Make smarter investments in innovation programs
Begin with the End in Mind
What does it cost to launch a new product? Will the sales of the new product be able to cover the expenses quickly? Too often, new product development teams start down a path of developing a new product without understanding the scope of investment and expected returns. This doesn't have to be a complex forecast with Monte Carlo simulations - all that is required is a series of high-level assumptions about the costs and market acceptance to make sure we aren't fooling ourselves. The team at Trig has created a simple gut-check calculation can give you the confidence to either continue to pursue the idea, or set it aside.
Process & Analysis is Essential to Innovation
The Trig team does incredible, award-winning, creative work. From the outside, it may appear that good creative talent is all that is required for innovation - this simply isn't true. Innovation requires the discipline to start with analysis of the market, the customer, and the competitors. We see countless examples of entrepreneurs, inventors, and product teams who forget this rule and create solutions before understanding the underlying problems.
Early Stage Gate for Product Ideas
At Trig, we want our clients to continue to be successful. The truth of product development is that many ideas are flawed from inception. Most get screened out through customer research and concept validation studies. At the earliest outset, however, the Return on Innovation Investment calculator will tell you if the key assumptions behind the business plan is flawed. We created this calculator as a way to understand the value we provide while writing a turnkey product development proposal and had presented the results as a value-added recommendation to the client. The client was thrilled and was able to use our analysis in their presentation to decision-makers within their organization. If the ROII doesn't show a reasonable return for our client, we will turn down the project and suggest they pursue a different approach until the product plan is set up for success.
The Opportunity Threshold™
How many people would conceivably purchase the idea? This is typically referred to as the market size. The Opportunity Threshold™ looks at the market size and asks what % of the market will need to buy the product at a profitable price in order to make a positive Return on Innovation Investment. In other words, if the size of the opportunity is too small to spread the expense of developing the product across enough buyers, it has not crossed the Opportunity Threshold™ for success.
Designed to be Quick and Easy
We hope you will check out the free Return on Innovation Investment calculator by signing up below - all we ask is that we be able to follow up with you later to find out if it was helpful. If it turns out that you don't want to hear from us anymore, you can always unsubscribe from our mailing list at any time.