via the SoundCloud embed below.
The three core traits that are shared by companies who excel at costovation:
Stephen shares thoughts on the importance of goal setting in ensuring innovation efforts don’t go astray or become never-ending money pits in the video snippet below.
A few questions you can use to challenge your assumptions and get a different perspective:
Since 2014, 3Pillar has published The Innovation Engine, a podcast that sees a wide range of innovation experts come on to discuss topics that include technology, leadership, and company culture. You can download and subscribe to The Innovation Engine on iTunes. You can also tune in via the podcast’s home on Stitcher Radio, Spotify, or SoundCloud to listen online, via Android or iOS, or on any device supporting a mobile browser.