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Customer experience strategy and innovation expert Woody Bendle is back today taking another swipe at big data with help in thinking through how to monetize it (vs. just parking it in the cloud and praying for rain). Here’s Woody!

Strategic Insight – Monetization Is the Real Big Data Dilemma – Woody Bendle

Unless you’ve been hiding under a rock for several years, you’re aware Big Data is a big topic! Just look at this Google Trends graph depicting search volume for “Big Data” the past five years.

Woody1

That’s one incredible upward trajectory wouldn’t you say!

But have you ever wondered why this topic is so hot right now?

In my opinion, we’re hearing so much about Big Data because of several related factors:

However, I feel the primary reason we continue to hear more about Big Data is due to very few companies actually realizing the purported Big Data promise – or what I call the Big Data monetization dilemma.

If you were to listen all of the sensational Big Data spiel out there, you’d have to believe that by simply having Big Data, your organization would automatically (almost magically) be smarter, faster (agile), more competitive, and ultimately, more profitable. And that’s just not the case.

What many organizations are quickly realizing is not all data are created equal.  Having a lot of this digital Big Data stuff being captured and stored doesn’t mean you can readily access it, analyze it, or provide useful answers to meaningful questions.

Unfortunately, this is the reality for most Big Data out there in the cloud today – much of it simply is not configured in a manner that allows for analysis. And, there really are no magical short cuts; there is a tried and true (but not necessarily easy) approach that will help you to realize its promise, however.

Three Strategic Questions for Monetizing Big Data

Just because storing your Big Data is relatively inexpensive doesn’t mean your Big Data strategy should be “Fire, Ready, Aim!” Have you heard anyone say something like this? “Let’s keep pumping all of our Big Data into the cloud and we’ll figure it out as we go.” If this is your approach, you will find monetizing your Big Data to be very costly!

If you expect to monetize your Big Data asset, there are three fundamental questions to continually ask, answer and address:

  1. What questions do I want/need my Big Data to answer?
  2. What types of analysis will be needed to answer our questions?
  3. How do our data need to be structured in order to perform the required analysis?

These questions might feel like a blinding flash of the obvious, but you’d be surprised by how few organizations actually start here.

By first defining the questions you want your Big Data to answer, it will be easier to determine the most appropriate type(s) of analysis your organization will need to perform – and there is a wide range of analytical complexity that can be employed (see below).

Woody2

Once you know the types of analyses you need (or want) to perform, it will be easier to define how best to structure your Big Data.

When performing statistical analysis in particular, your data need to be (or need to become) numbers that represent meaning or measure (structure).  This frankly is one of the biggest challenges with Big Data – most of it is typically unstructured (e.g., text comments, videos, website browsing streams, etc.).  While nearly all unstructured data can be transformed into structured data (numbers), it is really important to understand that not all numbers are created equal either (see below).

Woody3

Numbers can have very different meaning depending upon the level of measure they represent. Different types of measures are also better suited for different types of analyses. Given this, you can see why it is important that your Big Data are transformed (structured) in a very thoughtful and purposeful manner.

Will you monetize your big data?

My intention with this discussion was not to provide a detailed playbook for monetizing your Big Data. Rather it is to acknowledge the real and increasing challenges many are currently dealing with and offer insight for addressing some of the more fundamental problems.

As you start/revamp/update/overhaul your Big Data strategy, remember to ask, answer and address these foundational questions:

  1. What questions do I want/need my Big Data to answer?
  2. What types of analysis will be needed to answer our questions?
  3. How do our data need to be structured in order to perform the required analysis?

If you do, you can be sure that you moving your Big Data strategy in the right direction.  If you don’t, just keep in mind what happens when you try to stand on quicksand! –  Woody Bendle

 

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This new ebook features sixteen strategic thinking exercises to help you ideate, prioritize, and develop your best innovative growth ideas. Download this free, concise ebook to:

  • Identify your organization’s innovation profile
  • Learn and rapidly deploy effective strategic thinking exercises to spur innovation
  • Incorporate crowd sourced perspectives into your innovation strategy in smart ways

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There were many themes apparent in the Super Bowl advertising portfolio.

  • There was dad-dom (Nissan, Dove Men+Care).
  • There was overcoming-disability-dom (Microsoft, Nissan).
  • There was scantily-clad-dom (T-Mobile. Victoria’s Secret).
  • There was borrowing celebrity-dom. (Kia. Snickers. Wix).

