Make your idea better with a toolbox of 7 letters

You are not like a robot automatically executing tasks, just running the business. No, you see new issues and then come up with new ideas for action to improve things. To make your ideas better, you think. But that takes time and from Monday till Friday you don’t have a lot of spare time lying around. How can you think well in little time?

RENEWAL is a toolbox of letters to make your ideas better.

Let’s give it a spin. Your idea is to increase prices by 4% in March for all our products.

Take each of the 7 letters in RENEWAL in turn to trigger you.

R stands for Reverse.  Perhaps better to reduce prices by 4%, for some products? or to reverse the order in which the price change and other changes  to the product are announced?

E stands for Extreme. Why not increase prices by 40%? for which products? Why not increase them today?

N stands for Nano.   Why not do it in baby-steps? E.g. 1% each quarter. Or just for our smallest products?

E stands for Elements. List the elements:
1) price,
2) increase,
3) 4%,
4) March,
5) all products.

Identify alternatives for each element. Mix these up to come with new ideas. For example:
-Reduce quantity per package with 10% but keep price the same.
-Increase quality of product with 5% and increase price with 10%.

W stands for Words. Generate a random word here, pair it with your idea and come up with something new. I generated ‘Corpse’. Perhaps we increase (or reduce) prices by 50% for the ‘corpses’ in our product range. I tried again: ‘funny’. How can we make it funny? e.g. ask 4% of the people to walk around the office with a big 4% sign on their T-Shirt, to communicate that we are increasing prices by 4 %  – don’t forget to smile 🙂

A stands for Analogies.  Describe your issue, your situation, your problem in general terms. And think up analogous situations, similar situations, from which you can learn. The price increase is because we need more money. What are other situations where there is need for more money. Aha, young children always need more money. What is their solution? They do extra little jobs, e.g. washing dad’s car. Now transfer to your situation: could we provide an extra job, an extra service, with the product and make extra money that way?

L stands for Links. What else does this link too? What other projects that we have ongoing in the company? E.g. there is a new marketing campaign being planned. How does the timing and messages fit with our idea to increase prices? E.g. there is a competitive intelligence project. Can we learn from them before we increase prices. How does this link to our mission and strategy?

Now, take an idea you developed recently to solve one of your own problems
and use 7 minutes to run through the 7 letters of RENEWAL and
make your idea even better.