Ralph Waldo Emerson is credited with the oft-quoted remark in favor of innovation: “Build a better mousetrap, and the world will beat a path to your door.”  Though brilliant and an outstanding essayist, Emerson could not have been more wrong.  This quote has since left countless entrepreneurs under the wrong impression that all they have to do come up with a great new idea or design and their work is finished.  The world will take notice while they sit back and watch the sales roll in.

There are several inherent flaws presented.  The first is lack of marketing.  If you build the best mousetrap or car or computer and potential consumers are unaware that you exist, nobody will know that there is even a path worth beating.  After watching the Super Bowl, it is clear that many of the companies advertising are not “best of breed” and yet they often dominate their industry with their marketing prowess.  Few people would claim that Bud Light is the best beer in the world in terms of taste or value and yet they have been the best selling beer worldwide for the past five years.

The second flaw is need.  If people do not know that they have a mouse problem or do not perceive that mice are a problem then what good is any mousetrap?  It certainly helps if there is already market demand for your offering.  If not, there is a lot of work to be done convincing people of their need for your solution.

The third problem is the definition of better.  Is your innovation substantially better that it justifies a customer switching from their current solution?  Even if you create a completely new product, is it better than the competition?  Every new idea or business has competitors.

Finally, there is the consideration of perceived value.  Even if your potential customers recognize your product, realize their need and agree it is better, the effort they exert to buy your product depends upon the value they perceive.  Also part of this equation is the sales channels you employ.  How easy is it for the customer to get your new mousetrap?  Is your door on the other side of the country?  Your marketing message must convey the value of your product and the ease in obtaining it.

So just because you’ve come up with a new phone that is waterproof, never drops calls and can be used on any network, unless you are able to market it and get it into the hands of customers, it may well be destined to collect dust next to that groundbreaking mousetrap.  As small business consultants, our business plan services can help you anticipate and overcome these and other hurdles that every new business faces.