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How do you pitch product innovation to decision-makers?

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Product innovation is the lifeblood of any successful business, but how do you convince decision-makers to invest in your ideas? Whether you are a product engineer, a product manager, or a product owner, you need to master the art of pitching product innovation to stakeholders, customers, and executives. In this article, you will learn some tips and best practices to craft a compelling and persuasive pitch that showcases the value, feasibility, and desirability of your product innovation.

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1 Know your audience

Before you start crafting your pitch, you need to understand who you are pitching to and what they care about. Different audiences have different goals, expectations, and pain points, and you need to tailor your message accordingly. For example, a customer might be more interested in how your product innovation solves their problem or improves their experience, while an executive might be more concerned about how your product innovation aligns with the business strategy and generates revenue. Research your audience and find out what motivates them, what challenges them, and what questions they might have.

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Jack Hu

Innovator / GoGetter
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Different industries have different approaches to open innovation. For example, in kitchenwares, I've found a filed provisional patent and works-like prototype to be important for my ideas before pitching. From my knowledge, companies in the toy and game industry may be more open to discuss ideas without a PPA necessarily filed at first. Keep in mind the industry you are pitching for as your audience!

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2 Define your problem

The next step is to define the problem that your product innovation aims to solve. A clear and concise problem statement will help you frame your pitch and demonstrate the need and urgency for your product innovation. A good problem statement should describe the current situation, the gap or opportunity, and the impact or benefit of solving it. For example, "Our current app has a low retention rate because it lacks personalization features, which results in a poor user experience and a loss of revenue. By adding a recommendation engine based on user preferences, we can increase retention, engagement, and revenue."

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Jack Hu

Innovator / GoGetter
(已编辑)
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In this stage, market research is critical. Find out how others approach the same problem. See that you have a unique perspective, and not something that is already out there in the market. Furthermore, study reviews of similar products to see what problems customers are STILL experiencing with existing products.

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3 Showcase your solution

Once you have defined the problem, you need to showcase your solution and how it solves the problem. This is where you can use your product engineering skills to present your prototype, demo, or proof of concept. Your solution should highlight the key features and benefits of your product innovation, as well as how it differs from the existing or competing solutions. You should also explain how you validated your solution with user feedback, data, or testing. For example, "We built a prototype of our app with a recommendation engine that uses machine learning to suggest products based on user preferences. We tested it with a sample of our users and found that it increased retention by 25%, engagement by 40%, and revenue by 15%."

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Jack Hu

Innovator / GoGetter
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The benefit of your idea is more emotional than technical. Famously, the iPod was marketed as "1000 songs in your pocket". I think that speaks volumes compared to something like "100GB of storage". Relate how the user will feel using your product. inventRight teaches using a one-line benefit statement which sums up the benefit of your product in one concise and impactful sentence!

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4 Address the risks

No product innovation is without risks, and you need to anticipate and address them in your pitch. Risks can include technical, financial, operational, or market-related challenges that might affect the success of your product innovation. You should identify the most relevant and significant risks and how you plan to mitigate or overcome them. You should also acknowledge the assumptions and uncertainties that underlie your product innovation and how you intend to validate or test them. For example, "One of the main risks of our product innovation is that the recommendation engine might not perform well with a large and diverse user base. To mitigate this risk, we will use a scalable and robust cloud platform to host our machine learning model and monitor its performance and accuracy. We will also conduct regular user research and A/B testing to ensure that our recommendations are relevant and useful."

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5 Communicate the value

The final step is to communicate the value of your product innovation and why it deserves to be funded, supported, or implemented. You need to quantify and qualify the value of your product innovation in terms of the outcomes, benefits, and impact it will deliver for your audience, your business, and your users. You should also provide a clear and realistic timeline, budget, and roadmap for your product innovation and how you will measure its success. For example, "Our product innovation will create value for our customers, our business, and our users. It will increase customer satisfaction and loyalty, generate more revenue and profit, and enhance user experience and engagement. We estimate that it will take six months and $100,000 to develop and launch our product innovation, and we will use key performance indicators such as retention rate, engagement rate, and revenue per user to track its progress and performance."

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you pitch product innovation to decision-makers?

1

2

3

4

5

6

1 Know your audience

2 Define your problem

3 Showcase your solution

4 Address the risks

5 Communicate the value

6 Here’s what else to consider

Product Engineering

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How do you pitch product innovation to decision-makers?

1

2

3

4

5

6

1 Know your audience

2 Define your problem

3 Showcase your solution

4 Address the risks

5 Communicate the value

6 Here’s what else to consider

Product Engineering

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感谢您的反馈

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