Product innovation: More than iterating good ideas
September 4, 2018
RESEARCH REPORT
In brief
In brief
- An explanation of why you need to think beyond traditional product boundaries, and suggestions for how to do that
- An introduction to our Velocity of Value concept, and thoughts on how you can use it
- Relevant examples from Netflix and Comcast in full report
It’s important to get the basics right. Product innovation pushes past technology, features and functionality to include how the product is created, tested and further evolved. Create a cycle of product innovation to meet new consumer needs, solve consumer pain points and differentiate yourself in the marketplace.
Data
The treasured bedrock of platform companies, data-driven product development underpins iterative product innovation. The approach is only as good as the data that feeds the system, so make sure you instrument products appropriately and that they all drive data back into the development cycle.
New Technology
Integrating new technologies like AI, AR and VR with traditional products (i.e. live viewing) can deliver experiences that fit into everyday life and create product loyalty. Especially when implemented across devices and applications.
Trust
Consumers using your products need to be able to trust that their data is being used responsibly and ethically. They know they make a trade-off between the amount of data they share, the permissions they give and the value they see in return … but they expect you to understand and accept that there’s a line you shouldn’t step over. You must be clear about the choices you’re offering and responsive to changes of mind. And, of course, every product needs security built in from the start.
"Tear down the walls of your product silos. Spread product innovation across your company."
– GINO GALASSI, Managing Director – AVS Product Line
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