Growth depends on innovation.
Robust pipelines allow companies and brands to “keep up” with the changing needs, wants, and desires of the people they serve. Without innovation, it is nearly impossible to stay relevant—and more importantly, grow–in a competitive market.
But 95% of innovations fail.
Meaning, only 5% of new product ideas succeed. Those aren’t good odds if you’re expected to deliver on aggressive growth goals.
Sometimes it isn’t the idea itself, but internal factors beyond our control that can hamper success.
- Short-term Thinking. When focused on shorter-term goals and results, more budget is channeled to sales and marketing than to R&D and innovation itself.
- Long Processes. Larger organizations often have long processes to follow, making them less nimble and able to bring ideas to market as quickly as their smaller, start-up counterparts.
- Limited Budgets. Budget can be a signal of an organization’s commitment to innovation. Without adequate support—for the team, the ideation process, the research/testing required—it may not be perceived as a priority internally, and consequently, impact enthusiasm behind the initiative.
- Decision Making Frameworks. When management makes decisions based on its beliefs (vs. insights and facts), it may not be the optimal path forward for what ideas or strategies are ultimately prioritized.
And sometimes, we get in our own way. For example, shiny objects like new technologies, patented formats, or flavors can give a brand a perceived advantage over the competition. But do people want or need them? Maybe. But if you haven’t spoken to a real person in 6 years, it’ll be hard to know. And retro-fitting, so that tech can lead, isn’t going to guarantee, well, anything.
Innovations often fail because they lose sight of the people [who should be] at the heart of these new ideas.
Successful innovations are designed around the people whose lives they are meant to benefit or enhance. Understanding their needs, their wants, and importantly, their expectations–which may shape desires they cannot yet articulate!–helps to illuminate real opportunities for brands to create products that people will truly value.
At The Sound, people come first.
From whitespace mapping and pipeline strategy development to innovation sprints and crafting breakthrough product concepts, our approach to growing your brand begins with human empathy and understanding.
As the voice of real and everyday people, we will never tell you what you want to hear, but what you need to hear. And our commitment to the truth–your truth–of human needs and wants, of the realities of your brand, will keep you on the right side of that very fine line between innovation success and failure.
#Innovation at The Sound. Outcomes-focused. Insight-driven. Strategy-led.