How to advance your Innovation
Do you remember that “Aha!” moment? That time the proverbial lightbulb in your head lit up, that moment of “eureka”?
What comes next?
There are many possibilities along the roadmap from Idea to Invention to Innovation.
Here are some scenarios to illustrate this.
After your “Aha!” moment, you may think, “That would be cool, but I really do not have the time right now”. Maybe one day you will “make” the time. Your moment of eureka remains just an Idea.
Another possibility is there are no existing products on the market. You take it a step further and head to the garage (or computer) to develop a prototype. Your idea materializes. This is defined as an Invention.
The prototype works and is further developed into a viable product. There is an existing market segment or even a whole new market. This is defined as an Innovation.
Congratulations! You have an innovative product, now what? How do you advance this innovation?
A large part of advancing your innovative idea is creating VALUE.
Dr. Arlen Meyers states that “value is the difference between user-defined tangible and intangible perceived benefits divided by the tangible and intangible perceived cost.”
“Entrepreneurs create value, not just companies”
Here some ways to create and measure value.
- Define your value proposition. Your value proposition is the promise you make to your customers. Will your customers buy your product?
- Fully understand your customer segment. Intangible value factors such as speed, convenience, service, and satisfying emotional needs usually drive buying decisions.
- Understand your brand equity. This is the value customers place in your company.
- Be aware of perceived value. The amount of user defined value you create is a perception and not necessarily a reality. Disruptive technologies create entirely new spaces for perceived value.
Always ask what can you offer the customer. A good value proposition states what the customer wants.
Here are some examples of how large companies add value.
LinkedIn – “We enable professionals to build and manage their identities; create and leverage their professional networks; and gain the knowledge they need to be more successful in their careers, across multiple screens and devices.”
Facebook – “A social utility that connects you with the people around you”
Johnson & Johnson – “Caring for a healthy future.”
Walmart – “Everyday low price, assortment, experience, and access”.