Spotting a market need is not enough. That need must also match a strategic need for the company. Otherwise your organization is not likely to support pursuing it. When you understand what your company needs and, more precisely, what the company recognizes it needs, you can focus your search for innovation more strategically.
You wouldn’t drill for oil or mine for diamonds by randomly picking a piece of land to which to apply your shovel. You would conduct some kind of survey to identify a site with a high probability of yielding something. You similarly risk wasting your time if you invest effort in looking for ideas in areas your company doesn’t view as important. You can dramatically improve your chances by directing your search in more fertile grounds, by seeking not just any idea your customers might want but also, of those possibilities, just the kinds of ideas your organization is likely to embrace.
So how do you maximize your chances of finding ideas that make sense for your company and the market? How do you know where to look?
In my book I outline several key dimensions of your organization’s strategy that you want to assess from your mission and vision to your strategic orientation, time-horizon, and investor goals. Marry these with an understanding of what the market needs and you will be on a rapid path toward a major innovation.
This worksheet walks you through a checklist of what to look for to calibrate your search more strategically.