Plenty of “doms” to go around.

The Crowd’s Creative Comes Out on Top in Super Bowl Advertising

Crash-The-Crowd-eBook

Download “Crash Course” at http://boomideanet.com/crash-the-crowd/

But the intriguing results from the night belong to Doritos and the creative crowd. According to Ace Metrix research “America voted for #WhenPigsFly from Doritos to be this year’s #TopSpot2015 #SB49 by scoring it higher than any of the other 2015 Doritos ads.”

Additionally, Doritos ranked in the top 5 a short time after the Super Bowl advertising wrapped up Sunday evening.

When all the Super Bowl advertising rankings are in, there may be another winner. The interesting thing here is that the spot crowdsourced by Doritos is in the running. Yes, it’s fan-based creative.

What Do You Know about Crowdsourcing Advertising?

While not every company is in a position to turn its brand over to its consumers, the Doritos fan crowd demonstrates there is bona fide creative power in the crowd.

In light of this, if your CEO is asking you, “Should we be doing this crowdsourcing thing?” you’ll want answers.

We can help you with answers.

We can help you decide if a crowd can work for your brand. And suggest how you can test the crowdsourcing waters.

Visit this link and download our free eBook about “Everything You Need To Know About Crowdsourcing Before Your CEO Asks.”

Boom-Ideanet-Download

It might just come in handy!  – Steve Wood, Boom Ideanet

 

Mike Brown

Founder of The Brainzooming Group, and an expert on strategy, creativity, and innovation. Mike is a frequent speaker on innovation, strategic thinking, and social media.

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Amid the Super Bowl advertising hype, one theme receiving significant attention the past few years is the concept of crowdsourced advertising. At a surface level, crowdsourcing advertising seems to engage a broader audience, break the creative chokehold of advertising agencies, and cost less. The question is, are any of those presumptions about crowdsourcing advertising true?

With that question in mind, I’m excited to introduce Steve Wood of Boom Ideanet to the Brainzooming blog. Steve provides an insider’s perspective AND is introducing a new eBook on crowdsourcing advertising today. 

You can download the FREE eBook right here or at the bottom of Steve’s guest post and be ready with smart answers and strategies on crowdsourcing advertising when your CEO comes knocking with the idea to crowdsource your next advertising campaign.

Boom-Ideanet-Download

Crash Course – Everything You Need to Know About Crowdsourcing Advertising – Before Your CEO Asks by Steve Wood

Crash-The-Crowd-eBookThis weekend, it’s the Super Bowl® and The Ad Bowl, all wrapped up in one super-hyped package of anticipation. Regardless of how the game goes, the Super Bowl advertising will stir attention and conversation. Doritos®’ “Crash the SuperBowl” campaign will be part of the conversation, in particular because it is crowdsourced. And Doritos is not alone. Lincoln, Coca-Cola, Pepsi, Pizza-Hut and others are spinning crowdsourcing, too.

So how does Doritos use a crowd to make its Super Bowl advertising?

Frito-Lay® invests a great deal of time, money and operational structure to mobilize its fan base.

Beginning in 2006, Doritos established a contest for a “fan-made” commercial. They used advertising and other channels to assemble the crowd, which is renewed each year. Crowd members are self-selected. Fans invest in an idea and a finished video. A secondary crowd of voters determines how far an idea goes in the contest.

In year nine, “Crash the Super Bowl” is far more a marketing strategy than a creative strategy. The brand likely spends as much assembling each contest’s crowd as they do airing the winning-spot. They  are promoting participation in 29 countries, hosting a website, polling and paying out prize money and benefits totaling over $1M for 30 finalists.

Is this the only way to approach crowdsourcing advertising?

Chances are your company doesn’t have those kinds of resources to apply to one advertising event. You think, “Our company will never do a Super Bowl spot. Maybe it works for Doritos, but how could it work for my brand, or retailers, even B2B companies?” Can crowdsourcing advertising really produce useful results? Is it more trouble than it’s worth? Why would I share my business challenges with a bunch of people we don’t even know? All good questions.

So on the Monday morning after the Super Bowl your CEO will likely ask, “What is this crowdsourcing thing?

Are you prepared to respond?

