You think you have a Product Innovation Strategy, but is it the right one?

Product Innovation Strategy

You think you have a product innovation strategy, but is it the right one?

You think you have a Product Innovation Strategy, but is it the right one?
 
Our approach to Product Innovation Strategy is anchored in the business strategy itself. As a strategy firm we believe that a good growth strategy, and a good understanding of how to increase profitability and grow market share for instance, are critical to drive a robust innovation strategy. The most transparent benefits are in guiding the decisions of senior management regarding allocating the right and needed resources to innovation and, more importantly, engaging the product and technology development leadership in a better understanding of what product or service is needed and why.

To drive a Product Innovation Strategy that delivers on objectives we start with three key steps:
  • A thorough understanding of the company’s vision, the growth goals, the business strategy, and the business issues at hand.
  • An assessment of the organization, innovation process, and innovation environment. We utilize some of the best creativity and problem solving applied theory to explore not just individual abilities, but also elements of the company culture, decision making methods, and tools/processes to identify ways to improve the innovation outcomes.
  • Establishing innovation metrics to determine if the innovation process is truly effective. This helps in setting clear expectations, managing effectively the “what” not the “how”, and efficiently reporting progress to stakeholders. 

Once we are actively partnering with our clients, we help develop the Product Innovation Strategy by building the following elements:
  • Innovation principles. They provide a framework and a discipline for what is in and what is out, including success metrics that are critical to secure organization alignment and assessing progress towards delivering against objectives.
  • Strategic targeting through consumer segmentation. A clear definition of the target “WHO” consumer leads to more accurate choices and a more actionable translation of these choices to guide an innovation strategy that is in line with the business strategy and actionable
  • Benefit domains. We operate against a principle of domain driven innovation based on segmentation differentiating benefits. In contrast with single product concepts, benefit domains have legs. They drive a robust and sustainable pipeline of ideas and technologies to deliver against each of the chosen benefit areas. We leverage benefit domain based innovation by turning it into a 3 – 5 year innovation roadmap.
  • Innovation Pacing. This is intended to maximize the impact of each initiative and create synergy across initiatives, turning the pipeline into streams of initiatives that are well coordinated and well leveraged. 

Another area where we drive focus and preservation of resources is by forcing, early on, an alignment to what the Product Innovation Strategy will not do. This is equally important to what is agreed to do. Changing that alignment because of an updated business strategy, changing business environment, or changing competitive pressure is perfectly fine and doable when implemented through a change management process.


Learn More

Talk with us about our services and how we can help you design, develop and execute a growth-focused product innovation strategy that meets your needs and addresses your challenges.

 
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INNOVATION CONSULTING

 

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