Why Does Innovation Die?

As a rule of thumb, most corporate innovation starts out with a bang and then dies quicker than the latest business fad. Why? One reason is that people find it easier to put forward ideas they already have than to go to the critical work of coming up with new ones. “Thinking is hard – - that’s why so few people do it” Henry Ford is reputed to have said.

A second reason is that not enough commitment is given by senior management to make the initiative work: “damn the torpedoes, full speed ahead!” Without real leadership, very little of anything goes anywhere.

Third, innovation happens too often on an ad hoc basis rather than as a business process. Periodically, serendipity and good luck produce surprisingly good results. However, these one-hit wonders – - because of their very success and monetary reward – - only set the company up to fail later. Random success cannot be duplicated. When the one-hit wonder dies of old age, the infrastructure to support it becomes a very heavy burden that too often sinks the company.

Sustainable innovation that can drive the business forward needs to be set up as a system (in which skill, expertise and knowledge are deeply embedded into the enterprise). Without such a system the output will be sporadic at best. Learning will turn out to be negligible, execution will be mediocre and results anemic.

Further, without an in-place system (including well-structured, highly-committed innovation teams) employees will constantly face capacity, time and motivation issues around their participation. Such ad hoc innovation will usually lead to continuous power struggles for needed resources.

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Top 10 Reasons to Call a Professional Recruiter

From NPA Worldwide, Dave Nerz:

These are tough times to find and attract qualified talent. So why are so many using employers using homegrown, do-it-yourself, and internal methods? Maybe independent recruiters need to better explain the value they deliver. Or perhaps being a professional recruiter is so easy anyone can do it?

Here are some reasons I think using a professional recruiter makes more sense than homegrown methods of recruiting.:

Top 10 Reasons to Call a Professional Recruiter

10. Hiring a recruiter keeps you focused on your core business.

9. Recruiters know employment law. One false move on your own could cost you way more than what you might save on a fee.

8. Recruiters can engage candidates that you cannot. For example, the best talent at a competitive business.

7. Your time is worth money. Your time and your staff time is not free.

6. Missing opportunities to get the right candidate can be very costly.

5. Recruiters will make you define the job requirements in a clear and accurate way. This gives you a higher likelihood of retaining top talent. People leave because the job was not what they were told it was.

4. Recruiters will find talent for you for years into the future once you have them on your radar. They may locate a talented candidate that is a super fit in your organization two years after a targeted search is completed.

3. Recruiters will help reduce the time to hire. Open positions are costing you money. Filling openings quicker saves you money.

2. Recruiters can negotiate salary, benefits and details less emotionally and with greater likelihood of success than you can directly.

And the number one reason you should hire a professional recruiter is:

1. A recruiter can make you money – if a professional recruiter finds even one significant candidate you might have missed on your own, or better yet, brings you a talented candidate long after a specific search is done, that candidate can drive thousands of dollars of profit to your bottom line over a 10-, 20- or 30-year career.

When it comes to attracting and retaining key talent, can you afford the homegrown, in-house method versus the use of a professional recruiter?

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In Recruitment and Fishing, It’s All About That Bait

From NPA Worldwide, Veronica Scrimshaw:

In New England, a favorite summer activity for many is fishing. I saw some folks fishing off a local bridge last weekend and it got me thinking – recruitment is a lot like fishing (minus the cargo shorts and cold beer, maybe). You must first have the knowledge, insight and patience to understand exactly what your client is looking for in a perfect fish (candidate), and then find the right fishing spot and dangle the right bait (an attractive job order) to reel in that perfect person.

Job seekers are the fish, swimming around, looking for the best possible bait – a role with a great employer to provide them with money, security, training, leadership and opportunity. There are plenty of fish in the sea, but in regards to talent, you’re bound to have some bottom-feeders, as well as a few prized fish like tuna and salmon.

Like a fisherman trying to catch the right fish, if you are a recruiter, you are looking to reel in the perfect employee to provide your client with the skills, knowledge, and cultural fit they’re looking for. So you have to know where to go. Kind of like how fishermen anticipate migration routes, you have to stay upstream of market trends to stay afloat. Maybe you have to travel away from your regular fishing pond for some variety. If you haven’t gotten any bites and don’t have the right candidate in your database, maybe talk to some trading partners to see if they have a candidate who wants to relocate to your client’s area. Fish actively.

