Dipping into Your Graveyard of Ideas
Are your ideas stuck between dreaming and doing?
Are you an idea generator better known as an entrepreneur? If yes, how many great ideas have sprung from your brain that ended up dying on the vine because of a lack of implementation?
You know that bright shiny object syndrome caused by way too many ideas and not enough action. In the process, landing those brilliant ideas straight into a file folder, computer file, or worse yet, never even written down and landing in the graveyard of ideas.
Business innovation that comes from the simple spark has always been one of the corner stones in sustaining a successful long-term business model. With that said, innovation can be risky and expensive - especially if your next greatest idea falls flat because it didn’t gain the needed traction to become profitable.
This can be why it seems much more fun to think up new ideas, versus actually bringing them fully to life as you continue to do the same old, same old. No failures to worry about when you do nothing new… or, are the inactions actually the failures?
Those authentic innovator-entrepreneurs in the room know how much it can hurt your business by missing the boat and not looking toward your next great project in the year ahead. In fact, will your competition gain traction in the marketplace with something that could lure your customers toward them and away from you?
What if you dusted off those ideas that have gotten stuck between dreaming and doing, bringing even one of them back to life in the year ahead?
Yes, there are many questions about innovation to be sure. After all, inventing is the process answering questions.
Here are some key questions based on five necessary elements within product- and service-based innovation. Answer these questions collectively yourself, with your team and your customers. The process will help you to determine the viability of one idea over another and assist you in creating an innovation action plan for the year ahead.
1.PAIN POINT SOLUTION
- Is this idea solving a problem that is relevant now or in the very near future for your ideal target audience?
- In thinking through this idea, how many people could it and will it serve?
- Will education be required to make your audience aware of the pain?
2. INNOVATION FACTOR
- Can this idea fully be brought to life by your business from production to marketing or will you need to engage other partners?
- Will it compliment other items you produce?
- What are the top five greatest parts of this idea?
- Is there going to be a healthy profit margin on this product that could possibly make it a leader within your company?
- How quickly will profitability be reached?
- What would be some innovative ways to increase the profit margin and maintain the quality integrity?
- Why are you so enthusiastic about this idea?
- Are you and your team passionate enough about this to get you through the rough spots as they crop up?
- What is so unique and beneficial about this idea that it is worth the time and money it will take?
5. MARKETING REACH
- Can this idea stretch your marketing reach?
- What are the top key elements needed for a robust marketing action plan for this innovation?
- How will you consistently market this innovation before, during and after the launch of it?
And one more bonus marketing question because without a doubt a solid marketing plan will make or break any good idea…
- How will your marketing strategy insure that you infuse your business brand into your new idea as you allow the innovation to become a solid part of your business brand?
The right answers to these questions will assist you in bringing not only your ideas back to life – they will serve your customers for some time to come as they increase your bottom line results.