Innovation Metrics

𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧 𝐌𝐞𝐭𝐫𝐢𝐜𝐬: 𝐀𝐫𝐞 𝐘𝐨𝐮 𝐌𝐞𝐚𝐬𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐑𝐢𝐠𝐡𝐭 𝐓𝐡𝐢𝐧𝐠𝐬? 🚀

Every business leader strives for innovation. But how do you know if you're succeeding? 🤔 Too often, companies rely on outdated metrics. They focus on the wrong numbers, like project ROI (see post last week).

Here's how to measure innovation effectively:

𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐅𝐞𝐞𝐝𝐛𝐚𝐜𝐤

How often do you listen to your customers? 👂 Customer insights should guide your innovation efforts.

𝐓𝐢𝐦𝐞 𝐭𝐨 𝐌𝐚𝐫𝐤𝐞𝐭

Speed is crucial. Measure how long it takes to get from idea to product. ⏱️ Faster isn't always better, but efficiency matters.

𝐄𝐦𝐩𝐥𝐨𝐲𝐞𝐞 𝐄𝐧𝐠𝐚𝐠𝐞𝐦𝐞𝐧𝐭

Engaged employees are more innovative. Are your team members excited about their work? 📈 Engagement can be a leading indicator of innovative success.

𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐟𝐫𝐨𝐦 𝐍𝐞𝐰 𝐏𝐫𝐨𝐝𝐮𝐜𝐭𝐬

How much of your revenue comes from products launched in the last three years? This metric shows if your innovation is paying off. 💰

𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧 𝐏𝐢𝐩𝐞𝐥𝐢𝐧𝐞

Do you have a steady stream of ideas? A healthy pipeline indicates a culture of innovation.

𝙍𝙚𝙢𝙚𝙢𝙗𝙚𝙧, 𝙢𝙚𝙩𝙧𝙞𝙘𝙨 𝙨𝙝𝙤𝙪𝙡𝙙 𝙡𝙚𝙖𝙙 𝙩𝙤 𝙖𝙘𝙩𝙞𝙤𝙣. 𝙄𝙛 𝙮𝙤𝙪'𝙧𝙚 𝙣𝙤𝙩 𝙪𝙨𝙞𝙣𝙜 𝙩𝙝𝙚𝙢 𝙩𝙤 𝙙𝙧𝙞𝙫𝙚 𝙘𝙝𝙖𝙣𝙜𝙚, 𝙩𝙝𝙚𝙮'𝙧𝙚 𝙟𝙪𝙨𝙩 𝙣𝙪𝙢𝙗𝙚𝙧𝙨.

Want to discuss how to tailor these metrics for your company? Let's chat!

Comment below or send me a message on LinkedIn.