Debunking Eureka Moments: Why Businesses Need More Than Just A Big Idea
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Every industry's innovation is sparked by eureka moments. Eureka moments lead to the creation of solutions to existing problems through recognition of new opportunities in every niche. However, businesses need more than eureka moments to sustain the innovations and growth. Businesses need to bring in new and fresh ideas with product and service offerings to enhance consumer needs and experience.
Online retail has spoilt consumers for choices even more than past. Having a differentiated product or messaging or packaging or value gives it an edge over others. Ideas, products or services are largely commoditized and unless there is a deep value associated to such ideas, they are usually not tenable.
Eureka moments do not guarantee commercial success for a company. A clear illustration of this according to recent studies is Canada's innovation deficit. Ultimately, it is the consumers’ acceptability and “buyability” of the idea that determines product success. Businesses should test and screen their new product to determine if it bridges the gap between the existing offerings in the market and their needs.
Moreover, it is the authenticity of the idea and the execution of the belief that determines company’s success. A lot depends on the execution and the team’s conviction of the idea. Organizations need to put in structured effort and sometimes a lot more finances in the belief untill it reaches a stage of acceptance and stability in the market.
Sometimes the innovator of the idea pushes too hard to sell it to employees and later consumers without seeing the cultural and ethos fit. Overconfidence and failure to consider company’s expertise are common limitations for most eureka moments.
Secondly, business people often get customer feedback and ignore it. They are steadfast believers that their idea is unique and correct. This belief is a misinterpretation of customers' feedback as "early uniqueness pains." Listening to criticism, and polishing up is best alternative if you seek industry success.
Creating a right environment for eureka moments
Eureka moments do not often happen. It is, however, possible to create an environment that can ignite them. Businesses need to adopt the open communication model to succeed. Generation of ideas and decision making should not be assigned to a few people. Consumer insights also contribute to business growth if acted upon.
Developing an insight or design thinking tools creates a platform for you to interact with and understand customers. Most people think only about the current problems without considering if the solution will be viable in the future. Make an observation about current trends and think from a future perspective. Incorporating future expectations for current problems will help to create a long lasting solution.
Creating eureka moments requires you to think beyond the familiar solutions. It does not have to be a complex idea. Try solving problems from a new perspective, and you might get your aha-moment.