Customer demands drive sustaining innovations from "summary" of The Innovator's Dilemma by Clayton M. Christensen
In industries where sustaining innovations are the primary focus, companies often find themselves catering to the demands of existing customers. This is because these customers are the driving force behind the revenue and growth of the company, making it essential to meet their needs and preferences in order to stay competitive in the market. As a result, companies tend to focus on improving their existing products and services based on feedback and requests from their customer base.
By continuously refining and enhancing their offerings to align with customer demands, companies are able to maintain their market share and retain their customer base. This approach allows companies to stay relevant in the industry and continue to generate revenue from their existing products and services. As a result, sustaining innovations become a key strategy for companies looking to sustain their growth and profitability over time.
However, the focus on meeting customer demands through sustaining innovations can also be limiting for companies in the long run. This is because it can lead companies to overlook potential disruptive innovations that have the potential to reshape the industry and create new markets. By solely focusing on meeting the needs of existing customers, companies may miss out on opportunities to explore new technologies and business models that could drive future growth and innovation.
In order to avoid falling into the trap of solely focusing on sustaining innovations driven by customer demands, companies must also invest in exploring disruptive innovations that have the potential to create new opportunities for growth. By striking a balance between meeting the needs of existing customers and exploring new possibilities for innovation, companies can position themselves for long-term success and continued growth in an ever-changing market.
Therefore, while customer demands are a critical driver of sustaining innovations, it is important for companies to also remain open to exploring disruptive innovations that have the potential to redefine the industry and create new opportunities for growth and innovation. By striking a balance between these two types of innovation, companies can position themselves for long-term success and continued growth in a rapidly evolving market.
Read More
Continue reading the Microbook on the Oter App. You can also listen to the highlights by choosing micro or macro audio option on the app. Download now to keep learning!
Now you can listen to your microbooks on-the-go. Download the Oter App on your mobile device and continue making progress towards your goals, no matter where you are.
