Marketing Research Blog Series Blog #9: The Misconceptions With Innovation

Marketing research, with regards to innovation, is known for being particularly reassuring to those planning on launching a new product/service because it provides evidence that the choices being made will create positive returns for a business. However, marketing research can provide further assurance about the performance of a product/service even after the initial stage of the formal launch. By maintaining a continual process with research, marketers will be equipped to handle most complications that arise, within a reasonable timeframe.

Research delivers high value for innovation development because it can identify cause-and-effect scenarios behind symptoms emerging during the different product cycle phases (introduction, growth, maturity, decline). Although, it should be noted that research cannot be expected to guarantee that a specific result will occur exactly the same within reality. This is because research is based on fixed situations, with certain elements/variables of reality being excluded for the sake of examining causes individually.

Innovation is largely perceived to be a stride towards something positive, and it can provide new benefits to multiple people with the right factors set in place. The truth though, is innovation can be extremely risky and can do the exact opposite if it is approached carelessly. To clarify, if others see that a new product/service failed in the marketplace, the perception that it could never have succeeded in the first place might emerge. Clearly, there is more risk to innovation than simply numbers and dollars; there is risk to future opportunities, in terms of delays or even dropping a new concept entirely.

Innovation Misconception #1: Having The Right Concept Will Make Things Quick and Easy
Having the right concept for an innovative product/service enables a strong, encouraging start, but it does not mean things will be simple. The only "simple" aspect of having the right concept for an innovative product/service, is the ability to communicate reasons why the new concept could turn out to be a success. Therein lies the problem though, because communication can only take the development of a new product/service so far, since stakeholders want proof to the claims being discussed. For proof to be obtained, that is where supporters and key figures come into play.

The right concept also does not guarantee any follow through for innovative ideas that reveal themselves to decision makers. The concept may seem plausible for supporting, but the present time it is being presented may be put into question. Indeed, the scenario could very well be this: someone has a credible idea, has it backed with strong financial test results revealing promising future sales, but the product/service must wait for several months, or even years, for it to gain majority acceptance.

Depending on the new concept, it may sound perfect for being presented to a market, but other factors could prohibit development, namely the prospect of a new change in behaviour.

Innovation Misconception #2: It Is About The Product/Service


Would you assume stocks will behave the way you think?

Having the right product/service does not mean everything will just "fall into place". Essentially, having the right product/service means tons of work needs to be done in the areas of branding, marketing, advertising, and research (surprise, surprise). By ignoring all of these factors, and stating that the product/service deserves all of the attention, a person implicitly assumes the mindset of the marketplace.

The bottom line? No one can predict how a market will behave towards a new product/service introduction. So prepare accordingly.

Innovation Misconception #3: Past Success and Company History Means Future Success
This is probably one of the biggest misconceptions of innovation (if not the biggest), since many put the idea into their heads of a track record of success equals future success. This is simply not the case because there is no "magic" present in new launches with highly successful companies. Sure, the initial phases of obtaining backed support might be easier since there is a credible reputation available, but it always falls back to the market.

The market does not care about what a company has done in the past; it cares what it can do for it right now, and how it can benefit them in an entirely new way, while being deemed acceptable. Failing to educate the masses will only serve to create a backlash amongst consumers, who do not see a reason for a particular product or service to be incorporated in their lives.

Innovation Should Be Embraced With A Cautious, Open Mind
I do not want this blog post to be misinterpreted as saying that innovation should be avoided at all costs, since that would be backwards thinking on my behalf. Instead, I am stating that innovation should be approached reasonably, and with an open mind to all possibilities. Keeping an open mind  can be quite difficult however, as we human beings often get caught up in the excitement of something new, that we do not want to consider less favourable outcomes.

Research is tied into this blog post because it provides the analysis and insights needed to properly assess the situation. It can help to avoid missing an opportunity, or avoid pursuing a lost cause.

Here is the source of my inspiration for this post:
Using Market Research for Product Development