You have a vision what the consumers would want in the future, excellent, but then what?
Well, you should probably specify your customer requirements based on that vision. Why? You may ask. As the innovation does not directly come from the current consumer needs, but a vision of the consumer behavior of the future, you should make it as explicit as possible for your executives, sales and R&D staff to make sure they understand it in the same way.
If the vision is correct, the money is there. If on the other hand your vision is more like a hallucination then of course you might have a bust. Essentially, vision driven products have to be rooted on a real consumer case, not some wild fantasy. Documenting the vision as customer requirements lessens the risk of building your product on a fantasy.
Unfortunately that is not enough, forgetting the technical requirements would be a serious mistake. Even though the early adopters are more tolerant on a crash or two, the vast majority of consumers prefer robust products and are eager to adopt other solutions. If you don’t thoroughly understand the technology and how to build a working solution on top of it, you will end up giving the money back.
As a product oriented company your key assets are 1) the understanding of consumer needs and 2) the enabling technology i.e. customer requirements and technical, or non-functional, requirements.
We here at Greitco have helped companies big and small to truly be vision driven in their R&D whether it is just putting the basics in place in requirements management or deploying very advanced processes and IT systems with success.
Please do not hesitate to contact us on what we can do for You to unleash your innovation.
Have a Greit week!