The seductive nature of success begins when markets send suppliers the message: “As long as you keep doing more of the same, we’ll keep rewarding you for that.” This incentivizes a strategy devoid of innovation. Innovation matters when we’re in declining or new markets where the prime strategy is creating the next new thing that markets are waiting to reward.
The companies that get it right are those that listen best to their markets. It takes deep and creative listening to sort through noise for the greatest actionable opportunities. Then it takes well-designed strategies to balance investments in existing and emerging offerings, based on market voices and performance.