70% of new innovation fails

Innovation. It sounds difficult, ambiguous, technological, requiring high level of knowledge and not anybody can achieve in my mind. In fact, innovation takes a significant role in today’s business world that advertising vehicle is not limited with TV anymore but diverse with many digital devices. Remember my last blog about the Korean virtual store in subway? Bringing the innovation to attract more customers increased sales of the Korean grocery store by 4 times.

L’Oreal Mobile Taxi Store

Screen Shot 2013-03-05 at 11.22.38 PML’Oreal is another good example of innovation in terms of marketing. During New York Fashion Week, L’Oreal came up with the idea of mobile taxi shops, m-commerce-enabled taxis, offering a free ride to customers for 5 days. This ended with a success that the number of app downloads increased 80% and about 30% of the mobile taxi riders used the service.  (read more about L’Oreal’s mobile taxi shop: http://brand-innovators.com/uncategorized/loreal-cmo-shares-results-from-mobile-taxi-shops-initiative/)

Like the example, innovation can be discovered and utilized to survive among intense competition and to be noticed by consumers.  Broader perspective, courage not afraid of failure, seeking more fun, being ready to communicate, willingness to take a risk… all these are 50 important things to acquire innovation in the organization.  (read http://www.ideachampions.com/weblogs/archives/2010/08/50_ways_to_fost_1.shtml for the whole 50 things)

Of course every positive attitude is required, but courage not afraid of failure seems the most critical.  I understand that your career depends on your success at work, and how likely your boss would be happy if you fail with your plan. However, courage no afraid of failure is something that company encourages among its employees. There are so many marketing vehicles and marketing tactic is still evolving. No one knows which marketing vehicle and what kind of message would be the most suitable for the company. It can be found out only after the trial, innovation. Companies should keep this in mind: 50-70% of new attempts tend to fail according to a statistics and failure can make you move onto the next idea quickly.

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