Another challenge with flash in the pan innovations, is that when sales begin to decline—you may be tempted to invest more trying to save what you always knew would be short-lived.
Finally, chasing trends may not be aligned with your brand identity, so gather your team to weigh the pros and cons.
#4 The Value is Vague
Before you move forward with any innovation, ensure you are adding end-user value or solving an expressed problem. If the value is vague, your ideation is weak. The better defined the desired outcome, the greater the likelihood of success.
Where things can get tricky, is when your innovation is truly new. Technology is a shining example of ideations that provide never-been-seen-before solutions. For example, the multitude of smartphone accessories. There would have been a time when at-home UV sanitation would have seemed unnecessary. During the pandemic, dual-purpose UV sanitizing smartphone chargers became so popular that many people have one at home and at work.
Creating something truly new is risky, so you must be strategic.
#5 Disruption is the Objective
“Disruption” has become a buzzword that is often used interchangeably with innovation. However, the two terms are distinctly different.
Disruptive ideation introduces something new to the industry or transforms the industry in some way. For example, using Uber instead of a taxi. Or the multiple on-demand delivery apps that provide accessible services far beyond that of a courier.
Innovations are typically an upgrade or evolution of existing products, services, or market norms. For example, gathering data and assessing analytics is nothing new, but how you gather data, what data points you measure, and how you link data points have drastically evolved from even a decade ago.
In the excitement of bringing something new to the market, some teams set disruption as their objective. However, truly disruptive ideas are few and far between. When they are created, it happens organically. If disruption is the objective, you will miss the innovations worth investing in.
#6 Your Lacking Team Buy-In
If the team assigned to bring your vision to life isn’t on board, your outcomes are likely to be lackluster. Before you decide to move forward or not, listen to their “why”. The two most common reasons development teams aren’t on board is that you haven’t clearly defined the value of the project. Or, because they sincerely don’t believe it’s the right fit. These responses are often the result of innovations that come from the top down, instead of collaboratively.
If your team is challenging you, it’s something to celebrate as it will strengthen your innovation program and the outcomes you deliver. Sometimes this means putting off or abandoning ideas.
#7 You Have Higher Priorities
One of the challenges you may be facing is determining which projects to move forward with. There are a variety of factors that will impact your decision, including:
- Whether you have the team, tools, and resources?
- How long it will take to develop the final product?
- How urgent the consumer need is?
- How many other projects are on the table?
- Current industry and market trends?