What are the best practices for creating a disruptive innovation strategy?

1 Identify the underserved or overserved segments

One of the key aspects of disruptive innovation is finding the gaps or pain points in the current market that are not addressed by the incumbent players. These could be customers who are underserved by the existing products or services, or customers who are overserved and do not need or want all the features or benefits that they are paying for. By identifying these segments, you can tailor your value proposition to meet their specific needs and preferences, and offer them a more attractive solution.

2 Develop a minimum viable product

A minimum viable product (MVP) is a version of your product or service that has enough features to test your assumptions and validate your value proposition with your target customers. An MVP allows you to iterate and improve your offering based on feedback and data, without spending too much time and resources on developing a perfect product. An MVP also helps you to avoid over-engineering your product or service, and focus on the core features that deliver the most value to your customers.

3 Leverage existing platforms or networks

Another way to create a disruptive innovation strategy is to leverage existing platforms or networks that can help you reach and serve your customers more efficiently and effectively. For example, you can use online platforms, such as social media, e-commerce, or cloud services, to distribute your product or service, or to access data and insights. You can also tap into existing networks, such as partners, suppliers, or communities, to enhance your value proposition, or to co-create and co-innovate with your customers.

5 Scale and sustain

The final step of creating a disruptive innovation strategy is to scale and sustain your innovation. Scaling means expanding your reach and impact, by entering new markets, acquiring new customers, or offering new products or services. Sustaining means maintaining your competitive advantage, by continuously improving your value proposition, enhancing your customer experience, or innovating your business model. Scaling and sustaining can help you to grow your business, increase your profitability, and create lasting value for your customers and stakeholders.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?