Five tips to create income from innovation

Companies strive to innovate. Innovation alone is not enough for a company to succeed. The key is to ensure that a new product or service solves a real problem or satisfies a need.

“If you create a new product that addresses a company’s or consumer’s number one or two ‘pain point’ or problem, your company will see success,” said Matt Larson, chief executive officer of Confio Corporation during a CEO Roundtable in Boulder, CO sponsored by the Boulder County Business Report. “If you look at a thousand companies that are addressing ‘pain’ instead of ‘nice-to-have,’ the odds of them being successful are higher.”

Radish Systems Case Study:  VISUAL IVR EASES THE PAIN.

The Situation. It is well known that Interactive Voice Response (IVRs) are a serious pain for callers, especially mobile callers who want ever-faster, ever-easier transactions. IVRs in Mobility are a disaster for the customer experience due to any number of interface and device issues which result in even higher abandonment rates. Worse yet, complex IVRs with long phone trees don’t efficiently deliver information or easily allow transfer to live agents.

The Solution. To solve this problem, Radish Systems just introduced its Visual IVR solution.

With a True Visual IVR, customers instantly see menus while hearing information, tap choices on their smart device, rapidly move through screens in much less time than it takes to speak the options, and receive visual and voice responses.  Visual IVRs cut call time and costs, by more than half in most situations, increase understanding by 50 percent or more, and improve mobile user satisfaction and engagement.

Five Tips to Creating Income from Innovation.

Find the Pain. Look for pain points or unmet needs in the marketplace.

Innovate and Determine a Solution. Do you have a potential solution to the problem? Define it.

Test the Marketplace. Talk to prospective customers, confirm the problem, and test the solution. Is your solution a must-have? Learn as much as you can on how to make the solution a necessity.

Iterate. Take what you learned from the marketplace and improve your solution. Then test some more until a prospect says, “We need what you are offering right now and we will pay you for it.”  

Learn from the Pros. Successful entrepreneur Steven Blank offers the free online Lean LaunchPad course. “What we now know is that startups search for business models while existing companies execute them. A startup is a temporary organization designed to search for a scalable and repeatable business model. This Lean LaunchPad class will teach you how to efficiently search for your scalable and repeatable Business Model Design and Customer Development.”

Learn more: See a Visual IVR in action at the video demo link at www.radishsystems.com.