3 biggest innovation post-corona trends of 2020
The year 2020 started very promising with the economy blossoming at top speed. However, the hopes have been dashed in less than few weeks. Not all spheres though have been affected and the innovative sector is the new rising star?
The outbreak of COVID had immense influence on everything and everyone: the world was standing still. However, the situation offered also great opportunities for online supermarkets, delivery companies, e-learning packets and online collaboration software. And we all witnessed that doing business in radically different ways delivers sustainable business growth and results. So which trends will become even more visible in 2020 and will blossom after Corona outbreak even more than before?
Trend 1: Focus on people instead of product
Recent report published by CB Insights examined main reasons of startups’ failures. Surprisingly, it is not the lack of capital or of talent. 42% of startups stated that the number one reason was the lack of buying potential for the offered product or service. Let’s apply this data on the innovative sector.
It is clear that a lot of innovation is technology driven. What we often forget, however, is that a product is a solution to a human need or problem - not the other way. If we do not know the need of your target groups, then innovation becomes risky. Just think, why would you run the risk of creating the perfect service for a non-existent problem. The solution is to focus on the people and embrace a more empathetic approach. Conduct your research on smaller groups, find out what they want, what problems they have, and what would make their life easier and solve these problems.
Trend 2: Adaptation of innovation to business design
Whereas previously innovation was mainly concentrated on new business processes and new technologies, the main focus now is on customer and business models. The central questions are to what "unmet needs" of consumers we can respond to, what value should we propose with our offer, and which channels are our customers on? These kinds of issues are answered by a new discipline called "business design" that operates at the intersection of customer, technology and business. Business design combines the design approach of design thinking, the constant testing from a lean startup and the extreme focus on customers. The "design approach" has been proven as quite successful by many startups, with the trend upwards.
Trend 3: More attention for design of emotions
The wheel doesn’t have to be invented new. The advertising world has been relying for years on creating and targeting customers’ emotions. With a great storytelling, brands started to motivate clients to emotional purchases. The next step is to make it as easy as possible to make the purchase. No wonder many innovative digital startups shift their focus towards epic performance in User Experience. The process of emotions’ design is not only about easy usage options and responsive formats, but also becoming aware of the desired emotion that the service is intended to arouse. On-demand learning programmes focus for example on designing self-satisfaction by offering the opportunity to learn something new and do something for own self-development. This can be achieved easily without even leaving the house, something that is a huge benefit compared to schools and academies.
We know that the pandemic outbreak affected many developments in a negative way, but we shouldn’t forget about the opportunities and benefits even in this situation. Innovative sector will thrive, if it will manage to adapt quickly to the changing conditions and respond to the deepest needs of the customers. So let's hope that corona at least has one good side.