Prospecting for Product Innovation & Optimization TBD
Innovate or die?
KPI driven
Feature warfare
Signals in the noise
Risk aversion
Verticals over CX
TODO: New image
Where’s my cheese
Naysayers
False starts
Turning the Titanic
There’s another way
Instead: use prospecting as core discovery • Mineral prospecting metaphor
Before you start…
First, get leadership team buy in • Executive sponsorship • Product + Business
• Culture of collaboration • Engage teams from across the org • Invite both ICs and leaders
• Staffing allocation • Not another tiger team – real team members • Velocity handicaps vs full timers
Balancing innovation vs execution
Initial insight…
Discover a product which…
Stages of Innovation Prospecting • Core Discovery • What’s the problem? Is there demonstrable market need to solve this problem?
• Process Exception Determination • Can this idea be solved in the scope of existing product / marketing / pricing process? If so, default to existing process. Else go through following process.
• Product Market Fit • Is there a solution to this problem? Is our product / prototype one of the solutions?
• Go To Market • How expensive is this to take to market? How much should we charge it for?
• Scaling • What are impacts to our existing operations when we scale?
Developing a pipeline •Understand the market •Customer empathy •Product strategy •Ideation •Prototype •Experience strategy
Understanding the market • Business model exploration • Legacy documentation • Secondary research • Cluster / affinity mapping • Lit reviews • Innovation Strategy matrix • Ansoff Matrix
Customer empathy • Customer verbatims (olab, etc) • Diary studies • Ethnography / Contextual inquiry • Jobs to be Done • Journey mapping • Personas
Can we leverage MVP methodologies to get an early read on product viability?
4
4 - Multiple options 1 - 1 to 2 options 0 - No options
Can we leverage existing customer base and/ or infrastructure for MVP?
4
4 - If yes for both customer/ infrastructure 1 - For just one 0 - Neither
Are there network effects, virality or other social capital core to the product idea?
0
4 - Core Value Prop 1 - Secondary feature 0 - Not included
Partner Impact
9
Does it leverage existing supplier assets? (do no harm)
4
Can we create new market opportunities for our suppliers?
1
Competitiveness
8
50%
25%
Scoring Values
15%
Criteria
Past tests Industry/ consumer studies Customer feedback
Product test Pure consumer research Business development Investor/ peer feedback
0 - For no 1 - Do no harm 4 for actively leveraging 0 - For no 4 - For yes
Can we create any barriers to entry for our competitors?
4
1 - For at least 1 4 - For > 1 0 - Otherwise
Do we as Hotwire have some unique leverage for playing in this space?
4
0 - For no 1 - For first mover advantage 4 for yes
Does this idea help differentiate us from everyone else
1
4 - If completely different from all others, helps us breakthrough 1 - If it helps to set us apart from others 0 - For no
10%
Is the ideal patentable High cost of entering the space Economies of scale Product differentiation Government/ legal restrictions Technology Considerations Price collusion Stiff competition
Reduce, reuse, recycle • More you learn, the more cognitive shortcuts you can take • Lightweight versions of steps • Proficiency is key to skipping steps • Improve by focusing attention on your weaknesses • The process uncovers obvious directions
Tools you can use • • • • • • • • • • • • •
Business model exploration Legacy documentation Secondary research Cluster / affinity mapping Lit reviews Innovation Strategy matrix Ansoff Matrix Customer verbatims (olab, etc) Diary studies Ethnography / Contextual inquiry Jobs to be Done Journey mapping Personas
• • • • • • • • • • • •
Business canvas Comparative analysis Heuristic evaluation Desirability / Viability / Feasibility (DVF) matrix Innovation strategy matrix Scoring rubric Journey based storytelling Rapid ideation Strange children Storyboarding Sprint method Jobs to be Done
