New Product Governance: Driving Growth & Revenue

New product governance is a powerful enabler that accelerates growth and revenue.

It proactively supports the best opportunities at the expense of the losers and even the mediocre ones.

When done right, it's:

• Not another form-filling exercise that people can learn to game.
• Not a gotcha exercise to find the flaws and exaggerate the risks.
• A genuine in-depth conversation about the opportunity’s truth that you hold before committing to execution.

Here are some tough questions you should be asking about your new product governance:

1. Do you have the right to win?

• Does the opportunity fit your strategy, capabilities, and market position?
• Does it leverage your strengths to create more value in your current market?
• Or help move you into adjacent markets or technologies?
• Is it more stretch than you are ready and able to handle? Think in terms of market stretch or capabilities stretch (technology and manufacturing)

2. What’s it worth when you do?

• New product cash flow is the goal.
• Do your teams understand the economic value each new product can deliver early in the development?
• And not just the ROI for your company but also the payback that will entice customers to buy?
• Have they calculated the cost of each day's delay in getting to the sales launch?
• Or do sales forecasts erode after launch?

3. What’s your backup?

• Have your teams rigorously thought about what could go wrong and where they might meet resistance to change?
• Have you built the necessary learning loops into your process so teams can move forward with confidence?
• When an opportunity turns out not to be a fit, do your teams identify that early, learn from it, and quickly move on to a better opportunity?

If your organization can have?new product governance conversations like these, that is true?transparency.?

That kind of governance is a powerful motivator and a key first step in creating the competitive advantage every leader needs.

My free Clear Winner Assessment is a great place to start - Download My Clear Winner Assessment Here

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This article originally appeared in the Guided Innovation Pipeline Accelerator Blog