Introducing Innovation

Developing the business case for a new product, or service, can sometimes be difficult.  It can be a matter of "the chicken or the egg" when putting together the cost/benefit analysis.  By that I mean that in order to have data from which to develop and refine the benefits, one must first have enrollment in, or acceptance of, the service or product.

There are many concepts which appear to have value which are never accepted by a particular industry because the purveyors of those concepts failed to generate adequate initial uptake to develop the necessary quantity of evidence to gain wider acceptance.  There are usually a few innovators that will try almost anything that sounds like a good idea.  It is their experience that, if quantified and analyzed correctly, can open the door to the early adapters who then lead the way to general acceptance.  They key is "quantified and analyzed correctly."

Business has become more sophisticated while becoming more insular.  Often, advanced tools are used incorrectly in evaluating opportunities simply because the opportunity being examined comes from outside the normal channels.  If you are not an insider and not utilizing the well-developed pattern of product introduction which is institutionalized in most industries, you have little chance of receiving a fair hearing.  Ideas may be rejected simply because you are not "one of us."

This attitude makes it difficult to achieve cross-pollination between industries -- or even between different segments within the same overall industry.  It adds to the "fortress" mentality of those who may be in desperate need of "trade" with the outside world -- or, more specifically, new ideas.  Nepotism, in the form of hiring from within rather than from without an accepted pool is part of the problem, but more importantly, it leads to an incestuous stagnation of the "thought pool" from which to draw innovation.  Industries stagnate because they fail to cross-pollinate.

How does one introduce a new idea into a stagnate industry?  The first key is to identify the innovators.  However, when approaching them, one must be prepared to share risk and must also have a solid plan for measuring and quantifying results that will produce meaningful information to approach the next level of adoption.

One of the best ways to do this is with a money-back guarantee.  This is an inexpensive way to gain meaningful data.  It should never be given without gaining something in return -- expressly, the data needed to develop the product or, service further.  It demonstrates "belief" in what you are selling while gaining the "trial data" needed at a relatively low cost.

I guess you can tell where my mind is this morning....