To get you ready to steer the CEO toward a smart strategy, we’re sharing “Everything You Need to Know About Crowdsourced Advertising Before Your CEO Asks.”

Boom-Ideanet-Download

While Doritos has been tapping the crowd one way for years, it’s still anyone’s game out there in crowdsourcing country.

Read the paper. Be the MVP. And at least be ready to play when your CEO asks, “Should we be using “the crowd?” We say Yes! – Steve Wood, Boom Ideanet

 

 

Mike Brown

Founder of The Brainzooming Group, and an expert on strategy, creativity, and innovation. Mike is a frequent speaker on innovation, strategic thinking, and social media.

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It’s the first post of 2015 from customer experience strategy and innovation expert Woody Bendle. Today, Woody takes on performance metrics and a strategic look at how the measures you use with dramatically new and different strategies need to also be dramatically new and different themselves. Here’s Woody!

Performance Metrics – What Gets Measured? by Woody Bendle

woody-bendleWe’ve all heard the axiom, “What gets measured gets _________.

You can fill in the blank: done, fixed, improved, managed.

The point is if you want to accomplish (fix, improve, manage) something, you need to:

  • Have some idea about the desired outcome you’re seeking (vision or objective)
  • Establish an identifiable target – or series of targets (goals)
  • Do things that help you move toward the goals and desired outcome (activities and processes)
  • Have ways to determine if you are making progress toward achieving your identifiable target(s) and/or desired outcome (measures)

If you’ve spent any time in the business world, you know there is certainly no lack of performance metrics (or measures) for determining how a business or unit is performing and whether or not you are making progress toward your desired goals or objectives.

Most of these performance metrics – or “Key Performance Indicators,” aka KPI – are tried and true and have been around for decades.  And, many businesses have achieved success by adopting standard measures and employing well-known programs, processes and procedures for collecting, reporting, and monitoring activities and progress.

The more familiar or standard your desired outcome (or end state), the easier it is to be successful by employing standard activities, processes and measures.  But if your desired end state is very different from your current state, it is highly unlikely that standard activities, processes, and measures will suffice.  If you want to be very different, you need to do things very differently and you probably also need very different measures (or metrics) to get you there.

To help make my point, let’s take a look at these four illustrative “current state / end state” scenarios.

Woody-current-end-state

The current state, represented by the yellow “Here” circle, is identical for scenarios A through D but the end state varies in how different it is from the original yellow circle.

Scenario A is understandable for many in business. The end state here is basically the same as we currently are, but bigger.  In the business world this might be analogous to growing by selling more of our existing products to existing customers or to new customers in new territories.

Scenario B also isn’t much of a stretch. The end state remains a circle, gets a little bigger, and becomes a little more different by  doing something different (i.e., adding blue) to turn the circle green. In business, this may be growing by adding a new product line and selling more to new and existing customers.

Scenario C is clearly a different end state. The end state is bigger, changed color, completely changed shape, and added a new dimension.  The business analogy might be a combination of Scenario B as well as an acquisition of a business either up or downstream in the value chain and/or possibly even another totally unrelated business.

For Scenarios A-C, there are thousands of real world examples (or business cases) managers can leverage for how an organization can get from here to there.  These suggest the types of things you need to do, and what the types of measures you need to employ in order to monitor and ensure your progress.

For Scenario D, however, all bets are off.

In Scenario D the desired end-state is frankly something that bears no resemblance to the current state. Think Apple Computers in the 1980s vs. the Apple we know today.  Scenario D’s end state looks pretty unique, complex, hard to describe and quite possibly, very difficult to duplicate.  Scenario D is actually illustrative of the types of conversations occurring at many companies today with business model innovation or business transformation.

To achieve the transformative end state in Scenario D, you will likely have to do many things very very differently.  And, you will also likely need to create and utilize completely different measures or performance metrics to help get you there.

So yes, what gets measured gets done, fixed, improved, managed, and possibly changed.  But allow me to modify the oft mis-attributed Einstein quote on insanity:

“If you are expecting to achieve radical transformational results by employing (or tweaking) existing processes, procedures, measures or metrics, you’re completely nuts!   

