A Down Economy Is a Great Time for Innovation
October 30, 2008 by beafields
By: Bea Fields
I believe that a down economy is one of the best times to enter into innovation, and in this day and age, innovation is not a “nice thing to have”…it is a requirement. This article will address the what, when, why, how and where of innovation.
What is Innovation?
• A new way of doing something
• An invention that becomes a new product or service
• A fresh perspective/new way of thinking
• A radical approach to an old problem
• A new way to deliver customer service
• A way of making something better/easier/faster
• Combining two dissimilar items to create more value for your customers
Why Innovate?
• To improve productivity
• To improve customer service
• To increase employee and customer retention
• To gain market share
• To save money
• To meet the expectations of a demanding market
Who Has Been Successful With Innovation?
• Apple: MP3s + MP3 Player
• Method: Cleaning Products + Green Movement
• Threadless: T-shirts + User Generated Content
• Jones Soda: Soda + Customization
• Hulu.com: NBC + Streaming Video
• Send a Ball: Balls + Greeting Cards
• Google: Internet Search + Retailing
When Is Innovation Needed?
During change:
• Generational changes
• Changes in the environment
• Technological advances
• World crises (health, disasters, terrorism)
• Tough economic times
• When customers are facing problems
How Do You Innovate? The Six Step Strategy For Problem Solving
1. Identify the problem
2. Analyze the problem
3. Brainstorm all possible solutions to the problem
4. Analyze the possible solutions
5. Choose the best solution possible
6. Write a plan of action for implementation
Innovation Tools
• Mind Mapping
• Dialogue/Masterminding
• Brainstorming Activities
• Environmental Design
• Use Artistic Activities
• Revive a Former Idea
• Surveys/Feasibility Studies
• Blogging
• Online Social Networks
• Online Forums
• Research and Development Teams
• DIGs (Distributed Innovation Groups) and EIGs (Enterprise Integration Groups)
http://MindJet.com
http://www.ideachampions.com/jump_start.shtml
http://www.VisualThesaurus.com
http://www.innovationtools.com/pdf/eyewire_cards.pdf
http://MindMeister.com
http://www.innovationtools.com
How to Mindmap
1. Identify the problem
2. Analyze the problem
3. Brainstorm all possible solutions to the problem (the mindmapping on butcher paper)
4. Analyze the possible solutions
5. Choose the best solution possible
6. Take the best solution possible, and ask the following questions
• How can we minimize this idea?
• How can we make this idea bigger?
• How can we combine this idea with something we are currently doing to come up with a new product or service?
• If we turn this idea upside down, what ideas come up?
• If we modify this idea just a pinch, what might we come up with?
• What have other people done with this idea?
• What would these people want to see with this idea: Scientist, Economist, Politician, Ballerina, Artist, Second Grader, Astronaut, Lawyer, Doctor, Television Producer
7. Now, take the ideas you have modified and come up with a solution
8. Write a plan of action for implementation
9. Now…execute your plan
[...] post, College Marketing on the Edge is a great primer. As is Bea Fields’ blog “A Down Economy is a Great Time for Innovation“. And here’s one way to start…post links to your innovations or ideas/websites [...]