Three ways to harness the power of innovation p camp austin aug 2016[162070]
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The document discusses trends driving product innovation, highlighting the rise of agile development, the importance of turning data into actionable insights, and the emergence of design as a key differentiator. It emphasizes the benefits of agile practices such as faster time to market and improved predictability, while also stressing the necessity of effective data analysis to enhance customer experiences. Finally, it points out that embedding design within company culture is crucial for product success and customer engagement.
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Three ways to harness the power of innovation p camp austin aug 2016[162070]
- 3. SPEAKER Todd Middlebrook • 20 years of industry experience • Pragmatic Marketing instructor • Product leadership roles with leading companies Microsoft & IBM Tivoli as well as Austin-area startups
- 4. AGENDA Trends driving product Innovation – Agile – Data into action – Design Leveraging the trends to build successful products
- 5. TREND 1: THE RISE OF AGILE DEVELOPMENT
- 6. THE RISE OF AGILE DEVELOPMENT VersionOne 10th Annual State of Agile Report (n=6,042)
- 7. THE RISE OF AGILE DEVELOPMENT Why Agile? – 37% faster to market – 16% more productive – 49% less expensive to deliver – Consistent quality as velocity increases – Better predictability QSM Assoc. “The Agile Impact Report” (compared Agile projects to 7,500 Waterfall projects) But, not so fast …
- 8. THE RISE OF AGILE DEVELOPMENT VersionOne 10th Annual State of Agile Report (n=6,042) “Fragile”
- 9. Stand-ups, sprints and iterative thinking spreading across the organization – Marketing – Business plans – Sales Enablement THE RISE OF AGILE DEVELOPMENT
- 10. IMPACT ON PRODUCT INNOVATION How does agile impact product innovation and what does it mean for your business?
- 11. IMPACT ON PRODUCT INNOVATION 45% Never Used 19% Rarely 7% Always 13% Often 16% Sometimes Standish Group
- 12. IMPACT ON PRODUCT INNOVATION
- 13. TREND 2: TURNING DATA INTO ACTION
- 14. Big Data Little Data – A/B testing – Analytics – Product usage According to IDC 70-80% of software failures result from poor requirements gathering, analysis and management* DATA, DATA, DATA
- 15. IMPACT ON PRODUCT INNOVATION How do we convert data into actionable insights that drive innovation?
- 16. A decade ago, we observed customers walk around our stores Today, we have reduced them to bits and bytes All data, no information Analysis paralysis TURNING DATA INTO ACTION
- 17. TURNING DATA INTO ACTION Story-driven data analysis is key – How do buyers engage with your brand – When, how and why do customers use your products – What customer experience are you driving Data should relate how you solve customer’s problems - Overall experience, not just individual product touchpoints Benefits of End-to-end Experience Data* – 20% increase in cross-selling – 25% reduction in churn * McKinsey
- 18. TURNING DATA INTO ACTION Focus on top customer interactions – Buyers and users – 3 to 5 most important touchpoints Don’t wait for data perfection – Look across silos and use the information you have available today Focus on the story, not data
- 19. TREND 3: THE EMERGENCE OF DESIGN
- 20. Google search for ‘UX Design’ was flat until 2007; it has since grown 1500% 150,000 open UX/UI Design jobs Business consumers now demand the same user- interface as personal technologies UX has become a key differentiator in winning the hearts and minds of customers Gives new entrants a leg up in established industries EMERGENCE OF DESIGN
- 21. THE DESIGN CURVE Customer Problem Identified Technology Dominates Functionality Enhanced Feature Dominates Overall Customer Experience/Relationship Design Dominates
- 22. APPLE HOMEPAGE 1997 Earliest recorded from The WayBack Machine, archive.org
- 24. GOOD DESIGN, IS GOOD BUSINESS Source: The Design Management Institute
- 25. IMPACT ON PRODUCT INNOVATION How does the evolution of design impact innovation?
- 26. IMPACT ON PRODUCT INNOVATION Design not a point activity, it must ingrained in your culture and staffed accordingly Teams more productive when Design is embedded Putting user at the center of your design is key Prototyping and measurement tools are required
- 27. Agile – Build the RIGHT features fast Data into Action – Tell the story of how you solve customer problems Design – Put the User at Center of your design Three Ways to Harness Power of Innovation
- 28. RESOURCES TO HELP NAVIGATE THE WORLD The Pragmatic Marketer ProductMarketing.com
Editor's Notes
- #5: Today, I want to focus on three key trends that are driving product innovation within our industry: The Rise of Agile Development The abundance of data to help make product development decisions and how to turn that data into action And, the emergence of design We will also discuss how to leverage these trends, as it relates to building successful products.