When you fish, you must make sure you have the right tools and bait to catch the kind of fish you want. Similarly, recruiters have to make sure they have the right “bait” to attract the kind of candidates they want, because others will likely be fishing in the same spot, too. When you post your jobs online, you can’t throw out a broad net, because you’ll only be scooping up the bottom-feeders; you need the right bait (a clear, concise and specific job posting) to attract those select healthy fish in the candidate pool. Choose the type of fish you want to catch before you choose your bait and tools, and tailor your job posting to that exact candidate.

Once you’ve found a suitable candidate and dangle the bait (their CV) in front of your client, keep a finger on the line so you know when there’s a bite. Just how most fish escape because the fishing line is taken slack, recruitment is no different – make sure to follow up and give feedback often. No one wants to harp on ‘the one that got away.’

While fishing is a leisure activity for many, it takes years of experience to become a great fisherman. If you know the best places to “fish,” have other “fishermen” to bounce new ideas off of, and the right tools, you’re well on your way to landing that big catch.

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Using Benefits to Recruit Top Talent

From NPAWorldwide, Veronica Scrimshaw

Recruiting top talent is becoming more difficult. One recruitment tool being leveraged to recruit top talent is benefits. A March 2015 SHRM survey reports that employers are tuned into benefits as a recruitment tool. More frequently employers are using their benefits packages as the reason for someone to change jobs.

Employers realize that as basic needs are met in the area of salary expectations, one of the key differentiators available is the completeness and generosity of benefits. Top talent may need more than just the next good job to leave the current situation and move to a new employer. The recruitment of top talent requires some creativity and since most are well compensated from a base pay perspective, the benefits become the draw that will allow them to improve total compensation when moving to a new employer.

Employers report that they will be leveraging a collection of employee benefits more significantly in the years ahead. This continues the trend reported in the survey of using benefits to recruit in recent years. Some of the benefits seen as most important to recruitment efforts are:

* Performance and career development benefits

* Healthcare benefits

* Retirement benefits

* Wellness and preventative benefits

* Flexible work arrangements benefits

* Family-friendly benefits

* Leave benefits

It is obvious that strong knowledge of market compensation is a first step in successful recruitment of talent. That knowledge is more easily gained by salary surveys and the use of effective independent recruiting resources. A good independent recruiter is often able to get accurate details on current compensation as well as desired salary and bonus to attract top talent. Recruiters with industry specialization can offer details on similar placements in recent months. Benefits are a bit more elusive and may require benchmarking to understand the competitiveness of an employer’s complete offering. Adding to the complexity of using benefits to recruit is that not all candidates value all benefits equally. Depending on age, career stage, family situations, the importance of each benefit could vary. In pre-employment situations it is difficult to gauge the relative importance of each benefit without approaching dangerous discriminatory questions. In many cases employers must work with generalizations about the importance of benefits to provide a great package for the candidate to evaluate based on his or her situation. So, there is cost and time invested in benefits that have limited value to the candidates being recruited.

For results from this survey or more SHRM surveys go to SHRM SURVEYS. There are many great insights there that employers can consider for their campaigns to recruit top talent.

When do you think benefits enter into a candidates evaluation process for a job? Is it early on or only after then are ready to make the change of employers?

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How to Select a Recruitment Agency

From NPAWorldwide, Veronica Scrimshaw

Whether you’re an employer with ongoing hiring needs or have a one-off role to fill, using a recruitment agency is definitely an option worth considering. There are many traits and characteristics to consider when you are evaluating recruitment agencies. If you’re unsure how to select a recruitment agency, here are some pointers worth evaluating:

Relational or Transactional

Broadly, a transactional recruiter will approach your needs as a transaction. A relational recruiter will take time to develop a thorough understanding of your business and culture, and will want to partner with you in a strategic manner for the long term. There is nothing wrong a transactional approach; for certain roles, it may even be desired. What’s most important is to think about how YOU want to work. If you have a transactional mindset and the recruiter has a relational approach, neither side is likely to be satisfied with the working arrangement. In general, however, I think recruiters are more successful when they develop those strong, deep client relationships. They’re more effective at finding good-fit candidates, and understanding your long-term goals can help them work with you on building your team in a strategic way.

Experience

How long has the agency been in business? What about the individual recruiters? What was their pre-recruitment background? Have they worked in your particular industry? It’s also good to know WHO you’ll be working with on your recruitment assignment – a tenured recruiter, or someone who is learning the ropes. Ideally, you’re looking for a firm with a proven track record of success, and that will most likely come from years of experience. Firms that have been in business for a number of years will generally have weathered some economic ups and downs and know how to survive in a slow market.

