I have a love/hate relationship with the term innovation.
I love the idea of taking creative approaches to build competitive advantage with your product.
I hate it when product teams innovate for the sake of innovating, especially when they work on parity products. You can think of this as taking a differentiating approach to a parity product.
Unfortunately, this happens so frequently that it feels like innovation has become a Princess Bride Term.
So when exploring innovation and product management, I wanted to provide a collection of perspectives about what the intersection of innovation and product management really looks like.
The Case For The Innovative Product Manager
It’s clear that digital offerings need digital product managers to ensure their success. But at many organizations, there’s a lack of clarity on what responsibilities these product managers should perform. A digital product manager must practice the same activities as those of a traditional product manager — such as managing the vision, strategy, and roadmap of existing offerings and launching new offerings. However, digital products require the use of data for business growth, leverage emerging technologies, have new channels and touchpoints, and move through product journeys that evolve more rapidly than traditional products. This means that digital product managers must be super data-driven and continuously collaborate with and learn from customers.
Sam Somashekar concludes that product leaders must reinforce a set of key attributes when nurturing a digital product management function. Innovation is one of these key attributes.
Balancing Innovation and Risk in Product Management
Innovation is key to staying competitive. However, Innovation brings inherent risks that can reverberate through product development and growth. If you’re a product manager, you know that your job is a bit like walking on a tightrope. On one hand, your job is to introduce exciting innovations that could change the game for your respective product industry and on the other, there’s the need to manage risks and make sure the innovations don’t put the product at risk.
This intricate interplay shapes the trajectory of the lifespan of the product. Seyifunmi Olafioye explains how to navigate this complex landscape and take necessary elements to drive successful outcomes.
The Myth of the Visionary PM Innovator
While product managers drive innovation and deliver delightful products that solve customer needs, too much pressure to come up with innovative ideas can take a toll on their mental and emotional well-being. Counterintuitively, this level of pressure tends to backfire and causes PMs to be less innovative than they could have otherwise been.
Too often, product managers feel they need to be “disruptors” or “innovators” on their own, without a clear understanding of how collaborative product innovation happens and what their specific role in collaborative product innovation should be.
Clement Kao put this guide together to help PMs become more confident and productive in leading innovation. By providing practical advice and actionable tips, Clement wants to help PMs navigate the challenges of product innovation and deliver successful products that address customer needs, yield customer delight, and capture deep value for the business.
The Silent Suffering of Product Managers in the Product Innovation Process
Product Managers are the unsung heroes of the innovation process. They are responsible for the entire product lifecycle, from ideation to launch and beyond. This includes identifying customer needs, conceptualizing and developing product ideas, and coordinating cross-functional teams to bring the product to the market. They work with different stakeholders in different functions to ensure that the product meets the needs of the target market and is successful in the marketplace.
However, Seif Abdelghany points out that despite their pivotal role, product managers often face many challenges and obstacles during the innovation process that can cause significant stress and burnout. Also, their contributions are often overlooked, and their suffering is rarely acknowledged.
What You Need to Know About Product Innovation Management
Technology has made it easier than ever to buy any product whenever and wherever you want. Likewise, the development of new tools and equipment means that businesses are more able to design and create a wide variety of products to sell. In this environment, businesses need to be innovative with their products, launching ranges and stock that capture the interest of their target customers both in-store and online to make sales and profits.
Encouraging this innovation in your business practices can be a challenge, especially if you’re not clear on what you’re aiming for or how to manage it. Releasing products that customers will want and buy isn’t a random process of asking your research and development department to come up with something new. John Carter points out, the better your product innovation management, the better your customer reactions will be in response to the products you introduce to them.