V6.19: Innovation Takes the Cake in Business

magmentic monkey marketing blog takes the cakeLet’s just jump right in and talk about how to develop our own innovation, shall we? We came across a really great article with 6 questions written by Tendayi Viki we should all live and breathe. These quality questions can help any innovation team (or any team really) push themselves to new successes.

  1. “Can It Be Done?” For all those Logic Brains out there, this should be the first question you ask. Is it actually possible? Will you be able to make strides and achieve what you hope to achieve? Thinking out of the box and innovating can be quite difficult in actuality because sometimes our ideas are bigger than reality. But don’t let this stop you from working hard towards your goal. Think Elon Musk: do you think driverless cars would have been in the “it can be done” category before he made it happen?
  2. “Should It Be Done?” Sometimes we work so hard to create something and we don’t even think if it should happen before we invest all our time. Think back to every AI movie ever created. This is a real fear people, don’t create a robot smarter than yourself– it always ends in Keanu Reeves straight-faced fighting imaginary computer program viruses. Obviously this is just us joking around here, but you’ve got to think about market risks when deciding where to invest your time and money. Also, would your target market actually benefit from what you’re trying to develop? If so, then move forward with your idea!
  3. “How Should It Be Done?” This one is a little more difficult than it seems. This is the stage that people often fail at unfortunately. You have to make sure that you are creating your product in a way that your market will recognize. Don’t make the mistake of having an awesome product that will solve your audience’s problem, but they don’t know how to use it. Don’t just do it; do it in the right way.
  4. “When Should It Be Done?” Time is absolutely everything. Don’t let bad timing ruin your success. The author of the article writes, “To what extent do you need key partners to adopt your innovation before customers can fully experience the value proposition?” Don’t ruin your chances by trying to push something live too early.
  5. “Can It Be Done Profitably?” Grand ideas are great, but at the end of the day what really matters is if it can be made profitable or not. How will you reach your target market? How will you get them to purchase what you’re selling? Creative genius may change the world, but you have to get it to the world first, right?
  6. “Can It Be Done at Scale?” That being said, finding your target market is one thing, but finding an honest to god customer is a whole other mountain to climb. Remember that the costs of scaling your product can be quite substantial. Make sure that you can actually sell what you’re creating.

Innovation takes time and effort, so make sure you’re setting yourself up for success.