Specialist or Generalist

Recruitment firms come in all different styles. Some will be “generalist” firms across the board. Others will be made of individual specialists. Others may be micro-specialists, serving a niche-within-a-niche. There’s not necessarily a right or wrong answer to this question; a lot of it will depend on the business you’re in and the kind of hiring you need to do. If you’re a manufacturing facility and generally need the same sorts of engineers, operations professionals, plant managers, etc. on a consistent and ongoing basis, a generalist firm with manufacturing experience might be perfect for your needs. If you’re a law firm or a hospital, it’s probably best to look for a recruitment agency that focuses specifically on lawyers or nurses. In my experience, there aren’t a lot of “generalist” firms that are really equipped to effectively source those types of candidates. If you need a person with a very specific (and rare) skill set, and you already know there are not a lot of those professionals in existence, a micro-specialist is the way to go. These recruiters have deep networks and relationships; if they don’t already know who all the prime candidates are, they’re going to be able to tap their resources to find them.

Methodology

How does the recruitment agency work? What services are they providing? Be sure you understand exactly what you’re buying and how the process is going to work, including a timeline for presenting candidates and obtaining feedback from you. A successful, professional recruiter should be able to document (or at least thoroughly describe) the steps they will take to complete your search from initial discussion all the way to the candidate’s first day on the job (and maybe longer!).

And there is more but most importantly:

Hiring top talent is a major priority for successful, competitive businesses. Make sure you understand how to select a recruitment agency that will help you meet your hiring needs and goals both now and in the future.

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Great Group Collaboration

As we head into the long weekend for some R&R, I thought you might enjoy some inspirational thinking for our profession. Here is an excerpt of the thinking of Warren Bennis:

Organizing Genius by Bennis is one of my favourite business books. In the chapter “The End of the Great Man” he concludes by saying:

“In a Great Group you are liberated for a time from the prison of self. As part of the team, you are on leave from the mundane, (no questions asked), with its meager rewards and sometimes onerous obligations. [On such teams nobody] ever talks about the long days or who got credit for what. All they remember is the excitement of pushing back the boundaries of doing something superbly well that no one has ever done before. Genius is rare, and the chance to exercise it in a dance with others is rarer still…. In Great Groups, talents come alive.”

He starts the chapter by saying “None of us is as smart as all of us.”

“We all know that cooperation and collaboration grow more important every day….. Yet despite the rhetoric of collaboration, we continue to advocate it in a culture in which people strive to distinguish themselves as individuals.. We continue to live in a byline culture where recognition and status are accorded to individuals, not groups. … Throughout history, groups of people, often without conscious design, have successfully blended individual and collective effort to create something new and wonderful….. Great Groups have reshaped the world in very different and enduring ways. We have to recognize a new paradigm: not of great leaders alone, but of great leaders who exist in a fertile relationship with a Great Group. In these creative alliances the leader and the team are able to achieve something together that neither could achieve alone. The leader finds greatness in the group. And he or she helps members find it in themselves.”

Great Groups are “made up of greatly gifted people. Each achieved or produced something spectacular new and each was widely influential, often sparking creative collaboration everywhere.… Group seem to be most successful when undertaking tangible projects.… The project brings them together and brings out the collective best.… It is no surprise that we tend to underestimate just how much creative work is accomplished by groups. A Great Group can be a goad, a check, a sounding board, and a source of inspiration, support, and even love…. Great Groups are organizations fully engaged in the thrilling process of discovery.”

“The organizations of the future will increasingly depend on the creativity of their members to survive. And the leaders of those organizations will be those who find ways both to retain their talented and interdependent minded staffs and to set them free to do their best, most imaginative work…. In a truly creative collaboration, work is pleasure, and the only rules and procedures are those that advance the common cause…. Great groups rarely have morale problems. Intrinsically motivated, for the most part, the people in them are buoyed by the joy of problem-solving…. Imagine how much richer and happier our organization’s would be if, like Great Groups, they were filled with people working as hard and as intelligently as they can, to caught up for pettiness, their sense of self, grounded in the bedrock of talent and achievement..”

“Any participant would tell you that he or she would rather be here than anywhere else. The money doesn’t matter, career doesn’t matter, the project is all. In some cases, personal relationships have been interrupted or deferred. It’s hard to have a life when you’re up half the night in the lab working on your part of a compelling problem, often with one of your equally obsessed colleagues at your side. This is not a job. This is a mission, carried out by people with fire in their eyes.”

