Posted on | October 26, 2010 | No Comments
This post was written by Brian Lawley
Customers in today’s post-recession economy want to see verifiable value from the products and services they buy. In other words, they expect solutions that demonstrably lower costs, improve efficiencies or increase revenues. This means you need to deliver products and services they are willing to pay for.
The biggest challenge, however, is deciding which product investments will meet customer demands and produce the fastest time-to-profit. To make the right choices, you must consider customer needs; your company’s business objectives; the markets you serve; your development and distribution costs; and how your competitors will respond.
Everyone contributes to innovation but Product Managers own it – making internal collaboration so crucial to the success of the innovation process. Informally collecting ideas from throughout the organization and deciding yourself – as a product manager – which ideas are the best often allows executives to have the greatest influence even when their ideas may be biased by strategic customers. Product managers and executives need a neutral and data-based way to foster the discipline of innovation within their own company that properly weighs the feedback from all parties, customers included, to improve the consistency of marketable innovation. When ideas are collected, but aren’t incorporated and evaluated throughout the innovation cycle, success of the product becomes increasingly a matter of chance.