- ??Start by understanding your customers' needs.?What are they looking for in a product? What problems are they trying to solve? Once you understand their needs, you can start to identify new product opportunities that will meet those needs.
- ??Don't neglect your existing products.?Even if you're focused on developing new products, it's important to make sure your existing products are still meeting your customers' needs. You can do this by regularly surveying your customers, conducting user interviews, and monitoring your product usage data.
- ??Use a variety of methods to identify new product opportunities.?There are a number of different methods you can use to identify new product opportunities, such as brainstorming, market research, and competitive analysis. Experiment with different methods to find what works best for you.
- ??Use a variety of tools to help you manage your product portfolio.?There are a number of different tools available to help you manage your product portfolio, such as product roadmap software and project management software. Use these tools to help you track your progress, identify risks, and make sure you're on track to meet your goals.
Here are a few real-life examples of companies that have found the right balance between identifying new product opportunities and incremental improvements for existing products:
- ??Google:?Google is constantly innovating and developing new products, such as Google Search, Google Maps, and Google Drive. However, they also make a point of making incremental improvements to their existing products, such as adding new features to Google Search and improving the performance of Google Maps.
- ??Apple:?Apple is another company that is known for its innovative products, such as the iPhone, iPad, and MacBook. However, they also make a point of making incremental improvements to their existing products, such as adding new features to the iPhone and improving the battery life of the MacBook.
- ??Netflix:?Netflix is a company that has been very successful at identifying new product opportunities, such as its streaming service and its original programming. However, they have also been very successful at making incremental improvements to its existing product, such as adding new features to its streaming service and improving the user interface of its website.
This will help you ensure that you're always meeting your customers' needs.??
Here are some well-known methods and tools that can help achieve this balance/goal:
- ??Brainstorming:?Brainstorming is a great way to generate new ideas for products and services. Simply gather a group of people together and have them come up with as many ideas as possible, no matter how crazy they may seem.
- ??Market research:?Market research can help you understand your target market and what they are looking for in a product or service. You can conduct market research by surveying your customers, conducting focus groups, and analyzing your competitors.
- ??Competitive analysis:?Competitive analysis can help you identify the strengths and weaknesses of your competitors. This information can help you identify opportunities to differentiate your product or service from the competition.
- ???Product roadmap software:?Product roadmap software can help you track the progress of your products and services. This software can help you visualize your product roadmap and make sure you are on track to meet your goals.
- ???Project management software:?Project management software can help you manage the development of your products and services. This software can help you track tasks, deadlines, and budgets
By using these methods and tools, you can find the right balance between identifying new product opportunities and incremental improvements for existing products.