“Great Groups… all have extraordinary leaders, and, as a corollary, these groups tend to lose their way when they lose their leadership. Great Groups tend to be collegial and non-hierarchical, people by singularly competent individuals who often have an anti-authoritarian streak. Nonetheless, virtually every Great Group has a strong and visionary head. [Such leaders have] a keen eye for talent. Sometimes Great Groups just seem to grow. Some places and individuals become so identified with excellence and excitement that they become magnets for the talented…. But Great Groups are made as well. Recruiting the right genius for the job is the first step in building many great collaborations. Great Groups are inevitably forged by people unafraid of hiring people better than themselves. Such recruiters look for two things: excellence and the ability to work with others…. who play well in the sandbox with others.”

“Those who are brought on board saw themselves as an enviable elite, however overworked and underpaid.… [These leaders] sought to recruit only the best person, in the needed specially the project required. Each person was told why he had been chosen: He was the best one to be had….. Great Groups often tend to attract mavericks… If not out and out rebels; participants may lack traditional credentials or exist on the margins of their professions. .. With often delusional confidence… [their] lack of experience is an asset, not a liability, because these unseasoned recruits do not usually know what’s supposed to be impossible. Thus many Great Groups are fueled by an invigorating, completely unrealistic view of what they can accomplish. Not knowing what they can’t do puts everything in the realm of the possible.… “We didn’t know we couldn’t do it, so we did it.” In short, experience tends to make people more realistic, and that’s not necessarily a good thing…[leaving] an inability to act and the loss of self trust.”

“Curiosity fuels every Great Group. The members don’t simply solve problems. They are engaged in a process of discovery that it’s own reward…. They have another quality that allows them both to identify significant problems and define creative, boundary busting solutions rather than simplistic ones. They have hungry, urgent minds, expansive interests and encyclopedic knowledge…. People are able to make connections that others don’t see, in part because they have command of more data in the first place. Individual and collective achievements result from the interplay of distinguished minds.”

“Great Groups don’t have to be told what to do, although they need to be nudged back on task.Great groups are coordinated teams of original thinkers…. They are people who get things done, but there are people with immortal longings. Often, they are scientifically minded people with poetry in their souls……

Inspirational leaders can transform even mundane projects, turning them, too, into missions from God. They are always people with an original vision… promising a challenge worthy of a Crusader. Leaders are people who believe so passionately that they can seduce other people into sharing their dream…. of doing something superbly well that no one had ever done before.”

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Collaboration & Teams

“Never doubt that a small group of thoughtful, committed people can change the world. Indeed, it is the only thing that ever has.” Not everyone wants to change the world but most of us want to do something with our little tiny corner of it. An engaged workforce has dreams and a vivid purpose in which: they want to work on together, go forward together, collaborate together. Teamwork makes our common dream work. Such teams require both visionaries and the individual genius most of us have, for big thinking precedes great achievement.

Teamwork is so important that it is virtually impossible for us to reach the heights of our capabilities or change our little corner of the world – - achieve that dream we want – - without becoming very good at it. We need to build into our teams a feeling of oneness, of dependence on one another and a strength to be derived from unity and loyalty to each other and to our organization. Individual commitment to a group effort is what makes our team work, our company work, our community work, and indeed it is what allows for hope as we go about in this Internet connected global village we now find ourselves in.

We actively pursue becoming a member of a certain team and then we rely on the team, defer to it and sacrifice for it, because it is the team, not the individual, that is the ultimate champion who changes our world. At the same time the best teamwork comes from people who work independently towards that one common goal in unison. As team players we unite other people towards a shared destiny through sharing information and ideas with them, empowering them and developing trust in a very special growing bond. Ability alone is insufficient. Needed, also, are loyalty, sincerity, enthusiasm and team play. When a team outgrows individual performance and learns team confidence, excellence becomes a reality. Great things in business are never done by one person, they’re done by an excellent team of people.

Teamwork is the ability to work together toward a common vision. It is the fuel that allows common people to attain uncommon results. So we need to keep away from people who belittle our ambitions. Small people always do that, but the really great visionaries make us feel that we, too, can become great. Alone we can do so little; together we can do so much.

Do we really understand that massive collaboration involving perhaps hundreds of people is what makes true innovation possible? The great thrill of this whole team experience is found in seeing humanity do what it’s best at, which ultimately is not competing but cooperating. Every team, every platform, every division, every component is there not for individual competitive profit or recognition, but rather so we can believe in each other and contribute to each other. In order to have our triumph, our team must have a feeling of unity; every player must put the team first ahead of personal glory.

