Everyday Inventive and Reinventive: Why Good Business Basics and Great Marketing Matter More Than Innovation

©2012 www.reinventioninc.com chicago „ coronado 312.635.1350 „ 619.342.4411
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INSIGHT. ACTION. IMPACT. ™
Everyday Inventive and Reinventive™
Why Good Business Basics and Great Marketing
Matter MORE Than Innovation.

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We’re RE:INVENTION, inc.
©2013 RE:INVENTION, inc. | www.reinventioninc.com | chicago „ coronado | 312.635.1350 „ 619.342.4411 page 2
Using our proprietary 12 C’s of Commercialization™ Model, we’ve
helped over 50 companies solve problems, find answers, ignite
business reinvention, and create sustainable value.

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We’ve helped RE:INVENTION Clients….
Launch over 40 new
products and services
Earn millions of media
impressions annually
Woo over $50M in
venture capital
Achieve double-digit
sales growth
Realize profitable
exit strategies

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Today we want to talk to you about a mindset that
is quietly transforming companies.
It’s NOT revolutionary.
It’s NOT a big idea.
It’s NOT a quantum leap.

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EVOLVE. RINSE. REPEAT.
Everyday inventive and reinventive
companies survive and thrive because they
evolve incrementally and execute
effectively, day after day.
IT’S EVERYDAY INVENTIVE AND REINVENTIVE.

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Quantum leaps and big ideas get all the attention.
Revolutionary innovation is sexy…

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Thomas Alva Edison - Paper Filament Incandescent Electric Light Bulbs - 1870
REVOLUTIONARY INNOVATION: THE LIGHTBULB

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REVOLUTIONARY INNOVATION: THE AUTOMOBILE
1910 Ford-T

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REVOLUTIONARY INNOVATION: THE PHOTOGRAPH
Nicéphore Niépce - View from the Window at Le Gras - 1826

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REVOLUTIONARY INNOVATION: THE INTERNET
The SDS Sigma-7: The First Computer to Be Connected to the Internet - 1969
Photo by FastLizard4 - Flickr

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WE IDOLIZE BIG IDEA INVENTORS AND INNOVATORS.
Steve Jobs
Photo by Matthew Yohe
Thomas Alva Edison

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WE’RE ALL SUFFERING FROM “INNOVATION FRENZY.”
The word “innovation”
was used 33,528 times in
quarterly/annual reports
last year
Innovation was used in
the titles of over 250
books published in the
past year.
43% of companies in a
recent survey now have
a “chief innovation
officer”
28% of all business
schools use the words
“innovation,”
“innovate,” or
“innovative” in their
mission statements.

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THE WORLD LOVES BIG IDEAS AND REVOLUTIONARY INNOVATION.
Curiosity Mars Rover - NASA

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Stock markets value performance effectiveness and results.
But Wall Street doesn’t value innovation.

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Sadly, U.S. productivity growth, a key economic indicator of
innovation, is pretty paltry…
NEWFOUNDLAND
tops U.S.
productivity
growth.

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U.S. federal & private-sector R&D investments:
$424 BILLION, up 1.2% from 2012
Second place: China - $220 billion.
...DESPITE the fact that America leads Global R&D Spending.
China’s 2012
productivity
growth:
7.4%
U.S. 2012
productivity
growth:
1.6%

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First to market revolutionary or disruptive innovation doesn’t always work.
• High performance products
• Long product lifecycles
• A relatively long window of
market opportunity
• High Sales
• Stable margins
• Flat development costs
First to market is only
optimal under the
following conditions:
Source:
Journal of Product Innovation
Management Study
• If you can secure ironclad
patent protection
• If you can set a proprietary
industry standard
• If you can use your lead to
establish such a beachhead that
customers will find switching to
be too much of a hassle even if
better options become
available
There are only 3 scenarios
in which first to market
can guarantee competitive
advantage:
Source:
Jim Colins, “Good to Great”
Companies that evolve and
refine an innovation tend
to achieve greater stock
value gains than the
original company
disruptor.
Source:
National Bureau of Economic
Research
THE DIRTY TRUTH IS…

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70% OF “INNOVATIVE” FIRST MOVER PRODUCTS FAIL.
Source: Journal of Marketing Research

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BETTER BEATS FIRST.
The iPhone Laptops The World
Wide Web
Facebook iTunes flickr

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INSIGHT. ACTION. IMPACT. ™MANY DRAMATIC PARADIGM SHIFTS FAIL GIVEN POOR EXECUTION.
The Auto Industry
Evolution Worked
Fuel efficiency standards and adaptation to
hybrid continuing combustion and electric
has achieved success.
Revolution Failed
Electric cars failed before battery
technology was adequate or high speed
recharging locations were available. They
failed to address the ecosystem.
The Energy Industry
Revolution Failed
Attempts to promote renewable wind
solutions have tanked. Implementation has
been sloppy. The cost is not competitive.
Government intervention has not worked.
Evolution Worked
Smarter meters and smart grids coupled
with incentives and a regulatory
framework have decreased energy
consumption and increased efficiency.

