The ability to innovate in an agile and sustainable manner has never been more essential to survive . We are living in a volatile business era constantly disrupted by technological shifts , new “ out of the box ” business models , and a rapidly changing consumer culture . Furthermore , 90 % of corporate innovations fail , according to Mark Payne in “ How to Kill a Unicorn ”.
Understanding the root cause of failure has always been challenging . But one critical aspect is certainly the systematic issue of large corporations tending to base their innovation efforts on past successes .
Instead of solving emerging real-world consumer problems , many innovation strategies are designed to focus on delivering efficiency , scalability , and profitability . And while the overarching goal is to develop true breakthrough innovations , “ the next big thing ”, most innovations result in minor improvements to existing products .
Other reasons preferred for the high rate of business innovations failure include misalignment of the innovation focus and the business , especially where there ’ s a failure to integrate innovative projects into basic company operations ; lack of innovation culture in the company , failure to track success indicators , choice of wrong problems to solve , and weak leadership at the head of corporate innovation .
In their book on monetizing innovations , monetization consultants Madhavan Ramanujam and Georg Tacke note that guesswork results into businesses launching products that no one is willing to buy , and that is where the monster lies !
When innovation is based on guesswork , it means that a business did not go deep enough in the beginning phases of the process , which is gaining insights to better understand customers , competition , and market dynamics .
With data , businesses are well positioned to better understand these issues and bring more appealing and successful innovations . Data can play a crucial role in maximizing the appeal of various business innovations , be they product , process or model oriented . It has the power to help organizations create new opportunities , new services and products , and fosters innovations .
Data analytics , for instance , can help businesses gather insights into customer preferences , pain points , and unmet needs , by analyzing customer data , surveys , feedback , and market trends .
Data can be used to analyze and understand different customer segments in terms of characteristics and demographics . This will enable businesses to tailor their innovations to meet the specific needs and desires of each group , thereby increasing the appeal of their offerings .
Data-driven innovations have succeeded in the market because they allow for constant iteration and improvement . By collecting feedback and performance data on new innovations , businesses can make databacked adjustments and enhancements , leading to more appealing products and services over time .
Online reviews and customer feedback data can be invaluable for understanding how customers perceive new innovations . Positive reviews can be leveraged for marketing and promotion , while negative feedback can be used to make necessary improvements .
By leveraging data , business can offer personalized experiences that can significantly enhance the appeal of innovations . Personalization can be applied to product recommendations , marketing messages , user interfaces , and customer support , creating a more engaging and relevant experience for users .
By using historical data and predictive analytics , businesses can anticipate future trends , demands , and challenges . This foresight allows them to proactively create innovations that address upcoming market needs , gaining a competitive edge .
Data can help in optimizing the innovation process by identifying cost-effective strategies , minimizing risks , and ensuring a higher return on investment for the business .
Accurate data analysis can aid in forecasting demand for new products or services , helping businesses prepare for scaling up operations or managing inventory levels effectively .
The power of data in maximizing the appeal of business innovations is even more apparent with the convergence of data points about operations , productivity , and socio-economic factors . This convergence is a critical cog for streamlining and for developing data driven innovations .
Innovation helps businesses thrive , but their success comes with a price . According to a recent article on www . acceptmission . com blog , the success of business innovations come with a price . It requires hard work , perseverance , energy , resources , effort , and time that its very concept must be established within the organization ’ s culture .
At Ipsos in Kenya , we are aware that pressure to increase the innovation success rate will intensify for the foreseeable future . That is why we have developed solutions that make it practical for businesses to acquire insights that helps to reduce uncertainty , increase efficiency , and ultimately enhance the chances of innovation success in a competitive business landscape .
This means our clients can now continuously use data to decode innovation opportunities as they arise and effectively come up with consumer-centric business innovations .
When businesses embrace data-driven decision-making they are well positioned to better understand their customers , competition , and market dynamics , leading to more appealing and successful innovations .
As experts in innovation , our passion lies in assisting clients with the identification , evaluation , improvement , and prediction of the business potential of their innovative ideas , products , and packaging . We offer efficient and validated end-to-end solutions that cover the entire process from ideation at the fuzzy front end , to concept and product development to forecasting success potential and finally to track performance of new launches . This approach empowers our clients to act swiftly in capitalizing on opportunities and become more agile when launching their products into the market .
Here we showcase one of our many agile solutions in our Innovation suite , Ipsos PT GO . PT GO is an agile product testing solution that delivers many benefits of a traditional product test , but with significant cost and timing efficiencies . PT GO covers KPIs found in a standard test , but offers flexibility based on our clients ’ unique testing needs . It provides actionable insights for making informed decisions about product performance . PT GO ' s comprehensive summary report equips you better than ever for crucial but quick go / nogo decisions and / or product optimization guidelines , furnishing all necessary insights briefly .
Edward Ihaji is the Director MSU & Innovation , Ipsos in Kenya . You can commune with him via mail at : Edward . Ihaji @ ipsos . com