How can we leverage on innovations? We hear these, and related questions very often.
Fact: studies consistently show that the vast majority of innovative products introduced to the market fail.
At Touch360, innovation is part of our culture, services, thinking; it is in our DNA. However, perhaps because of that, we think that nowadays it is over-hyped and it is often the value itself instead of one of the tools for the creation of value.
Customers don't buy innovations; they buy results
Yes, some can't resist buying the latest innovations, but they are a small (although often highly visible) minority. The vast majority of customers may buy the results of innovations, but only when they bring real value: when they fit well with their needs and don't present overwhelming new challenges.
Balance the value to customers and the value to the company
There are many examples of innovative products that customers consider huge success stories yet they were financial disasters to the companies that brought them to market. Innovative products should be considered as part of a balanced product portfolio.
Innovation needs to fit in users' lives; not the other way around
Real value is created when the innovation process is challenged to address the spoken and unspoken needs of users and fit into their behaviors and not the other way around. Most successful innovations are those that are based on existing paradigms and evolve from there.
In other words, keep it sane, or as we refer to it, make it a value-driven innovation.
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