Let us be honest: most of the “new” products we deal with as a product manager are logical evolutions of the existing portfolio, product improvements to compensate for lacks in the initial design, answering unfulfilled customer needs that we missed the first time and so on. Innovation is an overrated hype word and companies that create mind-blowing concepts from basic research are quite rare. Even the magical iPhone y is basically an evolution of the iPhone with one lower digit x, using new tech gadgets that happen to be available at the time of design. But if that is the case, how do we keep differentiating from competition?
Ideas for differentiating product features come from a multitude of sources. The market environment we are in (or are willing to intrude) will provide many inputs for ideas through channels such as press, customers, regulatory changes, etc. The company vision and mission should inspire to explore new horizons. New technologies that reach us through our suppliers may allow to realize solutions that were not possible before. And if we are lucky to work in a financially healthy company that is open to experimenting, we may even launch research activities to find sources of differentiation and revenue.
At the same time, these four aspects of business will limit the feasibility of our ideas. Entering new markets may be considered too risky by the management. The company goals and financials will set boundaries for new endeavours. Ideas may turn out to be dreams when it comes to technical feasibility within our operational environment. Innovative research tends to be a slow and expensive process that often needs to fight budgetary constraints.
It is one of the essential responsibilities of product management to remain knowledgeable of- and explore all these ideation channels while understanding the boundaries. Do not forget to look beyond the borders of your own company and industry while performing this balancing exercise. Cross-fertilization is a clue biological process in breeding new plant varieties but can be just as rewarding in business growth. It can be rewarding and inspiring to look at neighbouring industries and to consult with experts that have a broader habitat.
Other tips and methods to support new product ideas and maintain a competitive product portfolio can be found in my book “Practical Product Management”. Go to https://www.neobasics.be/product/shop-practical-product-management for a description of the book contents, a preview and how to order it.
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