487: Product Innovation Management: First of Seven Knowledge Areas of Product Mastery – with Chad McAllister, PhD

How product managers can master product innovation management TLDR Want to level up your product management game? This article dives into the world of product innovation management, using insights from the Product Development and Management Association (PDMA) Body of Knowledge. Here’s what you’ll learn: • The ins and outs of product innovation • Why some products fail (and how to avoid that fate) • What successful product managers do differently • Four key strategies to boost your product management skills • How top companies nail product innovation By mastering these ideas, you’ll be better equipped to create products customers love and drive success for your company. Introduction: Why Product Innovation Management Matters As product managers, we’re always trying to create the next big thing, stay ahead of competitors, and make our customers happy. But how can we make sure we’re on the right track? Enter the Product Development and Management Association (PDMA) Body of Knowledge. It’s like a treasure trove of wisdom for product managers, packed with insights to help you level up your career. Today, we’re diving into the first knowledge area: Product Innovation Management. What is Product Innovation, Anyway? Product innovation is all about creating and introducing new or improved goods or services. But here’s the thing: innovation doesn’t always mean inventing something totally new. It can take a few different forms: * Brand new products (like the first iPhone) * New-to-us products (like when a company enters a market they’ve never been in before) * Upgraded products (like when your favorite app gets cool new features) The key ingredient? Value. As product managers, our job is to create something that customers find valuable. When we do that, everyone wins! The Recipe for Product Innovation Product innovation isn’t just about having a “eureka!” moment. It’s influenced by a bunch of different factors. Some we can control, and some we can’t. Check out this breakdown: Stuff We Can Control Stuff We Can’t Control * Company culture * Our strategy * Our skills and capabilities * How our company is structured * Our budget * What our competitors are doing * Government rules * Industry regulations * What’s happening in the global market Plus, there are a ton of people involved in making innovation happen. Inside the company, you’ve got folks like: * The big bosses (Board of Directors and top management) * Marketing wizards * The tech geniuses (engineers and developers) * Number crunchers (finance team) * Supply chain experts And don’t forget about the outside help: * Consultants with fresh ideas * Suppliers who keep things moving * Government regulators * Industry groups * And most importantly: our customers and users! When Products Go Wrong: Learning from Failures Here’s a scary stat: up to 90% of new products don’t meet their sales goals. Yikes! That’s why it’s super important to understand what makes products succeed or fail. Let’s look at some famous flops and what we can learn from them: * New Coke: Coca-Cola tried to improve their classic recipe, but customers hated it. Lesson? Don’t mess with a good thing without really understanding what your customers love. * Apple Newton: This early tablet was ahead of its time, but the technology wasn’t quite there yet. Sometimes, timing is everything! * BlackBerry: Once the king of smartphones,