How to price your products to maximize demand and profit and create a strong business strategy using the Predictive Innovation® with Flying Cars as an example
Yesterday I was told, “Innovation isn’t predictable. If it was predictable then they would already be doing it.” That statement shows why most people can’t innovate. Every assumption was wrong. Innovation is Predictable. Innovation MUST BE Predictable.
Innovation isn’t about new. Its about satisfying peoples unmet desires. Innovation doesn’t have to be new at all. And lots of new things don’t innovate. You must satisfy a desire. That is innovation.
As soon as you realize innovation is the act of satisfying someone’s unmet desire its obviously predictable. You can’t innovate doing the same thing. That doesn’t satisfy an unmet desire. So you automatically know a big don’t list. So you can find the innovation TO DO list.
Unmet desires are easy to find. Just ask, “What could make this better?” You will get a big list of possible improvements. And the designers, engineers and marketers knew a huge list of things they didn’t include in the current product. They chose the current features from a big list of possible features. They didn’t include every feature because some features like price and simplicity were needed. So before they ever made the current product they knew how to innovate it. They had a list of innovations.
So when you realize that Innovation is Predictable your next question is how do I predict the best innovation?
The reason 88% of ideas fail to make it to market is companies have no system to turn ideas into marketable innovations.
Even though 87% of CEOs list innovation as a Top 5 priority 78% of companies have NO INNOVATION SYSTEM.
Do you think it’s a coincidence that 88% of ideas fail to make it to market when 78% of companies lack any innovation system?
Innovations produce 300% larger return on investment than capital investments. You can clearly see why CEO’s list innovation as a top priority. Innovation is the best source of profits.
Why don’t more companies have an innovation system?