STRATEGIES AND INNOVATIONS: Jojo Vito Designs Gallery Experience
Recently, La Consolacion College-Bacolod, invited me to be their resource person on Strategic Planning on Product Innovations and Its Strategies. Of course I shared what we are performing in our own handicraft business, the Jojo Vito Designs Gallery.
Jojo Vito Designs Gallery has been in the handicraft business for just bout eight years. Staying afloat in handicraft business is quite a challenge these days, most especially with the influx of cheap products from abroad. Hence a sound plan on innovations is a must for every businesses.
Jojo Vito Designs Gallery is a producers of Masks, Furniture and Furnishing and Fashion Accessories . For more information about its product, visit www.jojovito.com
An innovation strategy is a plan to grow market share or profits through product and service introduction. When looking at innovation strategy through a jobs-to-be-done lens, we find out that an effective strategy must correctly inform which job executor, job, and segment to target to achieve the most growth, and which unmet needs to target to help customers get the job done better. When it comes to creating the solution, an innovation strategy must also show whether a product improvement, or a disruptive or breakthrough innovation approach is best. Regrettably, most innovation strategies fail in these regards, which is why innovation success rates are low.
Yours truly and Ms. Rose Braza, of La Consolacion College-Bacolod
In a nutshell, here’s some of the things I shared with my audience:
- Choose your customers carefully. Who is it that you want to serve? Define exactly who it is you want to make a product or service for. Determine the task you want to facilitate the customer get done
- Analyze the needs of your customers. They can all be captured this early in the innovation process.
- After recognizing your clients needs, Determine which needs are unmet. Uncover market opportunities by identifying where customers struggle to obtain the “job” performed.
- Identify the most attractive segment to target. This is often the segment of customers that struggle most to get the chore done.
- Assess the market potential. Evaluate the market based on the number of underserved job executors in the target segment and what they will pay to get the job done perfectly
- Identify your competitor’s weaknesses.Conduct competitive analysis of other products against the customer’s needs to see where they fail to get the job done well.
- Formulate your innovation strategy. Decide what segments and unmet needs to target for value creation and decide whether to pursue a disruptive, breakthrough, sustaining, or product improvement strategy.
- Develop a pricing scheme. Determine what price the target clients are willing to ante up to get the task done perfectly.
- Now that you have your innovation and pricing strategy. It is imperative that you should try out the concept. Measure it against all the customer metrics to ensure it makes the job done well enough to warrant the price point and deliver the goods in the marketplace.
- Position the concept. Serve it in a manner that appeals to the customer’s unmet needs and emotional tasks.
Jojo Vito Designs Gallery is located at 119 Kapitana Dikang St.-Alunan Avenue, Bacolod City. Tel (034) 704-23-78 ,Email jovito_intraspec@yahoo.com
Exactly Edel :)Thanx for dropping…
This is very informative. I agree that you should know your market first before you venture into business
I believe what you said, to analyze the needs of your customers. This is the most important thing in building a business.
Wow I would love to attend to your talks too. Your products are look awesome. 🙂
Great points Jojo! I’m sure everyone learned a lot from your presentation 🙂
HI Jojo! i’d like to attend ur talks too 🙂 i will surely learn a lot from you
Count me in. haha!
This is a very informative post. Very helpful for those who want to start their own business
I agree with the first step Jojo. Knowing who your target audience is the first step to success because you can formulate tasks and goals when you know who to work for. ^_^