1. Defining your innovation project mission.

The Value Innovation Process is a sequential ten-step system designed to take you from a basic idea to an impactful innovation.

As obvious as this sounds, you have to get step one right or you have zero chance of a successful innovation. The internal innovation team needs to put all agendas aside and be able to articulate the desired outcome.

2. Identifying Your Value Chain and Most Important Customer.

Many firms are surprised when they begin their deep dive into Value Innovation. Many times, their most important customer turns out to be someone other than they have assumed it to be.

3. Develop “As Is” and “Best in Class” Value Curves.

The value curve is the core visual tool in Value Innovation. It was originally described in 1997 by W. Chan Kim and Renee Mauborgne in an HBR paper, “Value Innovation: The Strategic Logic of High Growth”. The value curves will serve as the key instrument to discover the best innovation opportunities.

4. Uncovering unmet customer needs.

True value innovation bubbles up when you really listen to your most important customer. Step 4 begins the process of shifting your perspective from company-centered to customer-centered thinking. Innovation happens when you can effectively shift customers from pain points to gain points.

5. Develop the “To Be” Value Curve.

Based upon your customer interaction, you move the project forward by integrating their input into the value curve. This is place in the process where you do that. The “To Be” value curve is really the road map to innovation.

6. Reviewing the “To Be” Value Curve with the Most Important
Customer.

The next checkpoint is to return to the customer to see if they agree with your revised value curve. You welcome open and vigorous critique to help shape the future offering.

7. Shaping the “To Be”.

The innovation team reworks the final version to set the stage for your offering. This is the point where the team has verifies that everyone is still on the same page before diving into the “what”.

8. Creating The Value.

The Value Innovation Process tells you a real story that the team can build the value proposition around. It is all about meeting those unmet needs. By this point the team can begin to move into the final stage.

9. Delivering the “What”.

You’ve seen the product, service or experience begin to emerge. Now is the time, finally, to go to the white board to develop the specific offering. Innovation often fails because the first eight steps weren’t followed; now you are ready.

10. Confirming “the How”.

In a final check with customers, you must review the final offering for a final critique. If you have carefully listened, analyzed and created up to the point, you will have a market ready innovation that can be more easily sold up, down and across the organization.