Product Innovation has reshaped the
way to approach the traditional Product Management scenario thanks to the on-going
adoption of a digital ecosystem with new economic rules and to the attitudes and
behaviors of consumers towards these new environment and rules, evolving to technology
in some range of ages and being the natural path to do things in the case of
youth.
The list below resumes Product Innovation thinking and pillars after being exposed to the management of an array of
different products (geolocation, mobile financial services, advertising,
e-reading, loyalty, mobile mass marketing programs …..), sharing experiences
with other professionals, and participating in groups and training courses.
Market
- Global economy affects the way you create value and global technology affects how you optimize resources.
- Have a broad approach to R&D where new developments concerns the following areas:
Technology
Processes
Business model
UX
Processes
Business model
UX
In this new scenario intellectual capital and the specialization of capacities drive competence
Value Proposal
- Keep focused on basics
Added value Proposal (Unique selling proposition)
Conversational Capital
Brand
Consumer experience
Business Model
- Obtain an ongoing picture of your
Own Company (SWOT)
Competitors
- Segmentation, targeting, Positioning, Differentiation are closer than ever to your unique selling proposition , your strategies in terms of communication, the content you generate and virality
- Scalability is one of main goals nowadays, and many companies follow the dynamic specialization path -broad concept meaning platform, technology, know-how..- to reach scalability. Leverage the market moment is crucial more than ever.
- Startup spirit and MVP (minimum value proposition) business approach over which pivot is becoming mainstreaming.
- Startup spirit but leveraging from a blue-chip company frame
- Differentiate between producers, consumer and customers there may be multiple roles of each type in every business. Producers create supply or respond to demand, consumer create demand or consume supply
Customer center approach
- be obsessed with customers, describe profiles, find out motivations, understand behaviors
- Context has changed and in an interconnected and Omni channel world is acquiring a key role. Context means among others location, attitude, time and goal
- Customer journey (awareness, familiarity, consideration, purchase, advocate and loyalty ) requires consistency. You are targeting empowered customers and any step counts in terms of experiences and how users share and react against or in favour these experiences
- Business customer economic Model: LTV vs CPA seeking scalability
(*) Nacho Somalo
- UX is crucial, take time for inspiration, draw in a paper your proposals and never start a development or implementation until you are confident about your UX proposal
- Personalization differentiates your proposal from the rest
- maximize conversion drivers and minimize barriers
Communication
- Maximize the capital conversational around the value proposal and transform this capital into viral, no matter the objective- brand awareness, sales, lead generation …- to achieve.
- Value proposal and conversational capital behind is unique in terms of
Internal and own media communications building bidirectional flows.
On & Off Media. .
Social Networks,
and any other interactive communication
channel with customers
and at the time of creating the necessary atmosphere to generate
own and/or third content (social networks ….) as main driver of the
conversational capital
Brand
- Establish authority when defining capital conversational strategies
Management
- Build agility, speed, and data
- Track and monitor everything, Develop and implement cross-channel metrics
- Generate data, but Data is not an objective, how to apply data defines business success
- Don´t lose track of new trends and ideas outside the company
- Incrementally and iteratively grow via a ‘test & learn’ approach to customer-centric initiatives;
- Build agility by expanding networks and being proactive in terms of acquiring an integrated vision of business, marketing and technical areas
- Channel-Test by your own any single flow of the products / services
