Why Leading Your Company's Innovation Strategy Matters

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Information about Why Leading Your Company's Innovation Strategy Matters
Business & Mgmt

Published on November 13, 2013

Author: aipmm

Source: slideshare.net

Description

While many executives and business leaders agree that in order for their companies to survive today's increasingly global marketplace, they must innovate to spur growth. They soon face the unpleasant truth that innovation is a messy process that is often hard to measure and manage. Few executives feel their companies are good at the specific processes and tactics frequently tied to successful innovation, such as generating breakthrough ideas, selecting the right ideas, prototyping, and developing business cases.

About the Speaker
Hector Del Castillo has over 15 years of experience transforming products to wealth for technology-based companies by building and directing high performing product teams, improving core business processes and establishing strategic partnerships. He has launched several profitable technology-based products and solutions. He provides services as a consultant, contractor, coach, or trainer to companies that want to grow by strengthening their product portfolio and creating new revenue streams.

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The AIPMM is the hub of all things product management. It is where product professionals go for answers. With members in over 65 countries, it is the worldwide certifying body of product team professionals.

It is the world's largest professional organization of product managers, brand managers, product marketing managers and other product team professionals who are responsible for guiding their organizations, or clients, through a constantly changing business landscape.

AIPMM's certification programs are internationally recognized because they allow product professionals to demonstrate their expertise and provide corporate members an assurance that their product management and marketing teams are operating at a high competency level.

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© AIPMM 2013 www.aipmm.com

The Hub Of All Things Product Management Association of International Product Marketing and Management • With members in nearly 70 countries, the AIPMM is the worldwide certifying body of product team professionals • The only organization that addresses the entire product life cycle (inception to obsolescence) throughout any industry • Presently has offerings in North America, Europe, Middle East, Australia and Southeast Asia • Membership benefits include eligibility for the certification programs, discounts to AIPMM events, and access to the career center, peer forums, tools, templates and publications © AIPMM 2013 www.aipmm.com

AIPMM Certifications AIPMM offers globally recognized certifications: • Certified Product Manager (CPM®) • Certified Product Marketing Manager (CPMM®) • Agile Certified Product Manager (ACPM®) • Certified Innovation Leader (CIL®) • Certified Brand Manager (CBM®) © AIPMM 2013 www.aipmm.com

Tweet! Use AIPMM: Lead Innovation: #AIPMM #LeadInnovation Follow Hector Del Castillo: AIPMM: @hmdelcastillo @AIPMM © AIPMM 2013 www.aipmm.com

Participate and Win! • Win a free 12-month standard AIPMM membership © AIPMM 2013 www.aipmm.com

Today’s Speaker Presenter: Hector Del Castillo, CPM, CPMM Product Innovation Consultant hmdelcastillo@aipmm.com linkd.in/hdelcastillo @hmdelcastillo © AIPMM 2013 www.aipmm.com

Hector Del Castillo linkd.in/hdelcastillo © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

What We Will Discuss 1. Benefits of Innovation 2. Conceiving and Creating Your Next Technology Innovation 3. Steps to Identify a Market Need 4. Assessing Risk and Return 5. Tips for Fostering Innovation 6. Key Takeaways © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

Benefits of Innovation Increased value for customers © 2013 Hector Del Castillo. All Rights Reserved. Improved profitability for your company Linkd.in/hdelcastillo

Where can innovation happen? • Technology • Methodologies • Packaging • Operations • Tools • Distribution • Product Design • Business Models • Production • Pricing • Processes • Marketing © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

Well Defined Incremental Innovation Basic Research Disruptive Innovation Not Well Defined Problem Definition Breakthrough Innovation Not Well Defined Types of Innovation Well Defined Domain Definition © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

Innovation Funnel Ideas • Generate • Explore • Analyze • Synthesize • Test • Plan Outcomes • Implement Source: © 1998-2013, AIPMM, All Rights Reserved. © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

1. Implement Innovation Process Source: © 1998-2013, AIPMM, All Rights Reserved. © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

