If you are becoming acutely aware that 2019 is coming to an end and you are still chopping and changing your innovation strategy, don’t worry – there are ways to get clarity and growth before the end of this year!
Firstly, let’s unpack what is probably happening:
- You have picked your best and brightest (or you have been selected as part of the best and brightest) to drive the innovation agenda……..but you just can’t seem to get traction.
- There is a bundle of ideas on the table that get presented to management, but there is no clear decision-making guidelines – how do we know what to select with our time and resources? Is this a big change or an incremental change to our business? What has the biggest chance of success?
- You are doing customer surveys and interviews, brainstorming sessions, attending thought-leading conferences….but just cannot get the gold you are looking for to jump ahead.
Now let’s state what you need to stop doing:
- Stop trying to solve all of your customer’s problems
- Stop focussing on building a new product or service
- Stop any ad hoc innovation practices
But why Claire, I hear you ask? Aren’t we supposed to please our customers so that they stay with us/ buy more / refer us? Isn’t everyone trying to bring the next big thing to market? Isn’t some form of innovation better than nothing?
Sure….. if you want to waste time and resource, frustrate yourself and your team and want to burn every book that talks about how easy it is to innovate (yes, the same easy it is to get a six-pack).
The truth is, if you want to truly create growth that is sustainable (not a surprise spike), you require consistency, a framework and a clear future state vision that everyone can relate to. You need to take a long hard look at the ideas on the table and ask:
- Is this problem valuable for my customer to solve?
- Can my business solve this problem? Really? (read: do we have the capability, can we get the capability, or are we just going to band aid things and hope our in-house heroes get it across the line).
- Can we build and test a hypothesis or solution relatively quickly and cost-effectively?
Having a systemised approach to your idea generation and execution can increase your chance of success by up to 75% vs the 5% chance of success you have with ad hoc practices (source: Larry Keely, SingularityU South Africa Summit 2017).
If you want to find out more about how to do this click here!