- #6: Small chunks that can be tested early & often with customers Reducing risk, increasing product dev Increase delivery velocity.
- #7: 80% of companies have adopted Agile
- #8: 37% Faster 16% more Productive 49% less expensive to deliver Maintained quality as velocity increases More Predictable (CLICK) …everything isn’t always as it seems…
- #9: Adoption more varied and complicated then just a binary “yes” or “no” Vary on Percentage of Projects using Agile 60% up to half Only 27% for 76 -100% Vary in extent of Adoption from merely limiting docs. to Pure Agilistas. Most not fully Agile, most (CLICK) FRAGILE
- #10: Adoption can lead to some behaviors that can actually derail, instead of foster Innovation.
- #11: What are some things to consider as Agile matures?
- #12: - Faster deliver & reduced cycle time doesn’t ensure that we build that engage the market in an impactful way. - Without discipline to gather, validate and clearly define reqs. at the front end of each Dev. We risk… ** In some ways, Agile can accelerate the pace of unused features. (64% of features or never or rarely used.)
- #13: **MUST SWITCH FOCUS FROM BUILDING FEATURES QUICKLY TO BUILDING THE RIGHT FEATURES QUICKLY **MUST GET MARKET-DRIVEN REQUIREMENTS BEFORE DEV. CYCLE (Never farther than 2 weeks away from delivering) OPTIMIZES BUSINESS RETURN & REDUCES RISK
- #14: This leads us to the second trend…. Said another way, how do turn data into action and use it to build impactful products, vs just building stuff really fast?
- #15: Today, we have so much information on individual product **If we gather the wrong or insufficient information to drive our Agile efforts, we risk building the wrong solutions quickly.
- #16: “How do we convert data into actionable insights that drive innovation and enable us to build remarkable products that fly off the shelf?…
- #17: The trick is getting the right data that provides actual insight without letting all of that data create analysis paralysis.
- #18: Do we understand the story it is data telling? Overall Experience – Buying to Using Benefits 10-20% boost in cross-selling 10-25 point drop in Churn
- #19: 3 to 5 Combo of sales and onboarding; one or two key servicing issues; and moving an account through a renewal process 2. Ask “What Problem are you trying to Solve for your Customers” and then leverage the data you have available to get started (Support, Marketing, Operations etc 3. More valuable when data used to pinpoint a cause and effect that tells a story and can be used to make predictions and inform product choices.
- #20: The Third Trend we will discuss is The Emergence of Design. Design is not a new concept, but in recent year’s the importance of design in technology has really moved to the front of our product innovation process.
- #21: Design has become a crucial tool to ward off commoditization and has really become a differentiator and given new entrants a leg-up in several established industries.
- #22: Why Now? Tech Evolution Evolve from building Technologies, to Features, to Customer Experiences.
- #23: And, as technology has evolved, so have people. Young “Technology Natives” and older “Digital Immigrants” have converged, the demand for elegant design has skyrocketed.
- #24: Could you imagine if a Digital Native were faced with the 1997 version today!
- #25: Financial impact of good product design. Over that 10 year period, design-led companies have maintained significant stock market advantage, outperforming the S&P by an extraordinary 219%. At its core, excellent design allows you to stoke consumer lust—and demand higher prices. http://www.dmi.org/?page=DesignDrivesValue
- #26: Nobody would argue that having elegant products that are easy to use is a bad idea, but the question becomes, “How does the evolution of design impact the product innovation process?”
- #27: Customer interactions and observations must be part of everything we do. Staff the role with people who are trained to do the work. Teams more productive when Design is embedded. Imperative that you obtain feedback from real users and designs are tested against those users for new discovery and refinement.. Prototype Tools (http://www.cooper.com/prototyping-tools)
- #28: Agile –Build the right features fast. Need Market knowledge before Dev, Discipline - Requirements to solve Real Customer Problems Data Information that tells Story “how you solve Customer Problems” End to end experience Design - Not an after thought Ingrained, Staffed and Embedded into team & process Real User-centric & tested design
- #29: Publications like The Pragmatic Marketing Blogs and industry information can be found at ProductMarketing.com And don’t forget to seek out interacting with your peers and hear from them at industry events like the upcoming Industry Product Conference in Cleveland in September.