If your desire is to transform your business or organization, do yourself, your shareholders and your entire organization a favor. Clearly envision, define and articulate:

  • Where / what you want to be
  • All the possible paths you might take to get there
  • How long it might take to arrive at different points along the path
  • What you need to do to know if you are making progress, and if you are nearing your desired end state

If you are having a hard time getting started with this, I’m betting Mike and the folks of The Brainzooming Group have well over 100 articles that can help you out! – Woody Bendle

 

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Download: FREE Innovation Strategic Thinking Fake Book

Brainzooming Outside-In Innovation Strategic Thinking Tools eBookAre you making the best use of customer input and market insights to deliver innovation and growth? Creating successful, innovative new products and services has never been more dependent on tapping perspectives from outside your organization.

This new ebook features sixteen strategic thinking exercises to help you ideate, prioritize, and develop your best innovative growth ideas. Download this free, concise ebook to:

  • Identify your organization’s innovation profile
  • Learn and rapidly deploy effective strategic thinking exercises to spur innovation
  • Incorporate crowd sourced perspectives into your innovation strategy in smart ways

Download this FREE ebook to turn ideas into actionable innovation strategies to drive your organization’s growth.


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AEIB-GraphicAs we do occasionally, we’re featuring an excerpt today from the Armada Corporate Intelligence publication,  “Inside the Executive Suite.” This article was about succession planning best practices IF your organization has no formal succession planning and a team member resigns.

Based on surveys suggesting many organizations lack formal succession planning or don’t follow it closely, their informal strategy for succession planning best practices is a good stop gap. This is especially true early in the year when some people resign after staying around long enough to qualify for year-end bonuses.

These four quick steps for an informal strategy for succession planning could be just what you need to do this week!

Succession Planning Best Practices – 4 Quick Steps for an Informal Strategy

(From Armada Corporate Intelligence – “Inside the Executive Suite”)

Based on the particular survey you find in a quick online search, perhaps 1/3 of organizations don’t have succession planning in place – although the number could be much higher, or slightly lower!

Suffice it to say, even if succession planning is completed, the same surveys report many organizations don’t employ the individuals they would need to implement the succession plans they have.

This absence of succession planning best practices can be a particular issue right after the New Year. Employees that have stuck around only to satisfy the date for an annual bonus often turn in their resignations immediately afterward. Seeing this happen many times, it’s worthwhile to share these steps to take right now, just in case you lack succession plans.

090724-Computer-on-Desk

1. Start your informal succession planning by compiling a very short list of employees you’ll fight to keep

If you do nothing else toward succession planning before January 1, decide which employees you’d make a concerted effort to keep should they announce they are departing.

We recommend making a VERY short list because when most people resign, they have made a mental break they’ll never completely mend – even if they stay because you countered successfully. As a result, the only names on the list should be those absolutely critical to current operations or whose specialized knowledge or expertise would leave a gaping hole.

Also jot down names of employees you’d be happy to see leave, should they do so. Everyone else falls into the, “Not looking to lose them, but it might happen” category.

With this list, you’re in a much better position to implement step 2 if someone announces he or she is leaving.

2. If someone resigns, stay calm, ask questions, and listen

Suppose, it’s January 2nd or February 1st (or whatever date after which bonuses are set) and a key employee resigns. You need to stay calm since this is your opportunity to ask smart questions and listen intently. If the person resigning is on your “fight to keep” list, ask:

  • Are you willing to reconsider?
  • Have you thought about what might make you reconsider?
  • What timing commitments have you made to the new organization?

Understanding these answers begins framing your response for an employee you’re trying to keep since you should have a better idea of what a counter-offer will have to include.

Even for employees on the “not looking to lose them” list, however, asking the last question leads to Step 3

3. Negotiate more transition time if you think it is valuable

For employees not on your “fight to keep” list you’d like in place longer than the two weeks typically offered as a transition period, ask what types of flexibility they have to alter start dates with new employers.

If you think an individual would handle a longer transition period in a constructive, productive way, you may want to negotiate for three or four weeks instead of two. In so doing, you’re not trying to keep them for an extended period; you are, however, trying to buy more time to advance your succession planning and implementation.

4. Find a confidant to vent, then use alone time to think and plan

After asking questions and listening, conclude your meeting. Then go ahead and vent, if you need to do that. Contact a confidant to vent privately without concern for your venting getting back to the office. If you’re frustrated, apprehensive, or even excited, none of these are appropriate emotions to display publicly. Get them out, and return to your calm state quickly.

