What are the best ways to report product innovation metrics to stakeholders?

In my experience it helps a lot to understand your audience as well not only define them as you need to understand what they would be looking for from such session and what would be their goals and questions. Talking to your CEO about product innovation metrics is very different from talking to your head of customer support or head of sales and they will be looking for different info out of such discussion. Hence you need to understand them and their needs exactly as you try to understand your users.

Clearly understand your objectives and identify your target audience. Different stakeholders may have varying interests and levels of expertise, so tailor your communication to address their specific needs and concerns.

Ensure these checkpoints are checked right: - Align Metrics with Business Goals - One clear goal at a time mapped with objectives and success metrics. - Use a Balanced Scorecard - Include a variety of metrics that comprehensively cover the stakeholder goals as well. - Visualize Data - Tableau / Power BI - Incorporate Qualitative Insights - CX feedback, Case studies. - Provide Regular and Real-time Updates - Jira / Asana - Focus on Actionable Metrics - Highlight metrics that offer insights for improvement, such as user engagement changes after new feature releases. - Benchmarking - Always benchmark against the best - Customize Reports - Key Findings and Success Metrics Work with an exhaustive idea log, prioritize, test, and launch.

Na minha experiência pode parecer muito claro o objetivo e publico mas sem de fato entender as verdadeiras dores e razões para novas soluçoes; por isso muito importante ter clareza de quais problemas pretende sanar mais do que o que deseja alcançar e se essas dores e insatisfaçoes partiram do publico atraves de dados historicos ou foram percepçoes qualitativas da gestão ou uma parcela dos key-users

Every Product innovation has two major criteria: Case A: How it solve the existing pain points or limitation or unavailability? Case B: What new possibility the innovation is creating ? How is helping for better environment, sustainability ? So here below some key matrixes: 1. Time based factors. 2. Availability factor. 3. Quick to reach the market. 4. Resource factor - labour, raw material . 5. Business & Economic factor. 6. Market share. 7. New possibility for technology. 8. Carbon footprint 9. Sustainability 10. New employment generation.

I always give an example to the Hamk customer and say, do you want to go ahead and shoot the target like a sniper, or do you want to hit the target with a shotgun? The difference between a brand that knows its audience and designs products for them, and a brand that only produces products is like a sniper and a shotgun.

Defining clear goals and identifying your target audience are foundational steps before diving into product innovation metrics reporting. Tailor your metrics strategy to align with specific objectives and the expectations of your intended audience. If validating your product idea with customers is the goal, metrics emphasizing user feedback, engagement, and retention take center stage. On the other hand, if seeking investor funding, metrics showcasing market potential, revenue growth, and competitive advantage become key highlights. The precision in selecting metrics resonates with your goals and ensures that your reporting is not just informative but also strategically aligned with your audience's interests and priorities.

Innovation in product requires careful exploration and mindful execution. Product teams are at the centre of any organization & this means that all departments listen to what product is saying. To all these different ears, the definition of product is different. Hence, if anything has to innovate, product team needs to define the metrics that impact these different departments. For example, finance would require insights into ROI, marketing into impact on retention, customer service into resource management, etc. At the onset, make the impact clear to multiple stakeholders. This will help gather support from different teams as specific concerns will be automatically addressed.

Defining your goals and audience in product development is akin to charting a course on a treasure map. Before delving into reporting product innovation metrics, you must unearth your aspirations and identify your target voyagers. These factors dictate which metrics to hoist, how frequently to navigate their waters, and in what manner to unfurl their findings. For instance, if your quest is to validate your product amidst the stormy seas of customer opinion, metrics showcasing user feedback, engagement, and retention may guide your compass. Conversely, if your aim is to woo investors with tales of conquest, metrics illustrating market potential, revenue growth, and competitive advantage may hoist your sails.

Select a reporting format that aligns with your stakeholders' preferences. It could be a concise written report, a presentation, or an interactive dashboard. Also, determine the appropriate frequency of reporting based on the nature of the innovation and the stakeholders' need for updates.

