Innovation is lifeblood to business growth, but new products historically have low success rates in market. To grow, you don’t just need ideas, you need ideas that work.
WHAT ARE INNOVATION STRATEGIES
Develop frameworks to guide your innovation and ideations to begin activating
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 ARE THE TYPICAL DELIVERABLES?
A documented, tested process or a collection of ideas
WHAT CHALLENGES DOES THIS SERVICE ADDRESS?
Example questions our Innovation Strategy Service can address:
- 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?
HOW DOES IT WORK?
- 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