By Julie Ring-Hansen Holt, October 7, 2005
A few years from now, successful companies will no longer consider innovation to be something mystical and intangible; instead, it will be incorporated as a vital strategic parameter that can be used to better understand the competitive landscape. Today many companies don’t have an innovation strategy because they lack a fundamental understanding of their customers.
ReD Associates partner Fillip Lau explains the problem: “If you sit in an office and decide, ‘This cup should be marketed for the green segment,’ you do not have any contact with the consumer. We see ourselves as a connecting link between companies and their consumers.”
ReD Associates has helped companies such as Adidas, Jordan, Novo Nordisk, Coloplast, Danfoss, Bang & Olufsen, and Lego create innovation strategies based on a deeper understanding of their customers. Their approach to innovation is not wild and creative but rather analytical and inquiry-based. They create a framework for innovation based on careful and methodical research, arguing that this is the only way forward for innovation as a discipline.
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