Today’s Innovation Minute…
In the first video I introduced the FAST Innovation model: Focus, Ask, Shift, Test
Then I introduced the 5 D’s of Differentiation.
Today I discuss the 2nd D of Differentiation – Defensible.
Be sure to watch the previous videos!
In the earlier videos, I talked about how you need to innovate where you differentiate. And I talked about the five D’s of differentiation. Today I want to talk about the second D which is about being defensible.
I was doing some work for a company in the home assurance industry, and I asked them, “What is your differentiator?” Everybody agreed it was their pricing models. Their pricing models were unique in the market, and so they felt this is what truly set them apart.
When I asked them, “How soon after you introduce a new pricing model does the competition replicated it,” I was told, on average two weeks.
Now, I don’t know about you, but to me this doesn’t sound like a differentiator. It sounds like you doing the hard work for your competition.
So, the key with being defensible is that you have a differentiator that others can’t replicate quickly.