non technological innovation: how to innovate cheaply !

Non technological innovation:

How to innovate cheaply !

Sophie RACQUEZManaging Director

THE IDEA MONOPOLY ®

Why innovate ?

Context : globalized economy / crisis

More and more competitors

Gain market shares (or not lose existing ones)

Bring innovative goods to compete against low-cost production

Why non technological innovation ?

Non technologicalinnovation

Non expensive Simple Accessible for

SMEs Short time to market

vs Technological innovation

Expensive Complex SMEs need

cooperation (R&D centres, other SMEs)

Longer time to market

So how to be different ?

For us, non technological innovation isbased on the 4P's of the marketing mix

Product Price Place Promotion

1st P = PRODUCT

Design,features, packaging, qualities, etc.

A good packaging increases sales

A product based on consumer needs will sell by itself

1st P = PRODUCT

A packaging can make the difference

Distillery in Raeren, Belgium :

Thanks to a packaging relooking (with the help of a designer), sales grew of 40% in one year time

2nd P = PRICE

Be different and lower your costs : Buy cheaper raw materials Ask your customers to partly produce (Ikea)

Case study :English pottery

3rd P = PLACE

Traditional shop vs : Online shop Mail order Home meetings Specialist shops

(chemist, museum) Vending machines Social networks ...

4th P = Promotion A Good brand name is important

Do you know the multinational firmTCCC?

Technical Committee on Computer Communications?

Thai-Canadian Chamber of Commerce?

The Creative Concepts Company?

OR...

4th P = PromotionGood brand name is important

Do you know themultinational firm TCCC?

The Coca-Cola Company !

Brand name made of 3 letters = 17.576 possibilities

Brand name made of 4 letters = 456.976 possibilities

Case study : SME boat

4th P = PromotionA Good brand name is important

Is your brand name registered ?

Does your brand name belong to you ?

Will you keep it or will you be forced to change (first come first served) ?

The Idea Monopoly®markets your innovation

Your network of consumers, inventors, creative people, entrepreneurs, marketing and

innovation specialists

Ideas brokerTrendspotter

Naming & branding (companies and products names)

For any questions, please contact us at

www.ideamonopoly.com

Thank you for your attention

Place your logo here

Sophie RACQUEZManaging DirectorThe Idea Monopoly®rue de la Presse, 41000 BrusselsBelgiumwww.ideamonopoly.com

© The Idea Monopoly 2009 : Slidecast (slideshow and audio)