long-term returns, as some innovations may take time to generate significant financial gains. A common pitfall of considering ROI is ensuring that hidden support costs are included in any calculations. Customer Feedback Customer feedback is invaluable for understanding whether your company is meeting market needs and expectations. You can start with: • Surveys. • Focus groups. • Reviews. • Direct feedback channels. Change can prove to be hard to swallow, and you need to be able to gauge how new technology is resonating with your target audience. Time To Market It’s OK to let an innovative process take however long it takes to execute. But that doesn’t mean time becomes irrelevant. You still need to track the time taken from ideation to commercialization, and everything in between. This will help you more clearly identify a bottleneck in the process versus a step that simply needs to be taken slowly. A Successful Project Continues To Provide Metrics In today’s socially conscious world, the environmental and social impact of innovation projects is increasingly important. Metrics such as carbon footprint reduction, resource efficiency and social responsibility initiatives can help gauge a project’s sustainability and ethical implications. Projects that contribute positively to environmental conservation or address social challenges demonstrate holistic success beyond financial metrics. It all requires a multidimensional approach that goes beyond traditional financial metrics. Check back next month as I wrap up my innovation series with practices that can be applied to your business. Karstens is PPAI’s director of digital transformation. DiscountMarketingProducts.com Light-Up Your Message! With New LED Lighted Display Products from DMP! Simple No-Tools Set up 8oz Stretch Polyester Full Color Imprint DDP05200 - 27”x16”x37” Lighted Podium Table SEG05101- 3.3’x3.3’ Lighted Countertop other sizes available 21 Stock Sizes of SEG lighted displays PPAI/582106 SAGE/50398 PPAI • MAY 2024 • 31 Innovation | Voices
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