This work offers a summary of the book “HOW TO GROW WHEN MARKETS DON’T” by Adrian Slywotzky & Richard Wise.
For many years, the answer for growth creation was thought to be product innovation – a better product. However, as every company creates more and more products, ever faster, this is proving more difficult. Customers are not willing to buy another product just because it is slightly better. How to Grow When Markets Don’t suggests a more effective strategy: “demand innovation” – identifying and serving the customer needs which arise naturally out of the sale of existing products and services. It’s very possible that your company will have hidden assets that, used properly, can generate value. Examples of this include access to and knowledge of your customer base, and technical expertise in your industry.
Adrian Slywotzky and Richard Wise take the reader through a five-step process to harness demand innovation. They encourage companies to look at customer interaction as the beginning of the process, not the end; they suggest being aware not only of assets but of liabilities holding you back, such as a mismatch in skillsets or distributors having veto power over development. How to Grow When Markets Don’t gives a compelling blueprint for long-term strategy and short term, applicable changes.