Corporate innovation is hard.
It’s easy to talk about and even easier to critique. It’s easy to say things like, “why don’t they innovate” or “why don’t they just improve customer service!”
Well, because it’s easier said than done.
Innovation isn’t a “follow this exact process” or “do what they did, and it will all work out for you” type of thing. It’s a different beast altogether.
There is one consistent theme that separates the real innovators from the rest: speed to learning. Or even speed to failure.
From start to finish, many companies are looking at innovation projects that take a minimum of 18 months and millions of dollars to execute.
The speed to learning is too long.
Is there a better way to do this that’s also compliant with enterprise team structures?
We’ve seen how fast startups can move. We know there is a different model of innovation out there.
And yet, time after time, enterprises rely on traditional innovation methods that are time-consuming, rigid, expensive, and don’t produce the necessary results.
There’s a better way. A much better way.
No-Code and Low-Code Tools Are Enterprise’s Ticket to Innovation
Obviously, failure will happen early and often when you are thinking in bets. However, there are tools and approaches you can take to de-risk and mitigate. We help our clients do this through growth hacking.
Here are a few examples:
No-code/low-code tools are pre-built, mostly SaaS, pay-monthly tools that can be easily utilized to get a project to market without investing in a full-blown custom development project.
You don’t need a technical background to use these tools to accomplish your goals.
1. Teams move faster.
2. You need fewer resources.
3. Save A LOT of money.
In the above chart, you can see the variety of tools that can be utilized instantly. Here’s a more extensive list of great no-code tools.
Approach Corporate Innovation With a Venture Lens
Since no-code exists, companies are running out of real excuses to change their model of innovation. What is stopping them from moving fast?
It’s not the tools.
It’s not the budget.
It’s the culture of innovation.
Companies should approach innovation like a VC firm or a high-growth startup. Both of these entities value lean innovation through fast experimentation, failure, iteration, and learning.
This model has a lot of benefits.
Test market demand quickly
Instead of an all-hands meeting and multiple presentations prior to launching, you can test demand upfront. And every one of these tests is possible using a no-code/low-code test.
For example, landing page tests without touching a single line of code are one of the most basic but essential activities to test market demand. And there is no shortage of no-code, $49/month tools out there that do exactly what enterprise companies need to test demand.
Nike Adventure Club is a great example of experiential learning.
Two years before the official launch in 2019, Nike had already been running concept validation experiments under the name “Easy Kicks” (to reduce any risk for the Nike brand). Using targeted Facebook ads, they gained 10,000 members during that period and were able to get a much better idea of what their client’s pain points were. Armed with ample proof of concept and plenty of customer data to perfect the concept, the Nike Adventure Club was launched in August of 2019.
They validated it, saw the demand, and then formally launched it under the Nike brand. Ultimately, it didn’t turn into a viable business model, but you have to love Nike’s language on their landing page.
Nike is constantly testing and launching new offerings to innovate on behalf of customers. We periodically evaluate them to ensure we are delivering unique benefits.
Understand signals on market size and audience segments
- Test value propositions and product concepts via marketing channels and landing pages.
- Analyze demand through CTRs, understand which customer segments demonstrated the most interest, and ultimately see if you can get people to sign up (or pay) for the product before committing to building it.
Build confidence in product and feature decisions
- Leverage no-code and low-code platforms such as Draftbit, Webflow, and Flow.ai to bring products to life in days to weeks rather than months to validate, generate feedback loops, and build internal and external buy-in.
Use capital as a constraint to fuel innovation
- Stay out of custom software for as long as possible prior to making the decision to build and bring a new digital service to market
Innovation Means Moving Fast, Not Thinking Slow—and No-Code & Low-Code Tools Are the Way to Get There
We have seen too many clients progress new ideas and concepts into customer features, products, and platforms too quickly.
These ideas missed the critical steps of understanding the market and audience segments and validating the investment case to build and go to market.
Ultimately costing companies millions (tens of millions in some cases) in failed projects.
Utilize these tools to get you to market faster and change how your company innovates overnight.