COMMERCIAL = concerned with or engaged in commerce (i.e. the activity of buying and selling, especially on a large scale between different countries (foreign commerce) or between different parts of the same country (domestic commerce) trade; business)

INNOVATION = new ways of bringing existing products and services to market; the act of innovating; introduction of new things or methods

Commercial innovation is often considered to be innovation pertaining to an invention, a product or new technology, but it goes beyond a technological or product innovation. While an invention (distinguished by a new and useful product, process, machine or improvement to something that hadn't previously existed) is typically linked to research and development, "innovation" is about sales and marketing.

Together COMMERCIAL + INNOVATION is a mighty partnership that combines the commercial use of an invention hence using the word "commercial" with "innovation" being new ways of bringing products and services to market.

Commercial innovation is not a widely used term but it is the different perspective that offers significant relevance in a digitally connected world. It means making a strategic change to a business that is geared towards commercial success, growth and expansion; Examples of this may include:

  • Redefining a particular market
  • Identifying a new vision
  • Rooting out untapped business potential
  • Developing a new business model for an organisation
  • Redesigning a process, product or service offering
  • Improving a customer experience;

or a combination of these things presented in a strategic, systematic design-based way.

More businesses need to prioritise commercial growth and harness and exploit creativity in a commercial context for commercial ends.

This is an ever changing, competitive and crowded global marketplace, where budgets need to work harder and success is based on managing products, services, markets and the customer experience to best effect.

Differentiation and competitive advantage is vital; international reach matters.

Commercial innovation matters.

To find out more from the strategy change experts at BxBy, contact us today.