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Product Innovation
Common Pitfalls of B2B Organizations
AIPMM Webcast Series
Our Speaker
JJ Rorie
Managing Director at Envision Advisory
AGENDA
1. What is Innovation
• Defining innovation
• Types of innovation
2. B2B Innovation Pitfalls
• Thinking of innovation as an activity
• “Customer-ruled” vs. “customer-focused”
• Not knowing your customers’ customers
• Trying to be something that you’re not
• Ignoring product portfolio management
WHAT IS INNOVATION?
WHAT IS
INNOVATION?
https://www.merriam-webster.com/dictionary/innovation
WHAT IS
INNOVATION?
What defines “new”?
The process of translating an idea or
invention into a good or service
that creates value or for which
customers will pay.
WHAT IS
INNOVATION?
Source: http://www.businessdictionary.com/definition/innovation.html
B2B B2C
Products sold to individuals /
consumers
Products sold to businesses,
governments, institutions
• Customers want you to help
improve their business
• More focus on features /
workflow
• Greater number of
stakeholders – more layers
of voice of customer
• Customers want you to help
improve their life
• More focus on design / user
experience
• Greater number of users –
larger sample size for voice
of customer
B2B v. B2C
INNOVATION
TYPES OF INNOVATION
DISRUPTIVE
vs.
INCREMENTAL
TYPES OF
INNOVATION
DISRUPTIVE
• Transforms existing markets or industries, or creates
new ones
• Results in groundbreaking products
• Riskier – “betting the farm”
TYPES OF
INNOVATION
DISRUPTIVE
INNOVATION
The invention of the Universal Product Code (UPC)
Source: https://en.wikipedia.org/wiki/Universal_Product_Code
DISRUPTIVE
INNOVATION
The first mobile phone
Source: https://en.wikipedia.org/wiki/Universal_Product_Code
INCREMENTAL
• Focuses on cost or feature improvements in existing
products or services
• New products that are extensions of an existing line
or for existing markets
• Less risky than disruptive
TYPES OF
INNOVATION
INCREMENTAL
INNOVATION
Source: Business Insider; http://www.businessinsider.com/how-oxo-reinvents-everyday-objects-2016-2 Photo: Oxo
Oxo reinvents common kitchen gadgets
INCREMENTAL
INNOVATION
Source: Tech Crunch https://techcrunch.com/2017/12/12/twitter-officially-launches-threads-a-new-feature-for-easily-writing-tweetstorms/
Twitter releases new features
OPEN
vs.
CLOSED
TYPES OF
INNOVATION
OPEN
• Ask external stakeholders – customers, partners, the
public – to help with innovation and idea sharing
• “All of the good ideas are not only within our walls”
• We can profit from others’ use of our Intellectual
Property (IP)
TYPES OF
INNOVATION
OPEN
INNOVATION
Lego Mindstorms allows customers to create designs
Source: https://www.ideaconnection.com/open-innovation-success/Lego-Success-Built-on-Open-Innovation-00258.html
OPEN
INNOVATION
Amazon, Berkshire, JPMorgan tackle healthcare
CLOSED
• We believe our people will have the best ideas
• We believe we can get these great ideas to market
first
• We should control our Intellectual Property so that
our competitors can’t profit from it
TYPES OF
INNOVATION
CLOSED
INNOVATION
Some firms are notoriously secretive with their innovation
COMMON PITFALLS
5 Ignoring product portfolio management
4 Not knowing your customers’ customers
3 Being “customer-ruled” vs. “customer-focused”
2 Thinking of innovation as an activity
Trying to be something that you’re not
COMMON
PITFALLS
1
PITFALL #1
Trying to be something you’re not
1 Trying to be something that you’re not
1 Trying to be something that you’re not
1 Trying to be something that you’re not
It’s ok to be you… define it, understand it, own it
Note: there are no good and bad – just be honest
and drive innovation within the context of your
organization’s “personality”
• Rely on your company’s mission
• Are you risk-averse or not?
• Are your processes bureaucratic or flexible?
PITFALL #2
Thinking of innovation as an activity instead
of a culture
2Thinking of innovation as an activity
“We’re ideating.”
“I’m
Innovation
Man!”
