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Why most new ideas fail

As a result of this column MPI members and their organization will discover that:

  • Before investing in a new idea, you can significantly increase its chance of success with little or no added cost.
  • You should tackle one area at a time and develop a clear statement of the objective, making sure there are no negative side-effects.
  • Following innovative IDEO and using their “green light” brainstorming technique for getting at least 100 new ideas is a smart decision.

Three quarters of new business ideas implemented over the last three decades have not worked according to QualPro, a world renowned consulting firm founded in 1982. Studies indicate that front-line employees are just as likely as CEO’s to suggest ideas that make measurable impacts on the bottom line.

In our rapidly changing world every MPI Supplier or Provider Organization realizes that innovative ideas that lead to change are critical for survival and growth. Yet three quarters of them wind up being a costly waste of time. Profitable new ideas can be found by…

  • Asking
  • Brainstorming
  • Testing
Before investing in a new idea, you can significantly increase its chance of success with little or no added cost.

Since good and profitable ideas can come from anywhere establishing a process to get them is the first step. Ask everyone and reward those who help. As a jet engine technician in the Air Force I won significant cash awards by presenting ideas for process improvement because I was asked. Even our government understands that no individual or group has a monopoly on good ideas.

Your suppliers, customers and clients may have insights not able to be seen inside your organization. Asking them for worth while suggestions could prove to be very valuable. Tackle one area at a time and develop a clear statement of the objective. For example, “What spe­cific actions could we take to increase the number of qualified prospects?” Make sure that new ideas have no nega­tive side-effects.

If you’re aiming to increase the number of new qualified prospects, don’t spend so much money on list, website optimization and telemarketing that you invest all of your commissions and don’t make a profit. Since you’re looking for new ideas in one specific area, for example to “increase the number of new qualified prospects,” limit acceptable ideas to only those capable of…

  • Immediate implementation.
  • Requiring no signifi­cant investment.
  • That will add more and larger commissions.

By being very clear as to what you’re asking for, you’re very likely to get it.

In addition to asking everyone a very clear and focused question about an area of improvement, consider bringing together groups for brainstorming. After framing the question either allow a few minutes for silent writing or as IDEO, a consulting firm specializing in innovation does, use verbal “green light” brainstorming with someone recording every idea. Each participant should write or say as many ideas as they can.

During brainstorming don’t allow any discus­sion, questions, or comments. Shoot for 100 ideas and post them exactly as people state them. Next discuss each idea combining or eliminating them. This process will bring you down to a precious few “new idea gems.”

Paul Talbot of Talbot Corporate Services, Inc. shares a brain storming technique he calls CREATE.

  • C-ontribute ideas.
  • R-ecord them all.
  • E-liminate the obvious.
  • A-ssess the rest.
  • T-ake the best.
  • E-xecute flawlessly.

Beware of the law of unintended consequences and before full implementation be sure to test new ideas and understand that the judge and jury are your clients and prospects.

Ideas that will increase the number of new qualified prospects might include getting referrals from current clients. Asking for referrals in the wrong way however, could unintentionally cause existing clients to feel rushed and treated in an impersonal way.

Likewise an inbound caller to your Real Estate office who now reaches a human being rather than a complex and frustrating automated answering system might also be unhappy because of the inability of that “live receptionist” to connect them with the right person to care for their needs. Every new idea must be carefully and thoroughly put on trial for its life…before being implemented.

DS
This article is provided by Joe Murtagh, “The DreamSpeaker” www.TheDreamSpeaker.com an MPI member and an expert at solving industry challenges. For keynotes, workshops, consulting and questions or a free report on The 3 Most Common Mistakes MPI Members Make email Joe Murtagh at Joe@TheDreamSpeaker.com or call 800-239-0058.

If you enjoyed this column you’ll love our Books (click here) and Training Programs (click here). Each is filled with hundreds of leading edge profit enhancing ideas from the best business thinkers in the world.This is one of over 300 columns published and part of the reason why The Wall Street Journal and The New York Times have called The DreamSpeakerTM about Business Planning Issues.

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DS