Innovation and Transformations have become overused buzz words trying to convey that a business feels behind or less relevant in their market or the delivery of their services.
Success comes from providing a product or service that is needed from a brand that is trusted.
Sounds simple but it is not. Many products fail as the brand is not recognised as being relevant to the product, an example would be if Guinness started brewing Lager. The two don’t fit (and yes I am Irish).
Perhaps the market is not ready for your product such as the case with the Sinclair C5, electric car launched in 1980’s. It was deemed to be the future today but seemed a step too far for most consumers.
Before undertaking any initiative you should gain a holistic understanding of the internal and external environments. This article will offer a guide of what could be gathered to build your business case.
- Define the problem
- Test early, test often
- Measure the Return on investment (ROI)
1. Define the problem
Understanding if there is a real business or market need for your idea or innovation is the first gateway to whether the investment may be worth it and help you be in the 5% of success stories!
2. Test early, test often
I am a major advocate for Agile work practices especially with software development. Since the problem has been defined and a hypothesis is in place you can start testing the concept before too much has been invested.
Create a prototype (possibly even just using paper), then test it with real people (it must be users familiar with the environment and end users – users who are not familiar with the environment such as stakeholders or customers)
PIVOTING early saves a lot of time and money.
3. Measure the ROI
How do you know your product or innovation is successful?
You set success criteria and then measure against those criteria.
The secret is not to set and forget anything but rather keep checking for relevance in an ever evolving digital landscape and practice continuous improvements.
Contact Emma if you have any questions or you would like help.