The 4X4 Strategy Framework to Unlock Product Innovation

We hear it all the time: 90% of startups fail and researchers estimate between 70% and 90% of innovation projects at corporate companies fail. Yet, innovation is consistently ranked as a top business priority , and there has been as surge in startup activity since the pandemic. So, how do you make sure that your big bets pay off??

Building trail-blazing products takes applying the right set of values to the right strategic questions. At NewDealDesign, we embody 4 core values, leveraging them to tackle tricky innovation challenges and to devise a strategy that considers and aligns 4 critical layers of decision-making.

4 CORE VALUES:

1.??????? Embrace ambiguity – In a world of constant flux – changing consumer preferences, rapid technological developments, evolving social norms, life-altering health crises – accepting that we can’t know it all expands the scope of new possibilities.

2.??????? Anticipate what’s next – Accepting uncertainty doesn’t mean avoiding action. We chart converging signals to know where viable opportunities will arise, and act with agility to pursue them.

3.??????? Build collectively – We approach projects with multi-disciplinary teams to work together on a given challenge, actively drawing on diverse expertise and perspectives to develop and execute the strongest approach.

4.??????? Strategize with creativity – There is no single right answer to any of the challenges that our clients face, so we solve problems by synthesizing what we know, imagining several possible solutions, and determining the most promising course of action through rigorous debate.

4-LAYERS OF DECISION-MAKING:

In developing innovative products for our clients, we think comprehensively. Products are a system – an integrated offering that enables a customer to reach their aspirations and overcome whatever obstacle is in their way. It is brought to life through physical, digital, and brand design and considered as a holistic customer experience.

Our approach to product strategy addresses four essential layers:

1)??????? Customer Value (B2B & B2C) – what are the functional, emotional, and social motivations that are driving customers’ purchasing decisions? Why are they looking for a product like ours?

2)??????? External forces – how are we positioning and developing our offering considering factors outside of our control like direct & indirect competition, cultural and economic trends, and industry dynamics?

3)??????? Internal knowledge and talent – do we have the ability to deliver the solution we are imagining?

4)??????? Business vision and goals – is our proposed approach viable from a business perspective? Does it set us on a path to long term success?

We consider these four layers not as steps, but as interrelated lines of inquiry that must be investigated to identify a strategy that reconciles them with one another. It’s like solving a Rubik’s cube. Twist the customer value layer, you might discover that a given segment and their needs don’t represent a large enough market or a big enough pain point from a viable business perspective, so you might re-assess your target segment. Perhaps you have identified a real opportunity to leapfrog competitors, but don’t currently have the right technology to deliver on your promise. You can ask yourself what it would take to invest to develop it or you might reconsider how you can solve the same customer’s problem in a new way without that particular tech.

It is by bringing our core values to bear on these interrelated questions that we create a strategy for successful product innovation.