Q: We talk a lot about product innovation, but why now during this crisis?
- There is an adage – you are either growing or dying.
- Organizations that are stagnant right now or going into “survival mode” may not make it. They may slightly come back but will be behind the innovation curve.
- Other organizations are diverging too far from their vision and values. I’ve seen many companies who were technology companies try to get into physical manufacturing!
- There is a need to look for value builders but not to move away from one’s vision
Q: What are some realistic and applicable steps we can take now that most companies are cutting back?
- Autonomy and gamification for teams to innovate. Atlassian model – if things are slow then take some time to let people create and be creative.
- This also helps the challenges with team engagement FYI
- Truly force rank your products by value delivered. Be honest. This is hard. Decide which top 60% of products stay, create a plan to drop the bottom 40% and then innovate with new products and features.