Inventing new products is just one type of innovation. There are many other types of innovation that have led to big breakthroughs in business throughout history.
This graphic illustrates 10 types of innovation.
The types of innovation found on the innovation wheel are broken down into three distinct categories: Offering, Experience, and Configuration.
The offering category includes product performance and product system.
Product performance describes the distinguishing features and functionality of a product.
Product system includes complementary products and services offered by a company.
The experience category includes service, channel, brand, and customer customer engagement.
Service describes the support and enhancements that surround a company’s offerings.
Channel describes how a company’s offerings are delivered to customers and users.
Brand describes the representation of a company’s offerings and business.
Customer Engagement describes distinctive interactions a company fosters.
The configuration category includes profit model, network, structure and process.
Profit model describes how a company makes money.
Network describes connections with others that create value for a business.
Structure describes the alignment of a company’s talent and assets.
Process describes a company’s signature or superior methods for accomplishing work.
Business owners and managers can look at these 10 different types of innovation to discover new and exciting product opportunities.