Escaping the Commodity Trap
The Garwood Center for Corporate Innovation posted a blog which noted that the amount of time a product lasts in the market before a new and improved one takes its place is shrinking. As a result, even successful products can expect to enjoy an advantage in the market for a shorter time than in the past. Companies need services to grow and develop competitive advantage, if they want to avoid the commodity trap. To do this, businesses not only will have to think of their businesses as services businesses, but also to co-create with customers. Instead of treating customers as passive consumers, many companies are now involving customers in the innovation process. Opening up your innovation process can greatly advance your innovation capability.
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