At that point, begin thinking about what moves you could make to replace the person leaving from among internal candidates. Even if you don’t have someone completely prepared for the job, do you have someone ready for an opportunity that challenges them in dramatically different or more significant ways? If so, there might be no better time to grow them than through stepping into a much bigger role.

Are you ready for people changes with an informal strategy for succession planning?

These steps certainly don’t constitute a full succession planning strategy. If you don’t have one, however, it’s a solid checklist to work through should any staff members announce their departures after the first of the year. – Armada Corporate Intelligence

 

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If you’re facing a challenging organizational situation and are struggling to maintain forward progress because of it, The Brainzooming Group can provide a strategic sounding-board for you. We will apply our strategic thinking and implementation tools on a one-on-one basis to help you create greater organizational success. Email us at info@brainzooming.com or call 816-509-5320 to learn how we can help you figure out how to work around your organizational challenges.


 

 

 

Mike Brown

Founder of The Brainzooming Group, and an expert on strategy, creativity, and innovation. Mike is a frequent speaker on innovation, strategic thinking, and social media.

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It’s fantastic to have Woody Bendle back on the Brainzooming blog after too long away with an admonition to consider going opposite with your new product innovation strategy. Here’s Woody! 

New Product Innovation Strategy – Go Opposite by Woody Bendle

If you are a student or practitioner of new product innovation strategy, you are undoubtedly familiar with the “Go Opposite” strategy.  If you are neither however, the Go Opposite new product innovation strategy is a specific example of an innovation technique sometimes called “Challenge Existing Conventions” that seeks innovation opportunities by going after sacred cows – or purposefully diverging from the herd.

I have recently come across a terrific example that really drives home the Go Opposite new product innovation strategy in running shoes. Consider this depiction of 40 years of running shoes:

Running-Shoe-Trends

From the 1970s through the late 2000s, the prevailing trend in running shoes was the evolution and advancement of materials and technologies.  Shoes became more constructed with better out and midsoles that were designed for runners with different gates and foot-strike patterns.

In 2009, Christopher MacDougall’s book Born to Run (affiliate link) unleashed the “Go Opposite” trend of minimalism and for the next five or so years, nearly every running shoe company introduced an array of minimalism innovations that were designed to emulate the feeling of being barefoot – without actually being barefoot.

Right about the same time as the release of Born to Run, a completely different type of running shoe company started up called Hoka One One.  Rather than following the prevailing trend of minimalism, Hoka (affiliate link) innovated by Going Opposite and produced running shoes with maximal cushioning.  And, for going opposite when it comes to its new product innovation strategy, they have been rewarded with a ton of awards and accolades.

Regardless of the market that you happen to compete in, it is always important to understand the prevailing trends driving your industry.  But just remember, chasing the prevailing trend is usually a pretty crowded space and some terrific innovative opportunities regularly exist by exploring the opposite direction! – Woody Bendle

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Brainzooming Outside-In Innovation Strategic Thinking Tools eBookAre you making the best use of customer input and market insights to deliver innovation and growth? Creating successful, innovative new products and services has never been more dependent on tapping perspectives from outside your organization.

This new ebook features sixteen strategic thinking exercises to help you ideate, prioritize, and develop your best innovative growth ideas. Download this free, concise ebook to:

  • Identify your organization’s innovation profile
  • Learn and rapidly deploy effective strategic thinking exercises to spur innovation
  • Incorporate crowd sourced perspectives into your innovation strategy in smart ways

Download this FREE ebook to turn ideas into actionable innovation strategies to drive your organization’s growth.


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Today’s Brainzooming article is courtesy of our friends at Armada Corporate Intelligence and their weekly “Inside the Executive Suite” feature.

Last week’s article highlighted a Fast Company story on Oreo, its global head of media, Bonin Bough, and the Oreo transformation as a brand that’s more than a century old. “Inside the Executive Suite” featured five strategic thinking lessons from the story to highlight innovation opportunities for any well-established brand. 

Strategic Thinking Lessons – Keeping Your Company Fresh via Armada Corporate Intelligence

1. Start innovating with what “can’t” change

AEIB-GraphicAt Oreo (AO): An advertising executive previously on the Oreo account reports, “Every (Oreo) commercial had to have two generations of people . . . over a cookie and a glass of milk” leading to a feel-good experience. After thirty years of the same ad, the brand now describes its marketing approach as coming “from the side and-boom!” That translates to reaching consumers in dramatically different ways and well beyond the brand’s traditional TV advertising.

