Market Tested and Accepted Innovation is the goal of all Innovation process. There first appears the idea! That idea evolves through process to a product or service. That product is then placed in the marketplace and marketed to target groups. Some will buy on novelty, some on interest, some see their lives improved through the product.
When those products are deemed successful is when a customer repeats the purchase cycle or independently endorses the product to others. Many would claim this as to high a standard for innovation, not me. Over the last 5 plus years I have worked with innovation helping companies not only capture ideas but deliver on product R&D efforts.
Many times the one time buy or trial period at a discount is deemed success, truthfully without a customer commitment demonstrated through promotion or repurchase something is not right about the product. Many times it can be pricing or promotion that is outside the consumers’ price/value equation. Other times the product itself is a one-time curiosity purchase.
Then of course there is the product that never presents value enough for a consumer to trial it in manner. These are the difficult innovation failures to face as money, time, and heart has gone into them. Have had a couple of these myself, often there is a missing part of the value that is significant to the consumer. Today recovering that value and launching again is tough, consumers are more anti second chances as there are more options. The best strategy is to launch under a new brand entirely.
Many of the early efforts at innovation by companies are thought to be best if unbounded by process. This is wrong, the capture and evaluation of ideas is critical and must be systemic, complete and measured by the same yard stick each time. When ideas get variable measure innovators shy away from presenting ideas. Standing up for your idea in a politicalized environment is painful and empty even when accepted.
When your process is complete on the front end the ideas flow and evaluation is perceived as fair, and the company becomes a learning organization rather than politicized. Innovation that fails to deliver to the market an ROI to the company is wasteful. Where is your company Innovation? How are you, measuring and evaluating ideas, success and finally what have you learned?