Defining Product Innovation and adding Social to Product Development

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Presentation on Product Innovation and online tools available to help a product through the development cycle. Curated for Product Camp Sydney (20 Mar 2010)

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Defining Product Innovation and adding Social to Product Development

  1. 1. Is your Business Ready for Radical Innovation? Product Camp
  2. 2. Product Innovation • Why innovate? • The shades of product innovation • When is the right time Denise Tung – Media Monitors
  3. 3. Why Innovate? • Keeps your business ahead of competitors • Support growth targets • Captures, creates and sustains value Creating something new Denise Tung – Media Monitors
  4. 4. Product Innovation Spectrum • Keeps your business ahead of competitors • Support growth targets Source: Innovation Business Model survey – S&C, 2009 Denise Tung – Media Monitors
  5. 5. Finding the right approach to manage innovation Source: Innovation Business Model survey – S&C, 2009 Denise Tung – Media Monitors
  6. 6. Disruptive Innovation • Product improvements in ways that market or customer does not expect – Simpler – More affordable – More accessible Data is non conclusive; challenges norm –a leap of faith! Denise Tung – Media Monitors
  7. 7. Gotta love Tom Peters • Disgruntled customers, off the scope competitors • Benchmarking is based on today, not tomorrow • Innovation takes guts and passion • Can’t be remarkable by following another remarkable http://www.youtube.com/watch?v=8AGTpu_i8sc Denise Tung – Media Monitors
  8. 8. Disruptive? Denise Tung – Media Monitors
  9. 9. Disruptive? Denise Tung – Media Monitors
  10. 10. Discussion • What experiences have you had with disruptive innovation in your org? Easy or difficult? • Do you agree with case studies shown here? Denise Tung – Media Monitors
  11. 11. Now what? Adding ‘social’ into product development Keeping customers When, who and why we need to collaborate.. Denise Tung – Media Monitors
  12. 12. Stage 1: Idea/Concept • Facilitate and capture ideas Sources: S Social Mention, Spigit, Salesforce, Confluence Denise Tung – Media Monitors
  13. 13. Stage 2: Concept Validation • Confirming there is value for concept with customers • Social networks (Twitter) • Customer segments/personas.. Denise Tung – Media Monitors
  14. 14. Stage 2: Concept Validation • Identify key product features • Specifically match features against tasks and needs that it addresses • Identify key segments or individual users of your product that will benefit Example of a Customer Persona Denise Tung – Media Monitors
  15. 15. Stage 3: Development • Task scheduling, milestone tracking and collaborating with project members Snapshot of Media Monitors’ Basecamp workspace Denise Tung – Media Monitors
  16. 16. Stage 4: Test, refine, test, launch • A picture speaks a thousand words so, Prototype, prototype prototype! • (and be prepared to fail a few times whilst you’re at it ☺) Non developers can use GUI based Mockingbird to create web site prototypes Denise Tung – Media Monitors
  17. 17. Knowing when to engage There is a time and place to interact with your customers.. • A gap in knowledge e.g. verifying the importance of a feature • To educate the market; and/or • To influence market/customer perception of your product or service The interaction needs to create value for both parties! Denise Tung – Media Monitors
  18. 18. Thanks! Contacts: Denise.tung@mediamonitors.com.au http://twitter.com/schmediachick http://au.linkedin.com/in/denisetung Denise Tung – Media Monitors

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