In order to find great innovation, we need lots of ideas. However, not all ideas are great candidates for bringing to market. We must look at our ideas to determine their viability. A recent ACNielson study found that as many as 90% of all new products and services fail within the first two years. This appalling statistic often means customers didn’t really want those products or services in the first place. This result often happens because we jump ahead and focus on our approach (the solution itself and how we’re going to bring it to market) before we thoughtfully consider our customer and market needs. To avoid this pitfall, we must vet the idea before we invest in funding, designing, or building any new product or service. “Build it and they will come” is not the best approach here, despite Kevin Costner’s protests.
When approached with a good idea, the first question we need to answer is “Do we truly understand our customer, and is this something they care about?” We must spend time talking with and observing our customers, face-to-face as much as possible, to truly understand their needs and make sure there is a legitimate, unmet problem to be solved.
As a result, it’s vital that we help our teams and organizations understand that innovation is only viable if it fulfills an unmet need. To that end, innovation shouldn’t be limited to an organization’s R&D or Innovation teams. Some of the best ideas for innovation will come from our first-tier workers who regularly interface with our customers. They see the struggles, frustrations, and unsolved needs that customers deal with, and we need to make sure we have mechanisms in place to capture, nurture, and act on these ideas.
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