Whether your goal is to reinvent a struggling product or service offering, or to disrupt or create a market, our product strategy consulting team has the process, tools and people to ensure your success. Over 95 percent of new products fail. Our innovation process, Outcome-Driven Innovation, mitigates the risks that lead to failure, improving the new product success rate to over 80 percent. With 11 patents issued, we have quite literally reinvented the product strategy process.
While brainstorming, failing fast, and pivoting are all the rage, these product innovation methods embody the misguided thinking that drives today’s high innovation failure rates. Here’s why:
We know that customers will not switch or pay more for a new product/service if it only helps them get a job done 1 or 2 percent better. A winning offering must help customers get a job done 20 percent better or more. This means it must better satisfy dozens of unmet needs. The chances of someone randomly coming up with an idea that addresses all the right unmet needs (when those unmet needs are unknown) are less than one in a million. Brainstorming, failing fast, and pivoting are attempts to guess at what solutions will best address a significant number of unmet needs. But because they amount to guessing, they almost never work and are not dependable methods for predictable product innovation.
The only way to devise a solution that addresses many unmet needs is to first know all the unmet needs. While many companies think this is impossible, Strategyn’s product strategy consulting team has proven it is not. By defining a market around a job-to-be-done, it becomes possible uncover the 50 to 150 metrics customers use to measure the successful execution of a job. These metrics are the customer’s needs and the criteria they use to decide what products and services to buy. Strategyn pioneered this thinking and over the last 22 years has perfected the methods required to gather, prioritize, and use these insights to drive predictable innovation. Strategyn’s outcome-driven thinking opens the to door to a new way to think about product innovation.
In every market, we know that customers ultimately want to get the entire job done on a single platform. This means that they do not want to have to cobble together incompatible and ineffective solutions on their own. The only way to devise a solution that gets the entire job done is to know what the entire job is. This is where the Outcome-Driven Innovation begins and where Strategyn shines. As the pioneers of this thinking, our ability to define and understand a market through this lens is unsurpassed. With the insights we provide, the ultimate in breakthrough solutions is possible.
Why risk failure when you don’t have to? It is time to look past the ineffective innovation methods that have been persisted over the years and adopt a logical approach to product innovation. The truth is customers don’t have latent needs, and its possible to know all your customer’s needs, and which are unmet, before investing the first dollar in development. The benefits of our product strategy consulting services are an 80 percent-plus success rate, lower risk, shorter development time, and less development cost. Contact us to learn more about our product strategy consulting services.