So here are a few questions to consider regarding your organization’s innovation efforts:
What’s the innovation threshold for your category, market, industry segment?
Over-innovate and customers won’t be ready. Under-innovate and they won’t be interested. In both situations, your costs are unrecoverable and incremental growth declines with every new launch.
Organizations that do well are those that deliver the right level of innovation for our time.
No easy tasks: Identify the innovation thresholds along category, market and segment dimensions. Then shoot for the high end better and more often than your competitors.
Is your innovation strategy supply-driven (addresses customer issues) or demand-driven (satisfies consumer wants)?
Where to look for ideas, needs and emerging behaviors vary along each of these two strategies, with different applications and different business benefits to different targets.
Eat the elephant: Break “Innovation” down into manageable pieces along two or more dimensions to guide new concept development.
Finally, average concepts that gift customers with awesome dependability always trump sterling ones with irregular constancy. Brilliant discipline and execution are essential bookends to every innovative initiative.