Everyone wants to sell their ideas. However, not many know what ideas can be transformed into viable products or solutions that will generate revenue for the company. When we speak with business owners about the main problems they have in expanding sales, we often hear one concern: how to make an innovation viable and how to sell it to the customers who want it. But, in practice, are we selling innovation or otherwise? Innovation drives revolutionary change, whether in goods, processes, business models, or other areas.
It is critical to fully comprehend who the organizations are delivering innovations. The value proposition should reflect the company's goal, amount of risk aversion, and more importantly how the innovation is being sold. Innovating and making changes to products and services are risky and expensive for any organization.
When it comes time to make serious decisions on what product innovations to fund, businesses must look beyond what their shareholders want, but instead, focus on gaining an understanding of what their customers' needs are, what they want, and what type of technology they need to create the product.
Claus Raasted, Director at The College of Extraordinary Experiences & Coach at McKinsey offers top 5 tips on how to sell innovations and how not to.
1. Nobody wants to buy innovation. People want to buy results and more impact.
2. Nobody wants to be the problem, everyone wants to look elsewhere for it.
3. Nobody wants to pay for things they know. Everyone wants what they want to hear.
4. Nobody wants to look and solve one level deeper. You need to identify the real problem instead of dwelling on the same issues.
5. Nobody wants their identity challenged. Everyone wants their solution to be a win-win without wanting a real change.
View this [Video] and hear more from Claus
Even if the innovation is truly unique and distinctive, there will still undoubtedly be challenging questions from the stakeholders and customers' feedback. Understanding people's core needs and motivations, finding consumers, and establishing the full grab and use ecosystem are critical factors to look for when ensuring your innovations are sellable. To effectively offer a distinctive offer and experience, companies need a deep and detailed understanding of customer needs is required.
An effective knowledge management network could facilitate the flow of innovative ideas and the selling of intangibles either internally or externally. Understand how Lynk’s SaaS solution, Lynk Circle, could help your business in managing your own people and knowledge network <span id="test" class="kool-class" style="color: var(--tertiary);" fs-test-element="test"> today.</span>