The boxer Mike Tyson once famously said:
Everybody has a plan before they get punched in the mouth!
While the original quote from 1987 was actually “Everybody has plans until they get hit for the first time.”, the sentiment also applies to innovation projects.
Companies often create elaborate plans for what their projects are supposed to achieve once they are released.
They might even plan growth projections based on scenarios of customer update and viral growth.
It all looks so well structured in the pitch decks and excel models.
And then…
The market hits back.
plan vs reality
In innovation, there is no way of knowing exactly how the market will react to your product once they finally see it.
In fact, I can guarantee that the reaction will not be exactly how you planned it.
After all, most innovation projects fail.
Even more importantly, the time and effort in the innovation project before the market ever sees the results will also not run as planned.
So it is even more important to move away from detailed waterfall project plans, and towards a way of working where you are constantly validating your assumptions through experiments.
This more agile way of working will allow you to adjust faster and cheaper, and help you overcome the hurdles which inevitably come your way.
After all, it is better to feel a lot of small taps on the chin, rather than feel the full force of a Mike Tyson-sized knockout punch if you wait until you launch to the market.
Nick Skillicorn
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Great post Nick! You really got me thinking about how innovation launch plans but-up against Mintzberg’s 5 P’s of strategic vision (Plan, Pattern, Position, Perspective, and Ploy). Just proves the best laid plans more response patterns to internal/external forces that you can only see in the rear view mirror.
Cheers-
Dr. Andrew Pilon
@eyetechguru
Thank you for sharing the insights.
I believe it is not easy to be successful in the market. It takes the right product, at the right time, with the right pricing, for the right audience, in the right place, with the right promotion. In order for an innovation plan to succeed, all of these factors need to be in place. There will always be challenges, such as competitors and consumer relations, and the challenge of promoting it to the right audience. The innovator needs to consider how to maintain a competitive advantage, in order for the product to have a successful market launch. They also need to consider when to make their product available.
Rgds,
Shiv