₦airaland Forum

Product innovation is not Value innovation.

Canva is a perfect fit for a case study.
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A lot of CEOs, #product guys, and people in general confuse product innovation with value innovation.

So, I asked a CEO recently if "She was saying to innovate value you need a new product?".

She said, "Mmmm.... NO".
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If I asked you this same question, you would most probably give me the same answer!

Hence, I would love to know why you think product innovation is the same as value innovation...

The sad truth is you could innovate a product that is utterly valueless and not needed. But that's a matter for another day.

But I really want to know your position on this too, so you can share it with me in the comment section.
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First, let's define the two concepts:
👉Product Innovation: This is when you create or build a new product or reproduce an existing product in a new way to meet your customer's need in a new manner.

👉Value Innovation: This one emphasizes VALUE and INNOVATION as a simultaneous pursuit of differentiation while making your competitors irrelevant by creating a leap in value for your customers with technological innovation, which in turn opens your company to a new market space or category popularly called "Blue ocean".
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👉Figma did this years ago and Adobe had to start pursuing with Adobe XD and even almost acquired Figma.

👉Canva has repeatedly done and dominated this in the #design and #SaaS space for over 6 years resulting in 90% usage among Fortune 500 companies which amounts to450+ of the US largest companies!
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Now, did Canva create a new app?

NO!

They only created new spaces year-on-year (YOY) which makes life easier for non-technical designers.

A demography dominated by women. That resulted in 60% of their users being females.
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Finally, I hope I have been able to convince and not confuse you that product innovation is never the same as value innovation.

Now, in like manner, going to church is not the same as salvation..

When will you innovate eternity for yourself by giving your life to Christ?

Cheers!

#product #productmanagement #productinnovation #value #valueinnovation #inegben #productmanager

Product management vs Product marketing.
The missing strategies in both👇👇
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One unifying factor in product management and product marketing is the "Product life cycle".
There are four main stages of a product's life cycle:
-Initial phase/introduction
-Growth Phase
-Maturity phase
-Decline Phase

The first 3 phases are often planned for.

Most managers and marketers I've interacted with rarely plan for the 4th one. And I love the fact that they never anticipate it because they always plan to keep growing.

However, reality is harsh. Isn't it?

The introduction phase, growth, and maturity phases all have strategies mapped out for them.

The decline phase is never in the topic.

Why?

No company forecasts going out of the market.
- - -

I believe that a strategy is always needed to be able to overcome every phase.

So, for the "Decline phase", I will always suggest "Value Innovation" using the blue ocean strategy.
This helps you rewrite the market dynamics.

As a product marketer or manager, have you ever been in this phase or know anyone who has worked in a company where they faced this dreaded reality?

What did you do? Or, What did they do?
- - -

In the same way, our lives have four phases:
-Birth
-Growth
-Maturity
-Old-age-to-eternity

However, the question here is "Have you accepted the salvation strategy for life after death?"
You should consider this too sirs and ma

Cheers!