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Disruptive innovation, executed prematurely and/or poorly,
can breed failure and stifle growth.
Talent Costs Commercialization Costs Opportunity Costs
AND THERE ARE HIDDEN COSTS TO RELENTLESS, DISRUPTIVE CHANGE.

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THE BIGGEST BIG IDEAS EVOLVE FROM LITTLE ONES.
Little things actually mean a lot.

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INVENTORS DISRUPT, SUCCESSFUL COMPANIES EVOLVE.
When companies understand how to adapt, evolve and
commercialize products rather than merely invent them –
THEY SURVIVE AND THRIVE.

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These types of companies are….
EVERYDAY INVENTIVE
AND REINVENTIVE
EVOLVE. RINSE. REPEAT.

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Adaptive companies outperform companies with non-
adaptive cultures by a factor of 900 to 1 as measured by
long term net income and stock price growth.
Source: HR.com
0
100
200
300
400
500
600
700
800
900

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Firms that OUTPERFORM THE COMPETITION allocate 10%
of investments or less to high risk transformational
initiatives.
They invest 90% in enhancements to core offerings and
pursuit of adjacent opportunities.
Source: Harvard Business Review, “Managing Your Investment Portfolio,” May 2012
Successful companies
focus their efforts here.

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APPLE EXCELS AT EVOLVING IDEAS AND BRINGING THEM TO MARKET.
The iPhone was not the first smartphone.
The iPod was not the first MP3 player.
The iPad was not the first tablet.

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©2013 RE:INVENTION, inc. | www.reinventioninc.com | chicago „ coronado | 312.635.1350 „ 619.342.4411 page 28page 28
GOOGLE EVOLVES.
Google has evolved their initial search
offering since 1998. With every
evolutionary step, they prove their
extraordinary ability to EXECUTE.

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Increasing R&D spending won't boost American business.
Desperately pursuing disruptive innovation won’t save us.
Photo by lundgrenphotography - Flickr
Collaboration and better marketing commercialization WILL.

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“70% of CEOs who fail do
so not because of bad
strategy, but because of
bad execution.”
Source: Fortune Magazine, 1999

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“Companies that have a
history of converting
innovation into ACTUAL
GROWTH outperform the
market by an average of 78
basis points a month.”
Source: Harvard Business School Study helmed by Chris Malloy,
featured in Harvard Business Review, December 2012

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In today’s world, good business basics and great
marketing matter more than “innovation.”

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Photo by yapsnaps - Flickr
It’s amazing how many companies fail at business
basics.

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It’s time to get back to good business basics…
It’s time to improve marketing execution…
It’s time to become…
EVERYDAY INVENTIVE
AND REINVENTIVE
©2013 RE:INVENTION, inc. | www.reinventioninc.com | chicago „ coronado | 312.635.1350 „ 619.342.4411

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THE 10 GUIDING PRINCIPLES
HOW TO BUILD AN EVERYDAY INVENTIVE AND REINVENTIVE COMPANY.

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1. ADAPT AND EMBRACE CHANGE
Simplification, reinvention, change-ups, subtle
pivots, improvising, initiative, and incremental
continuous improvements can all drive value
and long term growth. Change is a force of
possibility. Taking small steps every day can
achieve big goals and sustain progress.

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2. DELIGHT CUSTOMERS (AND NON-CUSTOMERS)
Engage with them, collaborate with them, listen
to them, build their trust and lifetime loyalty.
Obsessively mine knowledge about your
customers ‟ even non-customers ‟ until you
develop broad and deep insights. Then give
them what they don’t yet know they need.

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3. PRIORITIZE YOUR PEOPLE
Employees are as important (if not more
important) than your customers. Employee
engagement leads to productivity gains. And
great employee experiences drive great
customer experiences.