Creates Alignment © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

Identify Key Resources © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

Define Key Deliverables © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

Reduces time to market © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

2. Know Market and Customers © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

Identify Customer Segments Needs; e.g., Problems/pain points Applications/uses addressed Key functionality/attributes Degree of sophistication/quality/… Drive Product/Solution Strategy Demographics; e.g., Industry Function Geography Age/gender/income Other personal/business characteristics Drive Outreach Strategy Behaviors and Attitudes; e.g., Risk appetite/adoption Psychographics (lifestyle/personality) Stated/unstated values Usage patterns Vendor/brand loyalty Drive Adoption Strategy © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

Know Your Competitive Environment © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

Perform Business Analysis Market Strengths Environment Weaknesses Capabilities Business Analysis Production Opportunities Finance Threats © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

3. Identify Right Problem To Solve Needs Information Wants Desires © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

Define The Market Problem What? Why? Who? Market Problem How? © 2013 Hector Del Castillo. All Rights Reserved. When? Linkd.in/hdelcastillo

Steps To Define Market Problem Establish Need Justify Need Confirm Context Define Market Problem © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

4. Define & Test Concept Possible Solutions © 2013 Hector Del Castillo. All Rights Reserved. Concept Linkd.in/hdelcastillo

Align Strategy With Needs Business Objectives Capabilities Customer Needs Market Knowledge Technology © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

Embed Technology In Solution Attributes Proposed Solution Benefits Technology Augmented Services Customer Experience © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

Maximize Value Leverage Capabilities © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

© 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

5. Seek Multiple Revenue Streams © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

Volatility Predictability Revenue Stream Return © 2013 Hector Del Castillo. All Rights Reserved. Risk Linkd.in/hdelcastillo

Maximize Revenue Minimize Risk © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

© 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

6. Get Customer Feedback Early Defects Feedback Feature Requests Other © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

© 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

© 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

© 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

TIPS FOR FOSTERING INNOVATION © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

© 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

© 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

© 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

© 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

© 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

Key Takeaways 1 • Implement innovation process 2 • Know market and customers 3 • Identify the right problem to solve 4 • Define and test the concept 5 • Seek multiple revenue streams 6 • Get customer feedback early © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

Free Consulting Session • First ten people to submit information via email • Must include name, title, company name, email address, phone number • Include a brief description of the problem or issue © 2013 Hector Del Castillo. All Rights Reserved. Linkd.in/hdelcastillo

Hector Del Castillo • Senior consultant with over 15 years of experience transforming products to profit for technology-based companies • AIPMM Body of Knowledge (ProdBOK®) Contributor • Established companies – Jet Propulsion Laboratory, Lucent Technologies, MEI Technologies • Small companies and startups – Nextone Communications, Smith Micro Software • Launched 30+ Products for global deployment – HW/SW, Telecom, Enterprise Mobility, Information Security Services, Professional Development • Certified PMP®, CPM® and CPMM® • University of California at Santa Barbara, MS EE • University of Texas at El Paso, MS EE, BS EE © 2013 Hector Del Castillo. All Rights Reserved. 48 Linkd.in/hdelcastillo

Q&A Presenter: Hector Del Castillo, CPM, CPMM Product Innovation Consultant hmdelcastillo@aipmm.com linkd.in/hdelcastillo @hmdelcastillo © AIPMM 2013 www.aipmm.com

Upcoming Courses November 26-28, 2013 December 2-3, 2013 Follow the links above for more information, or contact Katerina Protonatoriou, kpro [at] ait.gr Athens Information Technology (AIT) 19 km, Markopoulo Ave. GR - 19002 Peania, Athens, Greece http://www.productmanagement.gr/ © AIPMM 2013 www.aipmm.com

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Please Join Us Again! AIPMM Webinar Series: Building Great Products the Lean Startup Way The Art of a Handoff Friday, Nov 15th, 12 pm ET Friday, Nov 22nd , 12 pm ET http://aipmm.com/aipmm_webinars/ Global Product Management Talk: http://www.blogtalkradio.com/prodmgmttalk Stay Informed! Announcements: http://www.aipmm.com/subscribe Call For Speakers: http://www.boldpm.com/call_for_speakers LinkedIn: http://www.linkedin.com/company/aipmm Membership: http://www.aipmm.com/join.php Certification: http://aipmm.com/html/certification/ © AIPMM 2013 www.aipmm.com

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