REINVENTION

REINVENTION

 By reviewing, rethinking, and adding fl air to existing services, it is possible to develop successful aspects of a business idea while replacing others with dramatic new enhancements. In this way, old services can be reinvented, and consumers can be kept longer and sold more.

The idea  

Innovation doesn’t have to be all about invention. A healthy dose of reinvention can drastically alter a market and change customers’ expectations. By analyzing familiar operations and experimenting with and improving the formula, it is possible to radically alter key areas of the business model while still maintaining core aspects of the formula’s original appeal.

This spirit of reinvention is evident in a project by the Cosponsored group of experts in style, design, and technology—known as the VX Collective. The creative collective is aiming to create the “service station of the future”—a roadside stop that provides environmentally friendly fuels, gourmet food, and attractive interior design. This marks a clear departure from traditional UK roadside service stations, visited mainly for their “greasy spoon” food outlets and restroom facilities. While the VX Collective is taking a distinctly fresh look at this formula and aiming at a broad customer base, it is maintaining the key aspects of the business model: occupying a busy roadside location to provide refreshment and fuel to travelers.

Although this project is still in its early stages with many practical hurdles to overcome, it highlights the idea that a new approach and new style can breathe new life into an old and long-established formula.

In practice 

• Decide exactly which aspects to keep and what you want to change. 

• Decide whether you wish to alter the formula to appeal to a new target market, or whether you wish to simply make it more attractive to the existing market. 

• Put careful thought into why you are making a particular change and how it will appeal to its target market. 

• Market research can be a rich source of ideas for reinvention. What do customers dislike about the existing services available to them, and what alterations would they most want to see? • Be clear about the business impact and benefits, as well as understanding what needs to be done to ensure success.