Product Innovation Thinking and Pillars

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

          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        

          Customers

          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

 Business Model

• 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
•  Digitalization of experiences ( and subsequent data) along the customer life cycle and an omnichannel approach to business are transforming companies and sectors   meaning a digital integration into all aspects of business from culture to channels and operating models.  González (BBVA): "This year we will account  15 million digital clients  and  8 million mobile "
• Business customer economic Model:  LTV vs CPA seeking scalability
•  Generate habits, stay focus on loyalty and transmit value proposal.  Remember Empowered customer are connected all time   

(*) 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