How Can I Be Innovative?
The first stage in any process of innovation or product/service/departmental development is to find out, accurately and systematically, reliable answers to the following two questions:
- Where is the pain or the problem in the current set of circumstances for your customer?
- What will set us apart from the competition and give us something that is unique, cutting-edge and will drive business to us?
Once you have these answers (which may take some time to actually research and to get meaningful data and information that you can work with!) then there is a strong and well-written business case to be organised.
This is where three vital factors come into play:
- Who wants/will benefit from our product/service/approach?
- Can we create and develop this new way of working so that it makes a profit?
- Do we currently have the potential to deliver the two points above?
Once we have a firm view of the above it is time to run some testing to see if the market actually exists, and is attracted by our approach.
Do not be afraid if the initial responses are not as favourable as you wanted – this may be down to the need to fine-tune the original idea OR there may be other ways of reworking the initial idea given that you have, as yet, not fully identified your buyer’s pain or need.
Keep moving around the above loop until you have a workable and profitable model.
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