Page 132 - Free the Idea Monkey

An example would be Marriott. Each of its “brands” targets
a particular segment: Marriott Suites for long-term vacationers;
Residence Inn for extended stayers; and Courtyard for budget-con-
scious business travelers. (When faced with a recession, where do
you think the company should focus innovation spending?)

The irony is that most innovation efforts fail because of lack
of focus, i.e., budgets and teams are spread too thin. Our approach
allows you to concentrate your brightest people and financial
resources on “must win” innovation that will drive the majority of
the growth during hard times.

LEAN INTO ADVERSITY AND FIND OPPORTUNITIES
When we talk about innovating during hard times, people imme-

diately substitute “recession” for “hard times.” And economic down-
turns certainly qualify as adversity. But adversity doesn’t disappear
when the economy is good. You can count on:

A. A competitor who does
the unexpected and upends
your market.

B. Consumers demanding
something you just can’t
provide today.

C. Financing that you were
absolutely certain was
going to be there suddenly
won’t be.

When those things occur, conservative managers act as they
always have: they slash marketing budgets. They hunker down and
go the safe route. (“Hey, I know—instead of doing something daring,
why don’t we line extend our best product?”)

Want to change history? Don’t be one of those people. Stick to
your growth strategy—ALWAYS.

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