Page 62 - Free the Idea Monkey

TIVO provides you with a big watchout related to the formula
for innovation success: Fail to identify and communicate a single
burning consumer need/solution and your product will likely fail.
For years, TIVO struggled to woo the masses because they failed to
connect the idea to a need. (And because they couldn’t do that, there
was no way to create any kind of compelling message.)

Meanwhile, anyone who tried TIVO became a raging fan because
the technology was so incredibly transformational.

Thankfully, the raging fans and millions of marketing dollars
eventually saved TIVO. But seriously, do you want your life to be this
difficult? I think not.

INDUSTRIES IN NEED OF SERIOUS
MONKEY CHANNELING

What if I told you insurance is one of the most innovative indus-
tries I know? (Hold the smirks. I’m serious.)

What if I went further and said that insurance companies were
poised to assume the leadership position when it comes to creat-
ing new products, services and business models in our economy?
You’d probably think I was trying to sell you a whole life policy. (As
opposed to a half life policy?)

Well, the fact that you don’t believe me—and again I am being
totally sincere—says a lot about the problem insurance companies
and many other conservative, risk-averse industries have when it
comes to innovation. Perhaps this is a problem that your industry
may have as well, and therein lies a tale.

Insurance companies are living proof that if you don’t have all
three parts of the innovation formula, the results are guaranteed to
be suboptimal.

As you just read, innovation occurs when:
1. there is a significant need or insight.
2. a product, service or business model meets that need.
3. there is clear communication that connects No. 1 to No. 2.

47C H A P T E R 3