What is the value of an idea?
Some might say that ideas aren’t worth much. In fact, there are many different people who feel the same way. Even Thomas Edison was quoted as saying: “The value of an idea is in using it.”
I think most people only consider the value of ideas when:
- They feel ownership of the idea
- The idea represents something they would find useful
The irony with most companies is that most of the focus is only around those ideas that are generated within the company. In those cases, yes… I too agree that ideas are worthless unless executed.
But companies need to be mindful that there is a segment of ideas that has significant value. The value could be either positive or negative, and the risks associated with ignoring these ideas can be dramatic. Do you know what ideas I’m referring to?
Customer generated ideas
Customer generated ideas are typically incremental improvements or extensions to existing products or services. These ideas are rarely ground breaking or disruptive (for example: a user of a stove would not suggest the creation of a microwave oven and the owners of horses would not have suggested the introduction of an automobile). Because these ideas are not generated within the company, many organizations and individuals cast these ideas aside with a “not built here” mentality. Other organizations willingly collect these ideas and even act upon them to deliver incremental improvements. By far, the biggest problem companies face is the fact that there is not an effective method for the company to:
- Collect these ideas in a method that is easy for the customer to participate
- Record who suggested the idea
- Easily get feedback from the stakeholders on the value of the idea
- Communicate to those stakeholders:
- The popularity of the idea
- The stakeholders who support the idea
- The priority of the idea
- The status associated with action on the idea
Building customer engagement is difficult at best. When your customers feel strongly enough to share their ideas on how to improve your product or service, you have an opportunity to engage that customer and deepen that relationship. If you make it difficult to receive that idea, fail to acknowledge that you’ve received that idea, fail to consider that idea, and fail to communicate status to that customer you’ve given that customer a valid reason to seek a relationship with another vendor.
So, the next time a customer shares a product or feature idea with you, consider this: is the real value to your company in the idea? Or is the real value in how you interact with the customer?
My opinion: treat the customer like they are important & then determine how to act on the idea. The value still comes from how you act, but make certain that you don’t set yourself up to lose the customer in the process.