Automation is amazing..... Most ERP systems can track data and educated people can look for the trends and make smart revenue decisions from it. That is great to support the efforts but honestly the leadership team should be talking about the products at least weekly to get realtime feedback. That will allow for innovation and fine tuning of the offerings. Let every stakeholder be creative with their perspective.

Selecting the appropriate format and frequency for your product innovation metrics report hinges on your goals, audience, and metric complexity. Tailor your approach with diverse formats like dashboards, slides, reports, emails, or newsletters, aligning each with its intended purpose. Consider stakeholders' preferences and needs, adjusting the reporting cadence accordingly – be it daily, weekly, monthly, or quarterly. Opt for a format and frequency that ensures clarity, relevance, and timeliness for stakeholders. For instance, present financial metrics to investors in comprehensive reports during quarterly meetings, while using weekly email updates with user engagement metrics for internal teams.

Product is expected to innovate and lead the way. Using existing meetings & stakeholder specific tools will make sure that the stakeholders are in their comfort zone. This will enhance communication, understanding & adoption of the idea & innovation.

In my experience, there are various levels/ tiers of stakeholders like sponsors, decision makers, inform only etc. Depending on the stake holder need the medium/ format can be chosen. For example, a sponsor may need an in depth in person periodic update vs. an email may suffice for an inform only stake holder.

Aqui na frequencia também é importante ter em consideraçao o ciclo de vida do produto que está sendo desenvolvido. Inovaçoes apresentam comportamentos diferentes em segmentos diferentes; na saúde por exemplo dados real time de indicadores junto de uma soluçao são imprenscinveis enquanto que no atacado posso gerar dados a cada faixa de horas para acompanhamento do lançamento.

Selecting the right format and frequency for your product innovation metrics report is a strategic decision, influenced by your goals, audience, and the nature of your metrics. Dashboards, slides, reports, emails, or newsletters offer diverse formats catering to various communication preferences. Align the frequency of reporting with the expectations of stakeholders, ranging from daily updates for dynamic projects to quarterly summaries for longer-term initiatives. The essence lies in choosing a format and frequency that strike a balance – they should be easy to understand, directly relevant to your stakeholders' interests, and timely enough to facilitate informed decision-making.

Visual representations such as charts, graphs, and dashboards can help stakeholders quickly understand and interpret complex innovation metrics. Use visualizations to highlight trends, compare performance over time, and illustrate key insights. Also, contextualize the metrics by providing background information, explanations of methodologies, and insights into factors that may have influenced the results. Help stakeholders understand why specific metrics are essential and how they contribute to overall business objectives.

I would suggest choosing a proven model of schedule control such as Agile Methodology. Defining the team routine in Daily, Weekly and Monthly can be very powerful and optimize your team efforts. Combining Agile Methodology with a logical quorum (e.g: based on User Funnel) will also be helpfull

Entender que la audiencia tiene ciclos, y normalmente no son los mismos de tu negocio son claves... Se paciente y obtén suficientes datos...

I have always found that a dashboard approach has been very effective with the right KPIs that are previously aligned with all stakeholders. Dashboard needs to be in real time with the most important KPIs depending on the project.

Focus on key performance indicators (KPIs) and metrics that directly align with your product innovation goals. Avoid information overload by prioritizing the most impactful and actionable metrics. Be selective to provide a clear and concise picture of progress.

Precision in metric selection is paramount for a concise and impactful product innovation report. Metrics should be a direct reflection of your goals and tailored to resonate with your audience. Avoid information overload by steering clear of irrelevant, confusing, or misleading metrics. Opt for a focused set of key metrics that are not only meaningful but also actionable and comparable. For a holistic view, consider metrics like customer satisfaction, feature usage, adoption rate, churn rate, or net promoter score. This strategic approach ensures that your report delivers a clear narrative, highlighting the progress and impact of your product development efforts without overwhelming stakeholders with unnecessary data points.

For each stakeholder, identify metrics that they find useful & report on those. For the product, the collective dashboard containing the targets (OKRs) and KPIs are to be maintained. This can be done using tools as simple as an Excel workbook or a powerpoint slide.

