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by hives.co
Innovation is about coming up with new and creative ideas that can help a business grow and succeed. Some people think that having lots of ideas is really important, while others say it's not. But the truth is that having lots of different ideas can help a business come up with really great and innovative solutions to problems.
If you're trying to be innovative, it's important to figure out which ideas are the best ones to pursue. There are lots of different ways to do this, but here are four methods that can help:
Three Lenses of Innovation
This method suggests that an idea should be looked at from three different angles before deciding whether to pursue it: desirability, feasibility, and viability. Desirability refers to whether the idea addresses a real customer need or desire. Feasibility refers to whether the idea can actually be implemented with the available resources and technology. Viability refers to whether the idea can generate sustainable revenue or profit.
By examining an idea from all three perspectives, you can get a better understanding of whether it's worth pursuing.
Urgency vs. Business Value
This method involves creating a matrix with two axes: urgency and business value. You give each idea a score based on how urgent it is and how much value it will bring to the business. Urgency refers to how quickly the idea needs to be implemented to address a pressing problem or opportunity. Business value refers to how much revenue or cost savings the idea could generate for the company. The matrix helps you prioritize ideas that are both urgent and valuable.
Idea Question Checklist
This is a list of questions you can ask about an idea to help you figure out if it's a good one. The questions may vary depending on the company and the situation, but they generally cover areas such as the problem the idea solves, the target market, the competitive landscape, the cost and resources required to implement the idea, and the potential revenue or other benefits. The checklist helps you think through the details of the idea and identify potential issues or challenges.
ATAR-method
This is a way to figure out if there is a market for the idea. It stands for Awareness, Trial, Availability, and Repeat. The idea is evaluated based on how many people are aware of it, how many are willing to try it, how easy it is to access, and how likely people are to continue using it or buying it again. This method helps you understand whether there is a market for the idea and how much potential demand there is for it.
There's no one right way to evaluate ideas, but using one or more of these methods can help you figure out which ideas are the best ones to pursue.
How to Choose the Right Method
When you have a lot of ideas, it can be hard to figure out which method is the best. But there are different ways to decide which ideas to focus on. And some ways might work better for you than others.
If you're just starting, choose a method that you understand and can explain to your team. That way, you can work together easily. You can also try one method on some ideas to see how it works before you spend too much time on it.
If you have more experience, you can use different methods at different stages of an idea. For example, you can start with the Three Lenses of Innovation method to see if the idea is good. Then, you can use the ATAR method to see if there's a market for the idea. Finally, you can use the Urgency vs. Business Value method to decide which ideas are most important.
No matter which method you choose, make sure to follow each method and its steps.
And, lastly…
Don't worry if you have a lot of ideas. It's okay! To find great ideas, you need to have a lot of them. Listen to ideas from different people, but use the right way to manage and evaluate them.
Make sure the ideas you are working on solve real problems. Don't worry about the little details yet. Take it one step at a time.