The Innovation Prioritization Matrix
In our previous video in The Credera Brief series, Jake Carter, Chief Innovation Officer at Credera, discussed Credera’s Structured Innovation Approach. This approach starts with helping companies decide where to focus their efforts, uses cycles of ideation and prototyping to explore possibilities, and then only pursues the idea that shows promise in user testing.
In this follow-up video, Carter shares a framework for the first step of the Structured Innovation Approach—deciding where to focus efforts.
“What we’ve discovered from working with our clients is that executives don’t struggle with uncovering new ideas, or potential innovations,” Carter explains. “Instead, the challenge comes when figuring out which of those potential innovations are worth pursuing.”
To help companies navigate this obstacle, we’ve created a framework called the Innovation Prioritization Matrix, which is broken up into three key elements:
UNMET NEED: Your innovations meet an unmet need by your user. This indicates there is a demand for the innovations being considered.
REALISTICALLY DOABLE: The innovations being considered are realistically doable, meaning you have the capabilities, resources, and experience needed to take action.
POTENTIAL RETURN: There is a potential for financial or strategic return. Assessing potential return shows whether the innovations are actually worth implementing, from a company’s standpoint.
Think of these three key elements as a decision-making rubric. The Innovation Prioritization Matrix creates the ability to prioritize all potential innovations by evaluating how well each one meets the three key elements. If a company has limited resources and time, they can use the matrix to guide the pursuit of opportunities that fit all three criteria well.
Watch Carter walk through the Innovation Prioritization Matrix in the video below:
The Credera Brief
At Credera, we believe the toughest business challenges are best solved by a team—a team that works together to share knowledge to accomplish their goals.
We created The Credera Brief series to distill down the trends and ideas from Credera leaders and experts. These short-form videos will share different insights and perspectives across the topic spectrum from MarTech and innovation to strategy and technology.