Entering a new competitive market is not easy for any businesses. There are challenges and risks to take to entering a market. In case of both minimizing the risk and maximizing the Profit, the entrepreneur has to take some innovative ideas. These ideas called service innovation. However, some of these innovative ideas will be successful and some of them will fails to achieve the goals. To increase the success rate of these innovative ideas, a proper strategic planning model is required. Without strategic planning it is hard for the business to perform in a completely new and competitive market.
Service innovation is creating and new revenue streams for the entrepreneurs. customer satisfaction is the main target of this. Cause the Genesis of the it came from things that customer needed to be done. It is one of those sectors in her entrepreneurs are getting successful quickly. So, the low-risk service, innovation getting more attention from the young entrepreneurs. From machinery to healthcare to consumer goods to financial service, It has the opportunity everywhere. Uber, Amazon, Ali Baba those companies are the biggest example of it, for this example young entrepreneurs are choosing service innovation over product innovation. There are seven service innovation fundamentals in the business, those seven innovation fundamentals are
Hiring service to do the whole job of service innovation
Maximum companies offers a whole job done service. That means whatever the work is, the company will do the whole job. For example to hire traffic, purchasing credit card, hiring a doctor. In those services, the company will provide a full package of the services and that is holds of service
Hiring service to solve distinct steps of a whole job of service innovation
Every job has a process or steps. However, in those steps, there are a lot of opportunities. For example, credit card purchasing ways tracking or checking the Internet speed etc. In our society, there are huge opportunities available for hiring services to solve distinct steps of a whole job.
Customer outcomes Arthur metrics that define success in getting a job done
customers measures how well a company can get the job done by comparing companies output. Customers compare services to his or her perspective that how much the service can satisfy his or her objectives.
Unique needs of customers which is to the consumption of a solution
How can a customer get a service? well, the answer is simple, the customer needs to communicate with the provider. this is the opportunity for innovation. In every service, the customer has to contact the service or the product provider so there is a big opportunity.
Four ways to approach service innovation
- New service : completely new service to the customer is new service innovation
- core service : it’s the better or improved look of existing service
- Service delivers : service delivers innovation is a part of course service innovation. it improves the benefits by obtaining customers when a job was done.
- supplementary service : it helps the customer to get jobs done rotate using or consuming a product
The foundation of service innovation and product innovations are the same
One customer faces any problem, then there comes the business opportunity a solution. here the solution could be product or service. whether the solution is product or service, we can say the foundation is the same.
Before innovating considered the different design continuums
In conclusion, the different design continuums help To compete in a competitive market. if the organization doesn’t differentiate from the competition, then it will be harder to target the customer.