Laszlo Bock, Sr VP of People Operations, at Google once said:

What we care about is, when faced with a problem and you’re a member of a team, do you, at the appropriate time, step in and lead. And just as critically, do you step back and stop leading, do you let someone else? It’s feeling the sense of responsibility, the sense of ownership, to step in, to try to solve any problem — and the humility to step back and embrace the better ideas of others. Your end goal, is what can we do together to problem-solve. I’ve contributed my piece, and then I step back.

Overcoming barriers to performance is how groups become teams. What is it that kills our ability to direct individual accomplishment toward organizational objectives? If teams are so important, why do they so often foul up? Why do we use teams so little or so ineffectively? And, do we want to use teams for everything?

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Humility – The Key to Leadership

Author Jim Collins (Good to Great & How the Mighty Fall) has given us a useful leadership model in his July 2001 & 2005 Harvard Business Review article: “Level 5 Leadership -The Triumph of Humility and Fierce Resolve”.

It is useful because it gives us both a chronological development sequence as well as outlining distinct and practical leadership attributes. Here is the progression:

Level 1: Achiever

Collins describes this individual as highly capable making productive contributions through individual talent, skills and know-how, as well as honed working habits.

Level 2: Cooperator

We see this leader as a team member who works effectively with others in group mode, jointly contributing to the team’s goals.

Level 3: Organizer

Now, the individual rises to learn management competencies, in organizing people and resources effectively to the pursuit of objectives from on high.

Level 4: Visionary

At this level we see a leader who has the ability to unite people to vigorously pursue a clear and compelling vision; stimulating the collective and catalyzing their commitment to high performance outputs in attaining the dream.

Level 5: Sculptor

This Is Collins key contribution: he discovered that some few business leaders could build “enduring greatness through a paradoxical combination of personal humility plus professional will”.

Now we add what we see as two yet higher levels of leadership development:

Level 6: Humanitarian

This is the skill and attitude to transcend “self” and our personal empires (including the sculptor’s empire). Here we find the empathy and objectivity to see and feel from the perspective of other cultures and individualities’ needs, wants, burdens and hopes. The humanitarian is able to translate this learned “outgoing concern” into unifying words and subsequent movements, on scales both small and big.

Level 7: Liberator

This emancipator goes beyond support from followers to personally lead those followers to relieve the troubles and burdens of an oppressed group. Usually this leader can bust the compromises an industry or government imposes on people. Most often this is done through strategic innovation. Because innovation, at least at first, does not directly affect the status quo, it often begins quietly, going unnoticed until its impact begins to build momentum. At that point, the energy behind the innovation begins to change the world and its old burdensome ways – – people are liberated from the oppression. Liberators are leaders who have developed the know-how and attitudes to bust all sorts of imposed compromise.

Above we have, an outline, a thumbnail sketch of leadership development in the context of humility and vision.

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Hire Right, Because the Penalties of Hiring Wrong Are Huge

Learn more

Ray Dalio appeared on the annual Time 100 list of the 100 most influential people in the world. According to Forbes, he is the 30th richest person in America and the 69th richest person in the world with a net worth of $15.2 billion as of October 2014. He is the Founder and CEO, Bridgewater Associates, an American investment management firm.

Here is ten of his “Principles” of hiring:

1. Think through what values, abilities, and skills you are looking for.

2. Weigh values and abilities more heavily than skills in deciding whom to hire.

3. Write the profile of the person you are looking for into the job description.

4. Look for people who have lots of great questions.

5. Make sure candidates interview you and Bridgewater.

6. Don’t hire people just to fit the first job they will do at Bridgewater; hire people you want to share your life with.

7. Look for people who sparkle, not just “another one of those.”

8. Hear the click: Find the right fit between the role and the person.

9. Pay for the person, not for the job.

10. Recognize that no matter how good you are at hiring, there is a high probability that the person you hire will not be the great person you need for the job.

Here are seven more tips for hiring:

1. Remember that people tend to pick people like themselves, so pick interviewers who can identify what you are looking for.

2. Understand how to use and interpret personality.

3. Pay attention to people’s track records.

4. Dig deeply to discover why people did what they did.

5. Recognize that performance in school, while of some value in making assessments, doesn’t tell you much about whether the person has the values and abilities you are looking for.

