Difference Between GOOD & GREAT Innovations
We’ve been research what makes for a GREAT Innovation.
As background our definition of innovation is Meaningfully Unique.
Our measurement system for level of Meaningful Uniqueness is based on a long term tracking study published in the Journal of Consumer Marketing Vol 14 No.3, 1997 pp 234-248 and in my book Jump Start Your Business Brain.
The specific methodology is to ask customer how likely they are to buy the innovation and how new and different they feel it is. Both questions are asked using a 0 to 10 “juster” scale. The averages for both questions are weighted and added together – 60% for Purchase and 40% for New and Different.
Historically a 6.0 score has been seen as a “go” rating. However, we have been observing that while a 6.0 is a very good score it’s not enough to “break through” in today’s cluttered marketplace.
Our initial conclusion is that 7.5 is a more appropriate goal for Disruptive LEAP innovations. Shifting from 6.0 to 7.5 increases the % of customers who purchase by only about 10%. However, it generates a near 100% increase in your odds of gaining word of mouth recommendations for your innovation (14% to 27%).
The word of mouth forecast is based on a relationship discovered in a yet to be published tracking study of the probability of word of mouth for a collection of innovations at varying levels of Meaningful Uniqueness.
Bottom Line: If your goal is to ignite word of mouth awareness building – i.e. a social media explosion – you need to have a WOW level of MEANINGFUL UNIQUENESS. Word of Mouth recommendations are only made when you have news – real news. This finding aligns with the literature on Diffusion.
Cheers
Doug Hall
