Moving from Product Innovation to Business Process Innovation
Product innovation makes the world go round. Business leaders and lessons tell us that a good product possesses something unique. Something totally different from other products on the market, and which sets it apart from the competition; otherwise known as its competitive advantage. Companies have long recognized the importance of product innovation and many larger companies have dedicated Research & Development departments to it.
Tech giant, Google, has an infamous semi-secret research and development facility where reports of space elevators, teleportation, hoverboards, and driverless cars have been leaked to the public. Driverless cars have become a reality, and because of this innovative idea, Google is already in the running the lead as a market pioneer.
“The first tip for CEOs wanting to re-ignite innovation in their company is to look beyond the product itself. Look at the internal processes that create and build the product or service. Then look at the customer-facing processes of your organization. Would a spark of creativity here ignite effective two-way communications with your customers and channel partners that create a competitive advantage?”
Tip #2: Customer-Centric Product Management
“Systematically integrate customer input into your R&D for products and services. There are several ways to accomplish this, but be aware that simply asking customers what features they want can lead you to miss big market opportunities.”
“Your company should have a strong Product Management or Product Marketing function responsible for defining market requirements, identifying industry trends, and writing the go-to-market plan.”
“The Product Manager function can be greatly aided by quality input from Marketing, Sales and Customer Service – the individuals who have the most customer contact.”
“The best way to innovate is to follow a process known as “job-to-be-done.” Rather than ask customers what features they want. You ask them what job they want done.”
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