Your company is focused on immediate results. How can you convince them to invest in long-term innovation?

I ensure that every investment comes with a leading and lagging result hypothesis when it comes to setting expectations around short term and long term wins. A lot of it is expectation management and the idea of leading and lagging outcomes helps.

When working in a company focused on immediate results, it's crucial to demonstrate how long-term innovation aligns with and supports short-term goals. In a previous role, I faced a similar challenge and addressed it by mapping out how strategic innovations could lead to quick wins and evolve into major gains. For example, I proposed a phased approach to innovation, starting with small-scale pilot projects that could show tangible benefits quickly, thereby securing early buy-in. I then illustrated how these could scale into broader initiatives, ultimately enhancing our market competitiveness and opening up new revenue streams. Presenting innovation in this way helps bridge the gap between immediate results and long-term aspirations.

Explain how long-term innovation can drive future growth and improve competitiveness. Align these benefits with the company's current goals to demonstrate that investing now will lead to greater returns later.

Your company's focus on immediate results is not necessarily at odds with long-term innovation. Begin by aligning innovation goals with the current business strategy. Show how innovation can be a vehicle to achieve not only short-term wins but also long-term success. Present innovation as an extension of the company's existing objectives, emphasizing how it can enhance market competitiveness, drive growth, and create new revenue streams. By integrating long-term innovation into the strategic framework, it becomes a natural progression rather than a diversion.

There's absolutely nothing wrong with setting and meeting/exceeding short term goals. And immediate results doesn't automatically mean a lack of innovation and strategic mindset. That said, building products that solve a big problem for clients requires thorough research, planning, execution, competitive analysis and appropriate resourcing. This usually requires long term strategy and focus, while keeping an eye on changing behaviors and trends. The short term milestones should not be divorced from long-term planning. The right prioritization framework can help find the balance between the two.

Measure what's measurable, and make measurable what isn't. This especially is more applicable to risk. Spraying and praying, putting all the eggs in the same basket, or simply focusing on short term and immediate goals typically fails sooner than later. Create a balanced framework that assigns a risk factors to products and capabilities. Risk comes not just from doing , but also in many cases from not doing something (opportunity cost, new competitors, changing industry trends). Incorporate all this into decision making when determining where to deploy the resources.

Innovation carries risks, but the danger of stagnation in a rapidly evolving market is far greater. To convince a results-driven company of the value of long-term innovation, I emphasize risk mitigation strategies. For instance, I propose a balanced portfolio approach to innovation, combining quick-win projects that align with immediate business goals with exploratory initiatives that may pay off in the future. This strategy diversifies our risks across multiple projects, ensuring that while some may fail, others will drive forward our competitive edge and open new markets. Demonstrating how strategic innovation can safeguard against market fluctuations and technological disruptions is key to gaining buy-in for long-term investment.

Conducting thorough user research, usability testing, and iterative design, we can prevent costly mistakes and ensure a smooth user experience. Investing in UX is a long-term strategy that pays off by fostering user satisfaction, loyalty, and positive brand perception. High-quality UX leads to higher user retention and engagement, ultimately driving sustainable growth and competitive advantage.

Innovation inherently involves risk, but it's a manageable one with the right approach. Explain to your company that not investing in long-term innovation is a risk in itself. Use the concept of risk mitigation to make a case for innovation investments. Illustrate how diversifying product lines and exploring new markets can protect against future uncertainties. Encourage the adoption of a portfolio approach to innovation, where multiple projects are pursued simultaneously, balancing high-risk, high-reward initiatives with safer bets. This strategy not only spreads the risk but also increases the likelihood of discovering successful ventures that drive sustained growth.

Innovation involves risk, but it's manageable. Explain that not investing in long-term innovation is also risky. Use risk mitigation to justify innovation investments. Show how diversifying product lines and exploring new markets protect against uncertainties. Promote a portfolio approach to innovation, balancing high-risk, high-reward projects with safer bets.

In my experience, most product people focus on asking the customers what they want in a solution, when the focus should really be on what they want to accomplish. Getting customer feedback on product capabilities has its place in product development, but when creating something new and innovative, finding a way to get to a deeper understanding of customer's dream outcomes is what will result in truly delightful products. The research should focus on that, and not simply what features they're looking for. In other words, spending more time understanding the problem, will generate more insights than discussing solutions.

Understanding customer needs is key to both immediate and long-term success. Emphasize the importance of leveraging customer insights to guide long-term innovation efforts. Explain that by anticipating future customer behaviors and preferences, the company can develop products and services that meet emerging demands. This proactive approach ensures relevance and positions your company as a leader in innovation, setting the stage for enduring customer relationships and loyalty. By consistently aligning product development with customer expectations, the company can maintain a competitive edge and drive sustained growth.

The financial aspect is often the most persuasive when advocating for long-term innovation. Outline the potential for a higher return on investment (ROI) from innovative products and services over time. Discuss how initial investments in research and development (R&D) can lead to significant competitive advantages, cost savings through efficiency improvements, and the creation of intellectual property that can provide ongoing revenue streams. By framing innovation as a strategic financial decision, you can appeal to the bottom line-focused mindset, demonstrating how innovation not only fuels growth but also strengthens the company's financial foundation.

Highlight the role of long-term innovation in attracting and retaining top talent by emphasizing that a commitment to innovation signals a dynamic and forward-thinking work environment. Talented individuals are drawn to companies that prioritize growth and make a significant impact. By showcasing your company’s investment in innovation, you demonstrate a commitment to staying at the cutting edge and fostering a culture of creativity and progress. This focus on innovation not only enhances your company’s attractiveness to high-caliber professionals but also contributes to a positive work environment that drives future success and creates a virtuous cycle of growth and talent retention.

To convince your company to invest in long-term innovation, emphasize how it attracts top talent. Highlight that a culture of innovation appeals to forward-thinking professionals eager to work on cutting-edge projects, fostering creativity and engagement. Showcase success stories of innovative companies that draw and retain top talent, contributing to their long-term success. Propose a balanced strategy that includes quick wins from innovation projects to demonstrate immediate benefits while setting the stage for future growth. Finally, present a clear innovation roadmap with milestones and measurable outcomes to show a structured approach that aligns with business goals.