Innovation is a risky business – it always was and always will be. But we've learnt a lot over the years about why some companies seem to get it right when many others don't. How they seem to have the right product at the right time. How they win over customers with little effort. It often leaves you wondering, why didn't we think of that?
But don't be fooled. It isn't that easy. These companies don't just come up with a great idea. They start with a very strong understanding of who they are innovating for and what their customer group wants to be able to do. Then they pinpoint the sweet spot. It's finding an opportunity to help customers do something they can't do today or maybe help them do it better, or more cheaply. We can help you find a unique opportunity to add value that competitors can't match.
Finding opportunities for value creation in today's crowded and mostly mature markets is no mean feat. Simply targeting large or growing markets is not enough. Nor is having a better technology or cooler design. It comes down to finding a customer group who is dissatisfied in some way. Customers looking for and willing to pay for a more distinctive, safer, more convenient or maybe even a cheaper alternative to the one they use today.
Finding these opportunities is the first step but the second step, very often forgotten, is just as important. Validating the market need and the size of the opportunity is imperative. And it needs to happen before you spend $1 on developing or designing the product. Assuming you do want a ROI… or maybe your investors do….
Customers can't always tell you exactly what they want, especially if you have a new to the world idea or technology. But they can tell you if it sounds relevant to them, if it's appealing in some way and if they like it enough to consider switching over.
They're great at visualising how, when and how often they might use it. They can compare it to what they're doing today. They'll tell you if they think it's a bit ho hum or if they love it. And importantly they can tell you what would make it almost perfect.
All of this is critical to know whether you're building the business case for investment or you're trying to brief your product development team. And if you have progressed well beyond the design phase and have a product almost ready to launch, they can trial the product in home to give you first-hand feedback on which to base your launch strategies.
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