Total Offer - An innovative product doesn't always win

Business innovation extends beyond product innovation. When you have a great innovative product start thinking about marketing innovation, business model innovation, sales innovation. Don't stop with the tangible.

I own 2 Dutch ovens from a company called Kitchen Fair. I own them because a friend of mine went to a factory closing and picked them up for me. They claim to have a superior non-stick surface and from my experience, it could very well be absolutely true. I hadn't heard about them before my purchase, nor after. They still manufacture in Wisconsin and have corporate offices in Fort Worth, Texas. Great product - generally unheard of(at least to me). If it weren't for the factory closing, I would just think they were happy with their slice of then non-stick cookware pie, but then why the closing? Perhaps it's time to initiate online viral marketing to start. Maybe a movie on You Tube.

Highly caffeinated sugar water company Red Bull on the other hand has spent as much as 30% of revenue on innovative marketing techniques including extreme sport and event sponsorships. Differentiate the product and innovate around it. Build a billion dollar brand.

Think about your whole business when thinking about innovation.