Lemon #109. Innovating in
While Reading “Costovation” from Stephen Wunker & Jennifer Luo Law, we learned about how to innovate in costs.
Costovation is a type of innovation that significantly compresses costs while still wowing customers. It is about meeting or exceeding customer expectations with less. Costovation is a different approach to cost-cutting. Here, cost-cutting is not the overall mandate, but rather a happy byproduct in the journey toward being truly customer-centric.
We need to look at how lowering costs and simplifying services can be a deliberate innovation strategy.
Innovation is typically thought to mean more: more flavors, more options, more features. What makes Costovation so radical is that it flips this understanding on its head and says that sometimes the winning approach is to do less.
- Finding radical ways to keep costs low while still delighting customers.
- Equally relevant for innovating both the product and customer experience as well as the business and its internal processes.
- An important skill for both those who are tasked with innovation as well as for those responsible for operations.
How many features are your clients using from your product? How many complexities add those non-used features?
Costovation is a different approach to cost-cutting. Here, cost-cutting is not the overall mandate, but rather a happy byproduct in the journey toward being truly customer centric.
Stephen Wunker & Jennifer Luo Law @ Costovation