July, 2007

Capitalize on your Innovations
By Tim Trotter

In the last two issues of Keynotes, I provided some insight on the theory and application of innovation. Most people understand that innovation doesn’t just appear; it’s an ongoing process. The key to success is in how you provide your organization a way to innovate, but you need to keep some facts in mind.

Most innovative thoughts – 7 out of 10 – that find their way to a white board get no attention! Of those remaining, half will not make it due to flaws or problems. Only the one and a half ideas left have a strong chance of making the cut.

Some people may view that as a low probability of success. I don’t. If you activate an innovation process within your organization, you could conceivably have several ideas in your innovation inventory.

Think how many times a good idea pops into your mind. Most of us dismiss it, thinking it is bad. We are not sure how to advance the idea. By mere numbers, 10 percent of those ideas may have a fit within any organization. The challenge is to understand how, and then run the idea through the innovation process.

When looking at your innovation inventory there are two basic considerations; does the idea add value to your clients? Does the idea reduce cost to your organization? If so, you may have a successful innovation.

A successful innovation also offers several intangible benefits, including a positive brand image, inspired and engaged workforce and greater internal harmony. A successful innovation comes from a company that is a place where people want to work and are eager to share in the organization’s future.

Now let’s assume you have an innovation that will have a positive impact for your clients. Whether it is a product, service or improved process, positioning it in the right way can provide increased value to you and the client.

You must be willing to position and promote your innovation as unique and of great value to your clients and industry. Don’t sell you innovation as a cost, rather as a way for your clients to seek higher benefits and return on investment. Innovators are perceived as offering solutions and value, not higher prices.

Many innovators don’t sell products and services in the traditional sense. They leverage innovations with their clients, vendors and industry to a higher level. They may trade an innovation for a process, product or technology from another entity. In fact, innovation is one of the basic reasons mergers and acquisitions occur. And it is a concept that can work for any size organization.

If you currently don’t have an active marketing plan, now is the time! Anyone who is truly committed to innovation can make it their core process and discipline. Innovation has been proven over many decades by all types of people, and innovative thinking is the thread that can pave your way to a successful future. In so doing, everyone wins!