Innovation Strategy and Commercialisation

Innovation is the cornerstone of technology and technical growth. But it isn’t ever easy. The usual gap is between Great Ideas and Commercial Ideas. While there are tons of ideas out there, which ones will make it to the competitive market, and then, which will survive ?The commercialization process requires careful planning to ensure that products meet market demands and gain traction. &Mine take the guesswork out of the Innovation Strategy and Commercialisation challenges with a pre-testing process.  The idea is simple; spend a little now to weed out all the possible problems that may eventuate, an ensure your overall play into market is aligned for success.

Innovation Strategy and Commercialisation is all about “The Market”

There is a huge landscape of digital communities and platforms which drive the awareness and take up of any new product or service. How well it lands and spreads in market is defined from the cost of acquiring a new user (or customer). This involves market research and analysis, pricing strategy, and strategic partnerships to optimize the product launch.This is part your product (or service) and how this interacts with the consumers and marketplace, part the communication (marketing strategy) and part the platform(s), channel and advertising strategy.  Some quick examples;

• What is the point in having a creative, cut-through campaign if your website is in shambles? At AndMine, we like to start by perfecting the end-to-end communication before we think about engaging potential customers.
• Is it necessary to be across every digital channel available? Obviously this comes back to your target audience, so lets look at social – just because you can do Instagram, Facebook, Snapchat and YouTube doesn’t always mean you have to (or should).
• If you use multiple platforms, how do you make them multiply your results ? Think of each platform or medium as a messaging multiplier. For example, the eDM can introduce a new product with a key feature or USP, the landing page might have additional features and pricing, then social media platforms might include an introductory offer or customer reviews. While each multiple has a different message, they have to halo each other, so the over-arching value proposition and communication is clear from any pathway.
• How do you meet your business plan or IM KPIs ? Numbers matter, more importantly results matter, and if you aren’t critical of what your commercial to-market costs and acquisitions costs are, you’re burying you head in the sand hoping for the best. Most of this can be pre-vetted, forecast and quickly tested to determine if you are on the right track for both online and offline pathways – data is king.  
• Encourage consumer generated content, why would you do all the work if you don’t have to? This comes down to great engagement, engagement which is often persuaded by customer satisfaction and targeted content.

What to know more and vet your idea, innovation or campaign? Talk to us about our Innovation Strategy and Commercialisation processes which review, confirm or help knock you back to the drawing board and tighten up your product development process to be more aligned with the target market, and less about the hype in your head. Understanding distribution channels, intellectual property (IP), and an effective commercialization strategy ensures that small businesses and enterprises alike can successfully transform innovative products to market.