Everyone talks about innovation, but not many companies can "talk" and change the creative idea into something of value. According to Harvard Business Review, only 1 out of 10 new promotional channels in the market.
But who matters for success and failure? If we knew the answer, we could use new innovation to drive faster growth and better profits.
I asked 65 companies worldwide to look back on recent projects and decide why some projects worked and some did not. They are IBM, Microsoft, Lloyds Bank and RAF. Here are the results of the study:
1. Know exactly who will buy your product, under what circumstances and at what price.
2. Make sure the product is high on the list of priorities for the customer and they need it urgently.
3. Your product should at least save time, save money, be the easiest to use or the most stylish.
4. Get evidence of these benefits so you can show them easy for the customer.
5. Create a team with one vision and one goal, where trust is made and everyone is encouraged to succeed.
6. Make sure everyone in the team has a clear understanding of the project's goals, as well as knowing their own roles and responsibilities for achieving them.
7. Understand the geography, demographics, psychology and behavior of the target audience.
8. Know exactly how much your customer will earn or otherwise succeed by using your products or services.
9. Make sure your team has amazing energy, strong self-confidence, trust, honesty, self-control, initiative, commitment, driving and decision.
10. And make sure that the team takes 100% responsibility to get what's needed, no matter where the agency they need to go.
When I was asked to rank important performance factors, there were some comments from management executives:
"I would take the right people first, number one. I would take the ability to understand markets as number two.
Because I believe in the right people, form ideas and leadership and form a strategy – the team can build up together and with the means that they can do the right way. " So can you speak?
On the whole, new products have significantly more time, money and energy related to marketing activities than made mistakes.
Successful projects were three times more days and twice as much money spent on the temporary market, but it was a mistake. Twice-times more market research (measured in man-days and pounds) was delivered to successful products as in mistakes. But in both cases the amounts were still small.
Successful products had more than twice as much money in customer test results, as did mistakes. Six times as much money and twice more days were spent promoting effective products as per mistake.
Innovation requires time to think, experiment, time to discuss possibilities and ideas. People need to share their vision with curiosity, talent and motivation.
Leaders need wisdom to control and evaluate ideas, acknowledge and reward those involved.