Tue, 31 October 2017
Have we become addicted to innovation? I love the next new thing as much as anyone as evidenced by all of the stuff I've accumulated. As an innovators, the challenge is how to get the innovation timing right to satisfy the market and stay ahead of the competition.
The pull on companies to create the next great product or service is hard to avoid. Consumers are asking and your competition is on your heals. Its the innovation version of "keeping up with the Jones".
But innovation is not a one and done type activity. Once you start, the customer is always looking for what's next. The pace of innovation drives your activity and its not slowing down. In fact, its accelerating.
The Goldilocks Problem
As an innovators, can you or should you speed up your innovation refresh rate? This is a Goldilocks problem. You go too slow and your competitions will blow right past you. Go too fast and your customers cannot absorb what you are creating. You risk creating innovation exhaustion.
You need to get the innovation timing "just right".
Behind The Scenes Look At How I Do It
You are probably asking yourself, if this is so hard, what hope do you have in getting it right? Don't expect perfection. There is NO magic formula that when performed generates innovation planning success.
Innovation is messy and unpredictable. So how do you set the right flow?
Four Step Process To Set Your Innovation Timing
The above may sound simple but trust me, its a lot harder than it looks. Leaders within your organization will derail the funnel at ever turn. Be prepared to defend and protect the funnel.
Hard Learned Lessons
Some lessons I've learned when leading and managing innovation organizations:
Listener Question: Starting A New Business
This week, we took time answer a listener question:
[shareable cite="Roberta " text="Should I start my business as an affiliate or as a distributor ?"]I am stuck trying to decide between starting a new business (non tech actually, small regional chocolate creators) that is either affiliate which is limited start up fees and also limited % or distributor which requires a WHOLE lot more capital as well as commercial kitchen for storage, receipt of products and distribution, etc.[/shareable]
Answer: Yes. Listen to this weeks show to hear my advice to Roberta on starting a new business.
[callout]Listen below to this weeks show to get a behind the scenes look at getting the innovation timing right.[/callout]
Direct download: Behind_The_Scenes_Look_At_Getting_The_Innovation_Timing_Right_S13_Ep35.mp3
Category:Past Shows -- posted at: 5:37am PDT