I studied innovation strategy for a year so you don’t have to.

I used to resell products online.

It’s tough.

And I had no real idea what I was doing.

Makes it tougher.

How do you buy products from one marketplace and sell them on another, with no additional value added, and make a profit?

Answer, it’s just tough.

You’re banking on the customer having not done their homework to find a lower price. And there’s still only a narrow price window people will buy products at.

Instead, if I’d had a little more experience, I might’ve done this innovation strategy.

Find cheap products that are selling the hottest and fastest.

And I mean cheap products. Low price point. Low quality. It’s a race to the bottom for the sellers.

What product is the hottest? What colors does it come in? What patterns? What flavors? What material is it made from?

And then ask, how can I make it more durable? More efficient. Can I make it prettier? Can I make that product better by making the quality better?

Thinking back to when I was a kid, a cup was a cup. Nobody thought much about it. There might be fancy glassware out there, but to carry a drink on the go usually meant some kind of cheap water bottle.

Fast forward to today.

How much are those Yeti cups going for? The Stanley Cup? $35? $45?

Twenty-five years ago, did you think you’d ever pay that much for a cup?

But these companies have innovated in a boring market. Cups were highly commoditized products unless they had a Disney cartoon on them. Then they were collectibles.

These companies found a way to make us care enough to shell out the equivalent of a tank of gas for one of these bad boys. And your ice won’t melt even when Satan is unleashing his wrath upon your beverage.

What other highly commoditized markets can you find out there? Break the race to the bottom with your price point and look to increase the quality of the product. Better, more durable materials. Quality components.

Innovation strategy number 1 is accomplished by improving quality.