For Your Brand (FYB): When modernizing a tired brand, don’t rope off a list of people, processes, and other elements to protect them from change. Instead, start by addressing the things you might be tempted to put on a protected list. We use a strategy-setting exercise that asks participants to list everything integral to a stale brand’s characteristics and market position. The group then classifies each item on how aggressively management should consider changing it. With the exercise’s built-in bias to leave very few “sacred cows” at the conclusion, it is a valuable technique to get management to address difficult, but positive change opportunities.

2. Generalize your organization and discover new possibilities

AO: The familiar way to eat an Oreo (as celebrated in decades of ads) is to twist, lick, and dunk it in milk. That verbal threesome sounded to Bough like the title of the popular video game, “Slam Dunk King.” As a result, Oreo worked with the game’s creator to develop an Oreo-centric game called Twist, Lick, Dunk. It was a top game in 15 countries and turned a profit through outside advertisers participating.

FYB: We employ a question-based exercise to help management teams generalize organizational activities and identify comparable situations for inspiration. It involves asking, “How does our business _____ like _____?” The first blank is filled with sense words (feel, look, sound, smell) and goal words (accomplish, serve audiences, communicate), among others. Just a few rounds of this exercise generate an ample list of innovation-inducing comparisons to fill the question’s second blank.

3. Watch Customers for Ideas

AO: One Oreo fan posted a video demonstrating how to dunk an Oreo without getting milk on your fingers. Oreo’s digital agency used that inspiration for a series of short videos on how to “hack” an Oreo. This included using Oreos in new ways (frozen in milk as an iced coffee addition) or as a cooking ingredient (breading for fried chicken). Coincidentally, we saw a photo recently of Oreos baked inside chocolate chip cookies.

FYB: Do you REALLY understand how customers use your product or service? Ask customers what types of hacks they use to get your product to work better, and ask employees what customer-precipitated work-arounds they see, deal with, or enable. This is a valuable line of questions to identify innovation opportunities to increase your value to customers.

4. Look for radically different parties targeting your customers

AO: Oreo realized that as an impulse item at grocery and convenience stores, it faced new competition. Rather than snack products, Oreo was competing against online games and apps, both for attention (since people are focusing on mobile devices instead of snack items while standing in line) and for available dollars spent on online games. This insight helped precipitate the headlong Oreo dive into digital.

FYB: Any company thinking its competition all looks like it does is wildly mistaken. We encourage executives to focus on the benefits their brands provide. They can then identify other, often very different brands delivering comparable benefits. The Oreo example also suggests examining what else customers may be doing with the time, attention, and resources that have typically led them to buy from your company. You can also explore how other brands, in or out of your market, are inserting themselves and disrupting traditional buying processes.

5. Figure out metrics before you innovate

AO: The Fast Company article underscores the troublesome inability for Oreo to link its digital activities to business results. While Oreo has experienced revenue increases, these are attributed to expansion into new Asian markets, not more tweets turning into sales.

FYB: When innovating, developing metrics must be closely integrated with developing the innovation strategy. Tackling metrics early helps identify gaps while there is still time to adapt strategies to ensure collecting relevant data throughout the innovation process. All the metrics, however, may not be quantitative. As you implement innovation initiatives, you should accumulate a mix of metrics that are:

  • Activity-based (i.e., “We’ve done this many”)
  • Indicative of early reactions (i.e., “We see this many more customers inquiring about the product”)
  • Business return-based (i.e., “We see this increase in sales revenue”)

Planning for varied metrics at the start helps set expectations within the management team for key progress indicators. – Armada Corporate Intelligence

 

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Download the free ebook, “Taking the NO Out of InNOvation” to help you generate fantastic creative thinking and ideas! For an organizational innovation success boost, contact The Brainzooming Group to help your team be more successful by rapidly expanding strategic options and creating innovative plans to efficiently implement. Email us at info@brainzooming.com or call us at 816-509-5320 to learn how we can deliver these benefits for you.

Mike Brown

Founder of The Brainzooming Group, and an expert on strategy, creativity, and innovation. Mike is a frequent speaker on innovation, strategic thinking, and social media.

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