How Translating Insights Into Innovation For Brand Financial Growth!
Insight is the raw material for Innovation. If you have identified an insight about your customer’s need, it’ s possible that you can meet those needs in a unique and superior way.
- How is innovation guided by insights in a marketing-led process?
- How does innovation turn an insight into a revenue- and profit generating business action?
- What new people skills are required to lead the insight-into-innovation process?
- How do you make discover, design, and deliver the cornerstones of your innovation system?
What are the causes of the risks with innovation?
There are three preventable causes of the risks with innovation, those have negative causes and effects on insights-into-innovation process. Those increase the risks or chance that the innovation will not meet its market place goals:
- Lack of customer-centric approach: The innovation is not based on a true insight.
- Lack of innovation-driving process: Innovation is not managed as a process that can be engineered, measured, and continuously improved.
- Lack of creativity-driving process: Creativity is not integrated into the process. “Stages and gates” interfere with “design to delight.”
Comparison of the Supply- Side and Demand- Side Innovation Processes:
The right people to lead this process are the “new” marketers, not they classically trained “old” marketer with expertise in positioning and communication. The new marketer combines a high level of technical competence with a high level of sensitivity to customer and customer emotional needs. Without technical competency, it is impossible to manage the insights-into-innovation process.
Source: H. Hastings w. J. Saperstein – 2007 Improve your Marketing to grove your business – Wharton School Publishing.