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4. PROMOTE DIVERSITY
Diverse teams solve problems more creatively
than homogeneous teams. Diversity delivers
competitive advantage and encourages non-
conventional thinking. Gender diversity, ethnic
diversity, age diversity, diversity of experiences
and perspective. In addition to promoting team
diversity, you need knowledge of diversity issues
in a global context. Think globally.

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5. MINE AND LEVERAGE HIDDEN ASSETS
Using what you've got in unexpected ways
delivers surprise utility. Look beyond the
obvious. Consider resurrecting ideas that were
once tabled. What hasn't worked in the past
may very well work now.
A Bain & Company study found that 9 out of 10
companies that revived growth after a
downturn did so by mining hidden assets.

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6. ENCOURAGE EXPERIMENTATION AND A CULTURE OF PLAY
Invite imagination, inspire questions, and
reward/incentivize both success and failure.
Encourage internal cross-functional
collaboration, productive friction, good-spirited
competition, and creative destruction ‟
punishing only inaction.

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7. COLLABORATE EXTERNALLY AND BRIDGE BOUNDARIES
Open ethos cross-industry collaboration --
partnerships, alliances and coalitions -- can
create favorable opportunities and sustainable
advantage. Successful companies don't just
reconstruct boundaries, they bridge them.
A 2009 Duke University study funded by the
National Science Foundation found that smaller
companies, in particular, can dramatically
increase their innovation competence through
external collaboration -- enabling them to even
outperform their strongest and largest
competitors.

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8. RESIST RIGID PROCESSES/METHODOLOGIES
Inject planning and discipline without locking
into or mandating ridged processes and
methodologies. By using agile/responsive
approaches and flexible/adaptive frameworks,
you inspire practical solution finding from the
bottom ranks of the organization up.

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9. PLACE LOTS OF LITTLE BETS THEN DOUBLE DOWN
Be comfortable with uncertainty and adopt
Darwinism when faced with risk. Track, monitor,
and measure. Summarize progress. Then
advance what adds value, discarding or tabling
the rest.

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10. AVOID RELYING ON ONE IDEA OR STRATEGY
Don't go "all-in" on one idea. Sustained growth
requires a balanced portfolio of strategies and
the management capabilities to implement
them.

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RE:INVENTION helps Clients ignite
everyday inventive and reinventive
thinking, while improving their go-to-
market capabilities.
What’s next? What if? Why not?

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Using RE:INVENTION’s 12 C's of Commercialization™ Model
DOWNLOAD PDF

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And Our Everyday Inventive and Reinventive™ Diagnostic Test.
Take RE:INVENTION’s diagnostic test now!
Is your company's CHECK ENGINE light on?
GET YOUR SCORE

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ABOUT RE:INVENTION MARKETING
RE:INVENTION, a marketing and innovation consulting firm, solves our Client’s toughest marketing challenges while improving their go-to-
market capabilities. Fifty companies, from Fortune 500 leaders to tech startups, have partnered with us to ignite business invention and
reinvention. Using RE:INVENTION’s rigorous 12 C’s of Commercialization™ Model, we’ve helped Clients launch new products and services,
accelerate growth, and gain competitive advantage.
Innovation and Inventiveness Footprinting™
“A Current Performance Audit”
An in-depth analysis of your company’s current capabilities and propensity to innovate amid prevailing market forces. We’ll help
you identify assets, liabilities, internal processes, opportunities and environmental forces that are working and those that need to
be altered and reshaped to propel success.
“Strategic Planning & Stretch Goal Setting”
A comprehensive strategic plan to fuel growth. We’ll recommend high impact marketing and innovation activation strategy and
tactics complete with messaging, branding, innovation management software vendor solutions, organizational redesign,
customer/employee engagement campaigns, milestones, timelines, success metrics, and measurement tools.
Innovation and Inventiveness Blueprinting™
Innovation and Inventiveness Implementation™
 New product launch campaigns
 Corporate rebranding campaigns
 Consumer engagement programs
 Targeted media relations
 Key influencer identification and outreach
 Change-igniting business narratives and storytelling
 Public relations
 Inside-out education (employee/salesforce training programs)
 Developer relations
 Crowdsourcing
 Executive reputation management and crisis counseling
“Marketing Activation & Idea Commercialization”
CONNECT: BLOG FACEBOOK TWITTER LINKEDIN

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www.everydayinventive.com

Everyday Inventive and Reinventive: Why Good Business Basics and Great Marketing Matter More Than Innovation

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Everyday Inventive and Reinventive: Why Good Business Basics and Great Marketing Matter More Than Innovation