The exponential speed at which technology advances can spark all kinds of insights into new ways to improve our work, or transformative ways to generate even more value for the company we work for. This holds true for driven professionals in every field — including when it comes to retail innovation.
That’s why, in this post, we’ve put together a series of tips on how to get organized and pitch your ideas to your boss. We’ll go over the key points your presentation needs to include so you can truly propose something new to your manager.
Ready? Let’s dive in!
Gather information before anything else
When you learn about a new technology or trend in your market, it’s understandable to get excited about all the benefits the idea could bring to your organization. To avoid misunderstandings, keep that enthusiasm in check and make sure you understand the innovation inside and out.
There’s no point in scheduling a meeting with your boss just to explain that augmented reality is amazing and already used in hit apps and games if you don’t understand how this technology can be useful at the point of sale. That’s just one example, but whatever idea you see potential in for retail, you need to gather as much information as possible.
With that in mind, pay close attention to the benefits it can bring and how they connect to the company’s goals. Try to see things from your boss’s perspective and think about how this innovation will bring in more revenue for the business or make employees’ day-to-day work more productive. That’s the kind of information that really matters to a decision-maker.
Estimate the costs
Now that you have a clear understanding of the idea and how it can catch your boss’s attention, analyze the costs involved in the project. In some cases, especially with bolder initiatives, the company has to allocate its own creative resources to arrive at custom solutions. However, this type of resource is quite rare inside companies.
Developing a holographic assistant that captures the public’s interest with interactive features, for example, can be a fairly complex undertaking.
That’s why it’s important to evaluate the expenses related to development — when applicable — and implementation. Also check whether part of the team will need to be assigned to the project or whether implementation will be outsourced.
As for the materials involved, find out whether you’ll need to pay for software licenses, equipment rentals, maintenance contracts or other similar expenses. A cost report is crucial for your manager to determine whether a project is feasible.
Show how the company can achieve meaningful results
The best way to convince someone to adopt a new solution or idea is by demonstrating its transformative potential. However, any claims you make along those lines need to be backed by data, not hunches or assumptions.
So if you want to propose something like installing a kiosk in the physical store to bring a bit of a digital experience to visitors, make an effort to find out what results it will help the company achieve. Try to answer questions such as:
- What will the project’s return on investment be?
- If approved, how long will it take to be up and running?
- How effective is this type of innovation?
- How many consumers will it be able to reach?
- Are there reports, statistics or scientific studies related to the idea in question?
To answer some of these questions, you may need internal business data, which you can access through a CRM or another enterprise management tool.
Talk about success stories
Keep in mind that a decision-maker needs to make rational choices. So the more concrete your proposal, the greater the chances they’ll accept it.
That’s why sharing success stories from other companies gives your manager greater peace of mind, since it shows the idea has already been put to the test in the market. This means that if the organization decides to implement it, the risk won’t be as high as with a completely unprecedented project.
Imagine how wary your boss would have been a few years ago if you had told them that selling on Facebook would be profitable. Today, they probably wouldn’t be as concerned, because it’s already a market trend that’s gradually winning over more and more companies.
And what if you include cases of competitors who are already putting that innovation (or something similar) into practice? What will the reaction be? Your message might be even more compelling — after all, nobody wants to fall behind the competition.
Prepare a strong presentation
The way you communicate the idea to your boss also carries significant weight in the decision of whether or not to implement it. So present all the evidence that your suggestions are worthwhile in a simple, visually appealing presentation. Show the numbers you uncovered during your research using charts, diagrams and tables.
Focus on solutions rather than problems, and be careful not to sound like a salesperson just looking for a yes. Communicate clearly, build a well-structured line of reasoning and concentrate more on motivating your boss than on simply convincing them.
It all comes down to demonstrating the value of an idea and how it can be beneficial — both for the company and for its customers. If you come prepared to the conversation with your boss, show that the idea is truly feasible and give relevant reasons for them to support what you’re presenting, your odds of success will be very high.
Enjoyed our article? Found these tips on pitching your retail innovation ideas to your boss helpful? Already thinking about putting together your presentation? Then be sure to subscribe to our newsletter! That way, you’ll get more updates on the trends that are helping shape the future of retail.
Inscreva-se em nossa Newsletter
Receba no seu email todas as novidades do nosso blog sobre tecnologia e varejo, além de ficar por dentro do novos projetos Alice Wonders.
Thank you for subscribing.
Something went wrong.
Respeitamos sua privacidade e levamos a sério a sua proteção
