3 Steps to Market Domination
All small-business owners seek innovation as a way to achieve product market dominance. But why don't the most innovative companies always make the most dominant products? In his new book Unrelenting Innovation: How to Build a Culture for Market Dominance, Gerard J. Tellis teaches that only an innovative company culture can lead to product dominance.
And “an innovative culture can’t simply be imposed or manufactured; rather, it had to be created, instilled and nurtured,” Tellis' research concludes.
Tellis reveals three basic principles to build this kind of culture:
- Providing “asymmetric incentive." Most leaders support the idea that in order to achieve innovation, employees need to be free to fail. Tellis goes further, suggesting that there must be “ridiculous rewards for success and limited penalties for failure.”
- Fostering internal markets. Company departments need to be able to compete with each other in order to achieve healthy competition.
- Empowering innovation champions. Trust that people will develop products they are passionate about.