Product Innovation Management: First of Seven Knowledge Areas of Product Mastery – with Chad McAllister, PhD
Chad McAllister, PhD
Product management professor, practitioner, and top-1% podcast host. I help product managers and leaders prepare for the next step in their careers.
To listen to the interview, search for Product Mastery Now on your favorite podcast player.
How product managers can master product innovation management
Today we’re talking about product innovation management, one of the seven knowledge areas for product mastery. These are the knowledge areas that make us successful as product masters who know how to create new value for our customers. They also lead to more influence in our organizations. This is the second episode of a series where we’re diving into each of the seven knowledge areas.
Summary of topics discussed for product managers
[2:06] What is product innovation?
PDMA defines product innovation as the creation and subsequent introduction of a good or service that is either a new or an improved version of previous goods or services. Product innovation involves creating value, which is judged by the customer.
[3:23] What factors influence product innovation?
There are four categories of factors that influence product innovation:
culture
strategy
capability
organizational structure
finances
competitors
government policies and regulations
international environment
board
management
marketing
production
finance
purchasing
consultants
suppliers
regulators
agents
trade
customers
[5:19] Why is product work hard?
Successful product innovation is challenging because it doesn’t just happen by accident. As much as 70-90% of consumer products fail to meet their revenue expectations.
This means organizations are wasting financial and human resources at a tremendous rate. Your competency with these concepts in the Body of Knowledge helps equip you to turn this around and be more successful creating products customers love and that generate revenue for your organization.
Some famous examples of failed product launches that missed some aspect of product innovation are:
[7:20] What factors influence product innovation success?
I want you to be aware of success factors at three levels:
[7:39] Success factors at the product project level
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[9:01] Success factors at the people and environment level
[9:35] Success factors at the strategy level
[10:34] What does research tell us about product innovation success factors?
The PDMA Comparative Performance Assessment Study has identified factors consistent among high product innovation performers, organized into seven areas. They study is conducted every few years, and the most recent one was titled Product Development Global Best Practices Survey.
[11:26] 1. Innovation Culture
[12:32] 2. Product Strategy
[13:24] 3. Portfolio Management
Radical vs. incremental
Low vs. high risk
New vs. existing markets
[14:09] 4. Product Process
[15:16] 5. Front End of Innovation
[16:09] 6. Development Tools
[16:32] 7. Measures & Metrics
Outputs—product profits
Process—milestones
[19:10] What does a product manager do?
The responsibilities of product managers vary by organization, but some general responsibilities include:
[20:22] What are the skills of successful product managers?
A product manager is responsible for market success. They develop the product strategy and engage in product work through all stages of work—idea to launch and ultimately to product retirement.
A product manager works across functions, such as development, marketing, sales, and finances, to coordinate resources, transfer to them the product vision, and build a product roadmap.
[21:53] What are some key metrics for tracking product management performance?
[22:20] What are key strategies for a Product Manager’s success?
Put the information Chad shared into action now.?Click here to download the Action Guide .
Useful links:
To listen to the interview, search for Product Mastery Now on your favorite podcast player.