Innovation - It's About Mindset

Over the last three weeks, if you are experiencing anything similar to what I have, it has not been easy. Covid19 is dynamically changing the world. How we work, educate our children, interact with others, and our plans over the next 18 months have all changed. Economists say we are in a recession. Companies are starting to reduce costs, people, and put everything on hold. There is hope this will all be over soon, but every day you hear another bad news story, and you have to wonder when. So what do you and your company do? 

You have two options: 1) Stop everything, save money, and put your innovation efforts on hold until it's over, or... 2) Focus on the new problems to be solved, consider how the fundamentals of your business have changed, and then innovate your way forward. 

So what are three things to think about as you refocus your efforts?

1) Help Your Customers

Do focus on the problems you are facing as a business, but don't forget about your customers. Over the next few days, observe the new challenges they are facing. What solutions can you develop to help solve their problems? Remember, it has always been easier to keep an existing customer than to get a new one. Pivot quickly to meet their short term pain points but keep in mind what we are going through will have a lasting impact on how everyone will behave in the future. So, build for that too.

2) Learn From Other Industries

What parts of your business have changed? Be honest with yourself. After this is over, will people still want what you offer the same way they did before? It can be challenging to identify what will change, so look to other industries. Just look at how sit-down restaurants have transformed themselves into drive-thrus. Will they go back to their old business model and stop the drive-thrus. Or are they here to stay? How can you adapt to what the new norm will be?

3) Speed is Critical and Your Friend

Now is the time to speed up, not slow down. If you have ideas, show consumers them as soon as you can. Cash-strapped markets are not kind to bad ideas. They create a rapid selection process to occur that decreases the amount of money spent on bad ideas. So learn how to test your ideas quickly. Think, what can I test tomorrow, not next week?