2Thinking of innovation as an activity
Make innovation part of your organization’s “DNA”
• Create a learning environment
• Celebrate wins and losses
• Encourage ideas from everyone
PITFALL #3
Believing you are customer-focused when
really you are customer-ruled
3Being customer-ruled vs. customer-focused
Don’t focus all your time on specific customer requests
• Think long-term
• Strategic > features
• Learn to say “no”
PITFALL #4
Not truly understanding your
customers’ customers
4Not knowing your customers’ customers
Help your customers solve their customers’ problems
• Conduct voice of client with end users
• Talk to your clients
PITFALL #5
Ignoring product portfolio management
5Ignoring product portfolio management
Keep your portfolio fresh so you can focus on innovation
• Rationalization exercise – reduce the number of
products you sell, so that you can focus your
human and financial resources on the most
profitable products and new development
• Don’t be afraid to sunset… all products have a
lifespan
Contact the Speaker
JJ Rorie
Managing Director
Envision Advisory
jjrorie@envisionadvisory.com
954.600.9944 mobile
JJ Rorie
@JJRorie

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Common pitfalls of b2 b organizations ver 1.3

  • 1. Product Innovation Common Pitfalls of B2B Organizations AIPMM Webcast Series
  • 2. Our Speaker JJ Rorie Managing Director at Envision Advisory
  • 3. AGENDA 1. What is Innovation • Defining innovation • Types of innovation 2. B2B Innovation Pitfalls • Thinking of innovation as an activity • “Customer-ruled” vs. “customer-focused” • Not knowing your customers’ customers • Trying to be something that you’re not • Ignoring product portfolio management
  • 7. The process of translating an idea or invention into a good or service that creates value or for which customers will pay. WHAT IS INNOVATION? Source: http://www.businessdictionary.com/definition/innovation.html
  • 8. B2B B2C Products sold to individuals / consumers Products sold to businesses, governments, institutions • Customers want you to help improve their business • More focus on features / workflow • Greater number of stakeholders – more layers of voice of customer • Customers want you to help improve their life • More focus on design / user experience • Greater number of users – larger sample size for voice of customer B2B v. B2C INNOVATION
  • 11. DISRUPTIVE • Transforms existing markets or industries, or creates new ones • Results in groundbreaking products • Riskier – “betting the farm” TYPES OF INNOVATION
  • 12. DISRUPTIVE INNOVATION The invention of the Universal Product Code (UPC) Source: https://en.wikipedia.org/wiki/Universal_Product_Code
  • 13. DISRUPTIVE INNOVATION The first mobile phone Source: https://en.wikipedia.org/wiki/Universal_Product_Code
  • 14. INCREMENTAL • Focuses on cost or feature improvements in existing products or services • New products that are extensions of an existing line or for existing markets • Less risky than disruptive TYPES OF INNOVATION
  • 15. INCREMENTAL INNOVATION Source: Business Insider; http://www.businessinsider.com/how-oxo-reinvents-everyday-objects-2016-2 Photo: Oxo Oxo reinvents common kitchen gadgets
  • 16. INCREMENTAL INNOVATION Source: Tech Crunch https://techcrunch.com/2017/12/12/twitter-officially-launches-threads-a-new-feature-for-easily-writing-tweetstorms/ Twitter releases new features
  • 18. OPEN • Ask external stakeholders – customers, partners, the public – to help with innovation and idea sharing • “All of the good ideas are not only within our walls” • We can profit from others’ use of our Intellectual Property (IP) TYPES OF INNOVATION
  • 19. OPEN INNOVATION Lego Mindstorms allows customers to create designs Source: https://www.ideaconnection.com/open-innovation-success/Lego-Success-Built-on-Open-Innovation-00258.html
  • 21. CLOSED • We believe our people will have the best ideas • We believe we can get these great ideas to market first • We should control our Intellectual Property so that our competitors can’t profit from it TYPES OF INNOVATION
  • 22. CLOSED INNOVATION Some firms are notoriously secretive with their innovation
  • 24. 5 Ignoring product portfolio management 4 Not knowing your customers’ customers 3 Being “customer-ruled” vs. “customer-focused” 2 Thinking of innovation as an activity Trying to be something that you’re not COMMON PITFALLS 1
  • 25. PITFALL #1 Trying to be something you’re not
  • 26. 1 Trying to be something that you’re not
  • 27. 1 Trying to be something that you’re not
  • 28. 1 Trying to be something that you’re not It’s ok to be you… define it, understand it, own it Note: there are no good and bad – just be honest and drive innovation within the context of your organization’s “personality” • Rely on your company’s mission • Are you risk-averse or not? • Are your processes bureaucratic or flexible?
  • 29. PITFALL #2 Thinking of innovation as an activity instead of a culture
  • 30. 2Thinking of innovation as an activity “We’re ideating.” “I’m Innovation Man!”
  • 31. 2Thinking of innovation as an activity Make innovation part of your organization’s “DNA” • Create a learning environment • Celebrate wins and losses • Encourage ideas from everyone
  • 32. PITFALL #3 Believing you are customer-focused when really you are customer-ruled
  • 33. 3Being customer-ruled vs. customer-focused Don’t focus all your time on specific customer requests • Think long-term • Strategic > features • Learn to say “no”
  • 34. PITFALL #4 Not truly understanding your customers’ customers
  • 35. 4Not knowing your customers’ customers Help your customers solve their customers’ problems • Conduct voice of client with end users • Talk to your clients
  • 36. PITFALL #5 Ignoring product portfolio management
  • 37. 5Ignoring product portfolio management Keep your portfolio fresh so you can focus on innovation • Rationalization exercise – reduce the number of products you sell, so that you can focus your human and financial resources on the most profitable products and new development • Don’t be afraid to sunset… all products have a lifespan
  • 38. Contact the Speaker JJ Rorie Managing Director Envision Advisory jjrorie@envisionadvisory.com 954.600.9944 mobile JJ Rorie @JJRorie