80% of innovations fail.
So, innovation is all about making big bets – in the expectation of gaining big rewards.
But that risk of failure can be significantly reduced – if you follow the right approach
- Equity-stretch innovation allows you to leverage existing brands – at lower risk
- Blue-sky innovation lets you create brand new propositions to match emerging consumer needs
Great innovation leverages new technologies, new delivery mechanisms and new business models to fulfil unmet consumer needs in fresh and disruptive ways. The risks are great, but the rewards can be far greater still!
- The first step is to gain a deep, rich empathy with consumers – and understanding of the challenges they face.
- The second step is to build on that empathy – to explore how you can make consumers’ lives better.
- An understanding of relevant trends can help you predict how expectations might change and markets might evolve over time.
- Then the next step is to really open up your mind, and challenge your team, to think differently about how your business’s competencies and technologies might be harnessed to create game-changing solutions.
- Then you need to carefully craft consumer-friendly concepts that clearly explain your idea and express it’s benefits – because we’ve seen far too many great ideas die for lack of compelling storytelling.
- Only then should you consider concept testing to spot any weaknesses in your proposition – and start building the business case.
- One of the last, but one of the most important tasks, is to gain the commitment of everyone throughout the business to making your innovation into a success – because every disruptive innovation needs LOTS of support.
Why not check out the case histories … then give us a call?
Challenge: How can we help you open up your thinking and innovate your business offerings to exceed consumer expectations as they change over time?