How to improve your approach to innovation

This post is a bit of a “roundup” of some various things I’ve been working on with my colleagues at SiriusDecisions around innovation, innovation strategy, and investing/budgeting for innovation.

If you’re interested in learning more, we’ve got a blog post, an infographic, a research brief, and an upcoming webcast — see the full details below.

Blog post: How Much to Invest in Exiting Products vs. New Products

One struggle product managers and product management leaders have with budgeting is determining how much to invest in products. When your company only has one product, it’s enough of a challenge. However, since most companies have more than one product, you also have to worry about how to allocate budget across multiple products, which introduces many more variables.

One question that frequently comes up is: “How much should we invest in new products vs. existing products?” My answer: “With all due respect, that’s the wrong question to ask.” Why? And what questions should you be asking? Read more in my blog post: How Much to Invest in Current Offerings vs. New Products

Infographic: 5 Mistakes with Innovation Strategy … and 5 Solutions

Every company wants to grow, and growth comes through innovation. However, many companies struggle with innovation — not just the process itself, but the entire strategy around innovation. Through recent research, we’ve identified 5 major mistakes organizations make with their overall approach to innovation, and how to implement the right processes and mindset. In this infographic — Top 5 Mistakes with Innovation Strategy — we’ve summarized the 5 mistakes and how you can overcome them.

Research Brief: Introducing the SiriusDecisions Innovation Strategy Framework

By this point you’re probably saying to yourself: “Okay, I get it. Companies don’t do a good job setting themselves up for innovation success. So what can I do about it?” One problem is the approach that most companies take to evaluating new products and building out their product portfolios. They base their investment decisions on internal politics and legacy investments rather than the markets and buyers that will best contribute to company growth.

So, the first step is to look at the market and buyers differently — and that’s where the SiriusDecisions Innovation Strategy Framework comes in. It’s an outside-in approach, based on opportunities in the market, and taking into account some of the specific issues and challenges in business-to-business environments. Our free research brief — Introducing the SiriusDecisions Innovation Strategy Framework — provides an overview of the framework, the four different types of innovation investments, and specific considerations to make each type successful.

Webcast: Innovation Strategy: Choosing the Right Products and Opportunities to Drive Company Growth

Last but not least, all of this comes together in a webcast I’ll be hosting on August 14. This will provide an overview of the research findings from months of research into best-in-class organizations and show how the Innovation Strategy Framework can be implemented within an organization. You’ll learn:

  • How to move from an internally focused process for innovation investment to a market-based, opportunity-driven approach
  • How a standard innovation strategy framework can ensure the right level of investment in the right products
  • Criteria and metrics to implement to increase the likelihood that innovation initiatives will succeed in the market
  • Industry-standard approaches to investment in innovation and new product initiatives
  • How to make sure that new product development efforts are in line with overall growth strategy
  • What roles product management, marketing and sales play in supporting innovation strategy

Sign up for the free August 14 webcast: Innovation Strategy: Choosing the Right Products and Opportunities to Drive Company Growth