There are mainly three ways that an organisation can innovate, namely product or service innovation, process innovation, and business model innovation.

Product or Service Innovation is one of the most common ways that business uses to innovate and grow. It may include incremental product improvement or the development of a completely new product.

Process Innovation may include new ways to produce or to deliver a product or service to customers or it may include new ways to interact with potential customers. It is all about improving processes with the view to increase the value that customer sees.  

Business Model Innovation is one of the most transformative ways that a business may employ to exploit new market opportunities and add value to its customers and the organisation itself.

The type of innovation that an organisation may choose to pursue will depend on the business environment, opportunities presented, available technology and internal capability and capacity. A balanced portfolio approach to innovation is most advantageous, where projects across most innovation types are considered to create a sustainable business.

There are several levers that organisations may use to bring to life their growth ambitions:

Market Penetration - increasing revenues from existing products or services that the company already operates in and thus increasing market share and securing growth. Growth strategies may include efforts to re-structure a mature market by driving out competition or attracting a larger population of customers through enhanced pricing and promotions.

Market Development - increasing revenues from existing products or services, entering new unexplored markets. These new opportunities could be new customer segments, international markets that could be profitably explored or new applications of existing products or services that will allow the organisation to satisfy the needs of new customers in new markets.