thought starters for thought leaders

by Matt Donahue

Innovation is a journey.

It begins when you realize the need for change in the market. It ends when your brand successfully incites, owns, and reaps the rewards of that change. So where do you start?

Well, first off… you need to know a few things. And after helping many clients embark on their respective innovation adventures, we’ve narrowed down the list to five essential “must-knows.”

Here’s the rundown…

Innovation Journey, Must-Know #1

Know where you’re headed.

The journey toward successful innovation starts with having a business-outcome in mind. For instance… do you want to increase margins? Differentiate against the competition? Become a leader on price? These goals will likely require different approaches—which, in turn, must be supported by different kinds of ideas.

Innovation Journey, Must-Know #2

Know yourself.

It seems obvious, but when you have a better understanding of your brand’s core equity, you have a better understanding of where/how far you can go (in terms of ideas and opportunities). Consider an internal audit, combined with competitor/consumer interviews, to get a solid grasp of precisely what makes your brand unique and relevant.

Innovation Journey, Must-Know #3

Know where you fit in.

With a renewed awareness of your core equities and capabilities, getting a sense of where you can (and should) compete is the next big step. Find out where the most attainable opportunities lie. Where does the competition fall short? Is there a clear need for new ideas and disruptive thinking? Do consumer insights lead to emerging opportunities… which brings us to the next step…

Innovation Journey, Must-Know #4

Know who you’re talking to.

Or—more specifically—who’s listening. Because every great idea deserves (and depends on) an eager, willing audience. Identify relevant segments and understand their tensions, tendencies, and pain points intimately. What are their passions, persuasions and predilections? What are their frustrations? Get a sense of how they express themselves—and how their preferred products and brands fit into that expression.

Innovation Journey, Must-Know #5

Know how to dream.

You’ve done the groundwork. You’ve got a plan in mind. Now, it’s time to put your imagination to work. Well, actually… imaginations. Yes, that’s plural. Because we’ve always found that the best ideas draw on diverse perspectives and experiences. As ideas merge, mature, and coalesce, a clearer vision of what constitutes a winning concept begins to emerge… helping you put success within reach.

Wherever you are on your innovation journey, Seed Strategy is here to help you take the next bold step. Let’s create what’s next—together.