Innovation success requires addressing three key questions:
- Can we sell it?
- Can we deliver it?
- Can we make money?
Typically, innovation begins with: “Can we sell it?” which involves understanding your audience and the challenges you can solve. “Can we deliver it?” is leveraging your capabilities to address customer needs. “Can we make money?” balances costs and price, so sales are sustainable.
Overall, innovation success requires strong processes, tools, and idea generation, which together strengthen your company’s innovation.
- What role do you want innovation to play in your business?
- What type of innovation do you want to pursue?
- How can you make smarter choices about investing in new ideas?
- Can you better leverage a customer need to create a portfolio of solutions?
- What innovation would attract new types customers?
- Into which new territories can you extend your brand?
- How can you sustain a more robust pipeline of ideas?
- Identify which element(s) of innovation you want to focus on: Process, Guiding Tools & Frameworks or Ideation
- Review the current approach for the focus area & understand what is and is not working
- Design and outline the potential solutions
- Develop and pilot the proposed solution
- Finalize the solution & document for client implementation