6. Ask for past reviews.

7. Check references.

From Principles by Ray Dalio, CEO of Bridgewater

http://www.bwater.com/Uploads/FileManager/Principles/Bridgewater-Associates-Ray-Dalio-Principles.pdf

Learn more about hiring at http://pe-trick.com/

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Innovation’s 80% Success Rate

Without a solid understanding of the true needs in the marketplace, innovation is a gamble. The scattershot approach is a hesitant one that allows no focus, no concentration of resources and people, no “damn the torpedoes, full speed ahead!” It seems to be the pursuit of serendipity. No wonder for all the techniques, skill-sets and brilliance, so many innovation projects only have only a 10-20% chance of succeeding.

Chief among the gamble reduction has been the “Customer Driven Movement”, the attempt to understand what customers want before a company invests in the creation of a new product or service. But the sad results are – - after 30 years of this customer driven thinking – - that 50 to 90% of the products and services initiated end as failures. Yes, gaining inputs from the customer is important. But under this widely used methodology neither the innovator or the customer knows how to obtain the type of inputs they really need. The literal voice of the customer does not translate into meaningful inputs. Companies identify opportunities by segmenting markets, conducting competitive analysis, and brainstorming for customer wants, needs, benefits, solutions, ideas, desires, demands, specifications and so forth. None of these can be used predictably to ensure success.

The High Failure Rate

Despite a decade of heavy investment in innovation, and in chief innovation officers and their staff, failure rates for new products have hovered at 60 percent since the 1970’s. Two- out of three new product concepts don’t even launch. The 1950s and ’60s was a period of unprecedented economic growth characterized by a burgeoning middle class. Back then demand was often found by addressing an underserved segment.

Since the wake of the Great Recession (2008 to today) instead of demand we have picky customers and consumers dealing with limited financial resources. For them product choices tend to come down to trade-offs. Our markets are in slow growth mode in spite of the economic pick-up in the last few quarters.

Traditional new product innovation follows these four steps:

First, generate a high-level business growth strategy.

Second, develop a new idea/s based on consumer input.

Third, use quantitative business research to test and validate the new concept.

Fourth, use stage gating (progressively whittle down a number of new ideas to a very few that appear business model viable). The results are then rolled out, by a sequence of commercialization, retail execution and finally launch.

The problem is this tried-and-true process doesn’t work very well. Witness multiple headline-grabbing catastrophes with the big multinationals and the bankruptcies resulting from bet the farm approaches in small and medium-size enterprises. Are we stuck with these high failure rates if we want to innovate?

Better – Price-Product Architecture

Some are solving this innovation dilemma by using “Price-Product Architecture” (PPA). This means using sophisticated business mathematics to gain a clear grasp of which combinations of features, packaging, price, and even labeling will persuade consumers to make a purchase. They adopt dynamic modeling to gauge various combinations of features against benefits to yield a consumer “trade-off” grid analysis. This has shown significant fruit in more mature markets. The value proposition to the customer tends to become better than the competitions’ and market share is gained.

In effect they are developing a simulation model that can evaluate a wide range of scenarios by altering various elements and seeing how each factor affects the value proposition while the product is still in the development stage. This process can cut down time to market and gain first mover advantage as the industry “notices something” such as a new trend; for example the desire for more natural foodstuffs in the grocery store must be met with an appealing product that passes the trade-off test for the consumer. Getting it wrong can foul the waters for everybody. Getting it right means market expansion for the whole industry.

Core Competency Value-Added

Other companies are having greater innovation success because they are doing product development based on their capabilities and core competencies. They gain critical advantage because of their unique expertise. They outsource to (1)other experts where they have a lack and of course, (2) where the manufacturing process has been commoditized i.e. where there can be no unique “value-added”. Innovating outside of our skill set is the number one cause of expensive wild goose chases.

What Is Truly Critical For Success

What has been lost in these approaches to innovation is an in-depth understanding of “underserved markets” where consumers yearn for a solution to their deep frustrations, frustrations they may not even be aware of. Tapping into such underserved markets with our unique capabilities and expertise is the difference between modest, incremental growth (when successful) and dynamic industry-leading growth. Understanding consumer yearning is why Apple has just chalked up the biggest quarterly profits in corporate history.

Like Apple, we would do well to move beyond the customer – driven paradigm.

We can boost our innovation success rate to four out of five … or even higher over time! There are disciplines with identifiable core elements; these breakthrough innovation disciplines can be applied with an above 80% innovation success rate. This is a much better path to innovation. Success improves and the risk of failure is reduced as we become more certain about the critical unmet needs in our marketplace.

To learn more go to our website and read

    Market Targeting And Decision Making

http://pe-trick.com/specialty_practices/view/market-targeting-and-decision-making

For other useful information on Innovation see

http://pe-trick.com/

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