Recently Forbes sought out Credera’s Justin Bell to share his insights on innovation. In the article, Bell shares three common innovation mistakes organizations tend to make, based on his vast experience working with retail, hospitality and digital organizations.
1. Misunderstanding the user
“Surprisingly often, I’ve seen organizations rely on assumptions about their customer base instead of concrete data,” says Bell. “It’s natural to think we know what our customers need and who they are, but without data-driven facts, it is easy to convolute our personal preferences or experiences with that of a true customer.”
2. Overanalyzing instead of taking a test-and-learn approach
“Companies that prefer to launch products in one ‘big bang’ can put themselves at risk of wasted time and capital if that single release ends up missing the mark,” writes Bell. “Not only does this type of approach miss an opportunity to learn iteratively from its target market, but also the extra time it takes to launch a fully mature product exposes companies to the risk of new players taking market share with possibly less-perfect but functional products.”
3. Relying only on ad hoc innovation
“Regardless of the amount of customer data they can gather, if innovation is only ad hoc and not an integral part of the organization’s culture and processes, they miss out on vital opportunities,” says Bell “In these cases, knowledge can easily slip through the cracks across different project teams. When innovation is not consistently prioritized, you run the risk of experiencing stagnant growth and having unimpressed customers.”
To read the full article visit Forbes.com.
Innovation is hard. Repeated innovation is even harder. Success depends on a staggering number of factors, among them whether there is a real market need, whether users will adopt the new innovation, and whether users will pay. Even setting aside external considerations, there are still a large number of internal questions to answer. At Credera, we work with clients at every stage of the innovation process, from strategy to ideation and implementation, helping them go to market faster and more effectively. If you are interested in discussing your company’s innovation needs, we’d be happy to speak with you to determine if there is a mutual fit.