Blog Category: Innovation

Are you exploring… or just reading a map?

238-Reading-Map

Both activities involve movement, but only one lets you get lost for a while so you can see what others have missed. When you develop new products based on sales reports and “validating” your ideas with customers, you’re just map-reading. Put yourself in a position to be amazed by new scenery in customers’ worlds. You’ll need to get comfortable off the beaten path… but you don’t want to go where anything is ‘beaten’ anyway, right?

More in e-book, Leader’s Guide to B2B Organic Growth (Lesson 15)

Is it time to supplement your Vitality Index metric?

237-Measure-Innovation

Keep using the vitality index… new product revenue as % of total revenue. But understand three limitations: 1) It’s not predictive; it only tells you what has already happened. 2) It’s not prescriptive; it doesn’t suggest how to improve. 3) It’s not precise; is it a new product if we just change its color? Supplement the vitality index with 2 newer metrics: Growth Driver Index (GDI), and Commercial Confidence Index (CCI).

More in Leader’s Guide Videos Lesson 29, Employ leading growth metrics

No one steps on a landmine they can see

235-Landmines

A project landmine is something that blows up budgets, schedule and reputations. No one steps on one they can see. So why don’t we look for them harder and earlier in a project life? Because we’ve been conditioned to think that killing our project equates to failure. Instead, we should identify areas of uncertainty as early as possible. Celebrate when you kill your own project swiftly… and celebrate when you try hard and are unable to kill it.

View video, De-risking Transformational Projects

Employ leading growth metrics

The vitality index—percent of sales from new products—is a metric you should keep using. But it’s not predictive, prescriptive or precise. Consider 2 leading-indicator metrics from The AIM Institute: The Commercial Confidence Index (CCI), and the Growth Driver Index (GDI)… both quite easy to run.

Use this free diagnostic to find out your CCI and GDI, and benchmark your growth capabilities.

A good innovation metric should satisfy 4 criteria

232-Metrics

1) It should be leading: Doing more of this will result in growth. 2) It should be actionable: Our employees can make this happen. 3) It should be benchmarkable: We can compare year-over-year and to our peers. 4) It should be high impact: If we improve these things, it will significantly impact growth. These two metrics pass all four tests: The Growth Driver Index (GDI) and the Commercial Confidence Index (CCI).

More in article, Beyond the Vitality Index: Two Metrics to Truly Assess Innovation Potential

Study your industry’s future

Ignoring your future is a bad idea for 3 reasons. First, foresight wins battles… so compete for industry foresight, capability-building and then market share. Second, see why the future is more knowable than most realize. Third, you want to be the disruptor, not disruptee. Consider Amazon, Uber, and Apple.

Get your set of Future Scenes Trend Sheets now.

Pursue transformational projects

Successful companies reap huge financial reward from bold, transformation projects. They probably approach them differently than you do today. Consider this 5-step process to safely and rationally process all the potential “landmines” that could otherwise blow up budgets, schedules, and reputations.

Learn more about project de-risking.

Why are you sprinting… when you’re in a marathon?

228-Sprinting

If you expect your business to be around in 10 years, why are you focusing so much of your energy on this quarter? Especially since less than 10% of your company’s stock value comes from current earnings… while the rest comes from the market’s expectations of your future earnings. Sure, this is what most leaders focus on… but not leaders like Jeff Bezos or Steve Jobs.

More in article, The Inputs to Innovation for B2B