The Innovation Workout: The 10 tried-and-tested steps that will build your creativity and innovation skills by Lucy Gower

Author:Lucy Gower
Language: eng
Format: mobi
ISBN: 9781292085043
Publisher: Pearson Education Limited
Published: 2015-10-05T14:00:00+00:00

Innovation adoption lifecycle

Once you launch your product it will take time to gain traction. A typical innovation adoption lifecycle looks like this.

New products require time for adoption, since they usually require customers to become aware of the product and recognise its value. Usually there is a need by customers to test the concept, or see others test the concept, before the majority acquires the product. This is what author Geoffrey Moore called ‘Crossing the chasm10’. This means your first adopters aren’t the majority, and it will take a little time even for a good idea to enter the consciousness of the marketplace. So it can be difficult to assess whether your innovation has been successful for some time. Many consumer goods manufacturers for example give a product 6–9 months before making a decision whether to continue developing or to pull it. You must manage these expectations internally through good communication and relationships with everyone involved.

Continuous product development

Getting the product to market is a big achievement but you can’t sit back and relax. You have to continually monitor your product performance and the marketplace. You need to keep up all the customer and market insight testing, evaluating and adapting habits that you used to develop your idea initially.

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