I am currently attending a conference in Chester (UK) this week and was lucky enough to stay at the Oddfellows Hotel the night before transferring to the conference venue. This started me thinking about Premiumisation in the Innovation Space. Usually when travelling I stay in the standard Business Hotel with all of the standard features which we all now expect, however as competition increases how long will it be before we all demand Premiumisation or Boutique Services. The Oddfellows Hotel although being of standard price it was in no way standard and far exceeded my expectations. The restaurant was 5 star, there were only four rooms in the rafters of the building which all had a different theme, and the rest of the Building was impeccably designed. Should I ever return to Chester this will be my first choice.
Therefore maybe in addition to considering whether we implement Innovations based on whether they are Incremental, Market Defining or Breakthrough, we should also look to at our Customer Base and projected demand and consider Premiumisation to ensure that we remain competitive.