In this podcast, Stephen Wunker spent time discussing the future of organizations via cost innovations and how some enterprises connect a successful pricing strategy with their data strategy. He sheds light on what some successful companies do to stay competitive and keep innovating their cost strategies to find effective customer connections. He shares some challenges that leaders face in adopting a successful cost innovation strategy. The book “Costovation” and this podcast are relevant for anyone seeking to learn about innovative ways to define their cost strategies. It is especially relevant for data science leaders to understand how they could transform sales by connecting cost and innovation.
0:30 Stephen’s journey
6:25 Introducing “costovation”.
10:10 Cost management in the age of “freemium” and opensource.
12:35 Key points of “Cost-o-vation”.
15:40 Resolving issues between cost and innovation.
18:26 Introducing radical ideas of innovation to companies.
21:40 Gauging innovation.
24:20 Role of data in costovation.
26:15 Why adopt cost-ovation?
31:44 Innovation tips and suggestions.
34:45 Example of a company that is practicing cost-o-vation.
37:15 Tenets of good leadership.
39:50 Scalability of cost-o-vation.
43:17 cost-ovation and the customer.
47:47 Stephen’s favorite reads.
49:45 Key takeaways.
Costovation: Innovation That Gives Your Customers Exactly What They Want–And Nothing More by Stephen Wunker, Jennifer Luo Law amzn.to/2xYyRFs
Stephen’s Recommended Read:
The Three-Box Solution: A Strategy for Leading Innovation by Vijay Govindarajan amzn.to/2y2Sex6
Made to Stick: Why Some Ideas Survive and Others Die by Chip Heath, Dan Heath amzn.to/2Ct2SRV
The Innovator’s Solution: Creating and Sustaining Successful Growth by Clayton M. Christensen, Michael E. Raynor amzn.to/2DZ6jRK
Stephen Wunker is the founder and managing director of New Markets Advisors, a Boston-based consultancy focused on innovation and growth strategy.
With a long track record of creating successful ventures, Stephen has consulted multinational firms and start-ups across six continents, developing dozens of new growth platforms for clients over the past decade. He also pioneered both mobile commerce and mobile marketing, and he led the team that created one of the world’s first smartphones.
In addition to his entrepreneurial and corporate ventures, he was a long-term colleague of the leading innovation authority Harvard Business School Professor Clayton Christensen in establishing his consulting practice, Innosight. His previous experience includes years with the management consultancy Bain & Company, the Rockefeller Brothers Fund, and the Soros Foundations.
Stephen holds an MBA from Harvard Business School, a Master’s in Public Administration from Columbia University, and a BA cum laude from Princeton University. Coauthor of “COSTOVATION: Innovation that Gives Your Customers Exactly What They Want—and Nothing More” (HarperCollins Leadership, Aug. 14), his third book, Stephen has contributed to Harvard Business Review, Forbes, and a range of journals, and has appeared on Bloomberg TV, BBC and other broadcasts. He has lived in the United States, United Kingdom, Netherlands, Japan, Ecuador, and Zambia, and is now based in Boston.
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