Sustaining,Innovation,Your,Org business, insurance Sustaining Innovation in Your Organization Tracking Your S
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You have determined that your company is ready to start a growthportfolio, you have included a group of products that you feel willallow your company to be innovative and have the best chance at growingprofits, and you have been careful to avoid pitfalls such as rollingout too many products or hanging on to past successes and not pressingforward. So whats next? How do you measure the success of yourinnovation portfolio? Tracking Your SuccessThereare two ways of tracking your success: quantitatively andqualitatively. Quantitative measures include numbers of new customersobtained, growth as a percentage of sales from the new products or theoverall ROI from an individual product. The qualitative method ofmeasurement goes deeper than just the numbers. These measurements trackhow well the product was received by the target market, or by themarket as a whole, how it affected the perceptions of your company, orhow much effort went into effectively managing the portfolio. Inorder to achieve both qualitative and quantitative results, extensivemarket research must be conducted after the product is launched andestablished in the market. Depending on when, how, and where yourproduct was launched, you are going to receive different data fromdifferent regions. You must determine if certain technologies are morewidely accepted in different regions of the country, during differenttimes of the year, etc. Being able to properly analyze this data willallow your company to improve its growth and success during its nextproduct launch. Successfully analyzing your previous product rollouts,whether huge successes or colossal failures, is an important steptowards keeping innovation moving forward in your company. Abig part of innovation is staying on top of market trends,understanding customer needs and wants, and consistently looking to thefuture to grow the company, not relying on past successes to keep thecompany afloat. The best way to remain ahead of the curve when it comesto market innovation is understanding how to effectively gauge thesuccess of past campaigns and applying methods that work to your futuregrowth portfolio projects. If you missed our last article about Delivering on Target or any of our past articles on effectively sustaining innovation in your company, you can find all of them here.
Sustaining,Innovation,Your,Org