Innovation: Just what is a “Blue Ocean Strategy?”
Friday, 13 May, 2011 Leave a comment
I used to be confused when people talked about innovation in Financial Services. They said it went on but there was very little evidence.
Gradually, over the years, I realised that the nature of FS innovations was such that they were merely presented in marketing campaigns as being of benefit to the customer when, in truth, they were more about improving the company’s bottom-line.
Insurers and banks are now in deep, dark, holes of their own making because, whilst the NEED to innovate and to rebuild customer TRUST is apparent, any successful product or service innovation MUST respond to what their existing and prospective customer demands:
These require more than a “creative spark” they require a cultural shift before the process can even begin…