What is innovation? Simply the process of figuring out what customers want. It’s the creation of a product or service that creates significant value of the customer. How do you do this? First, you have to figure out what job the customer is trying to get done. Within that job, what outcomes make the job a success?
You need to transform innovation into a discipline – a science.
First, you have to minimize variability in the innovation process. Eight factors introduce variability into the corporate innovation process. Variability means less control, more risk, more failure.
• Ill-conceived growth strategies
• Faulty data collection
• Missed opportunities
• Poor market segmentation
• Wrong growth targets
• Unfocused marketing, messaging, branding
• Poorly prioritized development initiatives
• Scattershot idea generation