Revealing Emerging Expectations, the most important step of innovation.
Emerging expectations are the things customers will start to demand next. These are features, benefits, and values current products are missing but customers haven’t started demanding yet. When customers realize these desires can be met they will demand it from all future products. It’s essential to have something ready when that happens or you will lose customers.
Working on things customers are already asking for puts you in a race with others. If you try to meet existing desires you are in a race against time. Even if you make it to market first, your advantage will quickly disappear. Others will develop competing products, if they haven’t already been working on them. If you don’t have the next product ready your innovation will be overwhelmed with copycats that make improvements on your design.
Revealing emerging expectations allows you to work two steps ahead so you always have the next great thing perfected and ready to release when the demand is strongest and profits are greatest. Plus if you can accurately predict the future innovations you will be able to overwhelm competitors with improvements faster and with less expense than they can copy you. You get ahead, stay ahead, and increase your lead.
Just because you can make it doesn’t mean customers will want it. To get the best return on investment you need to choose the innovations customers will do anything to get. And even if it’s something customers want it doesn’t mean its right for you to sell. So the innovation system you use must reveal a large selection emerging expectations, preferably all, and provide a way for you to compare and rank them in order of value to you.
Many people can think of pie in the sky “futuristic” products. Science fiction is full of those types of ideas. Some of those sci-fi products actually do become real products and are successful. The question is, when? Absolutely predicting the future is impossible but understanding the land marks to watch for gives you the information to plan your actions. If a new product depends on other developments then you should wait for those to be released before releasing yours. You can have everything ready to go and jump into the market at the exact right time. You maximize profits and minimize risk. A complete innovation system shows you those land marks with enough lead time to act.
Revealing the emerging expectations is what makes the OutCompete Predictive Innovation Method predictive and not just another feel good innovation system. The way it does this is by using certain laws of systems that apply to every system. Understanding that every system must follow certain laws allows you to see which things will become “must have innovations” and the order it will occur.
How to Predict Future Innovation
When I first started writing this I titled it “How to Predict Future Inventions.” I changed that because inventions don’t really change the world. People have invented thousands of silly things that didn’t and shouldn’t have caught on. Innovation is more than invention. Innovation is satisfying a need or want. Innovation has a human element and the engineering element.
To predict future innovations first figure out what people will want then design ways to satisfy those needs and desires. I hear you saying, “Well, duh! We already do marketing research and have lots of engineers & designers working on new products.”
Notice I didn’t say what people currently want. In the past it might have been good enough to supply current demand but everything is moving so quickly today that by the time you deliver on current demands someone else will have likely already done it and the need is satisfied or the market is so changed that your product has a hard time getting traction.
You might also say, “If I could predict a future innovation I would patent it and be rich.” Well, in future articles I’ll explain why patents often aren’t the correct approach; but, for now, would you like me to give you a patentable future innovation?
People always want more, faster and with less hassle. Until they have the ultimate, their desires steadily progress to the next level of more. If you want to predict future innovations first describe the ultimate.
Since iPods are popular these days and seem to be a big innovation I’ll give you the ultimate innovation on the iPod. First what is an iPod? It’s a way to listen to music. There is nothing new about listening to music. People have been listening to music since the beginning of time. What is the ultimate in listening to music?
The ultimate of anything is,
- What I want
- When I want
- How I want
- Where I want
- Who I want it with, for, or from.
Anything that matches all 5 ultimate desires for a particular want, such as listening to music, is the direction all future innovations for that product will head. So that means we can predict the final innovation. Predicting an innovation between now and the then is just a matter of applying current technology to better satisfy one of the 5 ultimate desires.
Are you starting to see how predicting future innovation is possible? Let’s look at the example of listening to music to help bring it into focus and to reveal that patentable future innovation.
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Predictive Innovation: Core Skills Book
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