Everyone talks about innovation, but what does it really mean? Is innovation a product, a service or a technology? It can be all of these, but it's also something more. To be called an innovation your "product" must be adopted by the market and customer as an improvement in the way people live, work or play. Innovation doesn't occur until the market decides your product is what they have been looking for and they buy it.Too often, companies look at innovation as something they accomplish inside their organizations. So let's be clear: Discovery, invention and product development occur inside the entity. Innovation occurs when the entity connects with the customer and commercialization of the product.
|Apple's innovative iPad has changed the way we enjoy downloadable content.|
- What is the value of this product to the customer?
- How will it affect their lives?
- Is the value they will place on it equal to or greater than the price I must charge?
- Why would they buy this product from me?
- How will I reach the customer?
- What is the most critical thing the customer will need to know to compel them to make the purchase?
- Am I being realistic in my assessment of the "pain" the customer is feeling now?
- How fast do I need to move to introduce the product?
- What will it cost me to take the product to the customer?
- Is this really something the market needs, even if they haven't recognized the need yet?
- If the need is unrecognized, how do I build awareness and desire in the customer and market?
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