Selecting the most relevant metrics in product innovation reporting is akin to curating a gallery exhibition: each piece must resonate with your audience and reflect the essence of your vision. Avoid cluttering your canvas with irrelevant or misleading metrics; instead, hone in on a select few that capture the essence of your journey. Metrics like customer satisfaction, feature usage, adoption rate, churn rate, or net promoter score serve as brushstrokes, painting a vivid picture of progress and impact. By focusing on these key metrics, you craft a narrative that is both meaningful and actionable, guiding your stakeholders through the masterpiece of your product innovation journey.

Before selecting any metrics, understand who your stakeholders are, because that would determine the kind of metrics you will need for any business or data analysis. Choose only the metrics that will help you and other stakeholders to make decisions.

Before selecting any metrics, understand who your stakeholders are, because that would determine the kind of metrics you will need for any business or data analysis. Choose only the metrics that will help you and other stakeholders to make decisions.

Metrics based on User's Funnel: - Awareness. e.g: Brand Lift - Acquisition. e.g: new users - Engagement. e.g: ARPU - Retention. e.g: Churn

Asegúrate de comprender las métricas relevantes de negocio, no solo seguir el capricho de conseguir el dato perfecto o el que va a ser más rentable, lo importante es el contexto y ahí está la clave

Reportar os dados e indicadores sem um contexto e devido acompanhamento próximodos key users podem mascarar os fatos realistas acompanhados da inovação. Importante que os dados estejam conectados com os principais indicadores históricos da companhia e do mercado.

Offer context to help stakeholders interpret the metrics. Explain the significance of the data, highlight trends, and provide insights into the factors influencing the outcomes. This contextual information aids in a more informed and nuanced understanding.

Elevate your product innovation metrics reporting by going beyond raw numbers – provide context and insights that breathe life into the data. Clearly articulate the significance of the metrics, explaining why they matter and how they align with broader goals. Offer specific and factual insights that resonate with the unique needs and concerns of your stakeholders. Contextualize the metrics by referencing benchmarks, trends, and industry best practices, providing a comprehensive understanding of your product's performance. Address challenges and opportunities head-on, fostering transparency and trust. This layered approach ensures that your metrics aren't just numbers but a narrative that guides stakeholders towards strategic decisions.

Metrics without a background make no sense. 10% increase can mean a positive or a negative thing. 10% increase in retention is great, but 10% increase in churn is not. Providing more context using competitor analysis is a great levelling ground, for example, is the industry average is a 5% increase in turnover & your product has 9%, then that is GREAT!

Reference to the context is the most critical thing in the Product Development. Mapping the right data with the requirements and project scope will define the success of the project.

Often product innovation will be killed if there is no clear impact on the financial numbers of the company. Great solution for that is to provide context and update stakeholder often about new, in progress & completed idea discoveries. Try also to balance ideas that will take you a month to validate and others like deep tech where validation might take half a year or longer. Go with a mindset as if people know nothing and educate them on why you selected those ideas, what are the clear customer pain points and what is the desired outcome.

Encuentra el contexto adecuado pero seamos realistas con las métricas, todos queremos una mina de oro pero hay que hacer bastantes hallazgos para encontrarla!

Enhance Message Delivery: Utilize charts, graphs, tables, icons, colors, and labels to make your data visually compelling and easy to grasp. Increase Engagement: Visual elements attract attention and improve information retention, ensuring stakeholders stay engaged with the presented metrics. Tools and Techniques: Employ a variety of tools and techniques to suit your data and audience, maintaining appropriateness, consistency, and clarity. Tailored Visualizations: Choose visualizations and simplifications that align with the specific characteristics and preferences of your audience, ensuring a clear and impactful presentation of your product innovation metrics.

Use visualizations such as charts, graphs, and infographics to make complex data more accessible. Visual representations help stakeholders quickly grasp key trends and insights. Keep the presentation simple and focused to avoid overwhelming your audience.

Transform your product innovation metrics into a compelling narrative by embracing visualizations and simplifications. Visuals not only enhance communication but also captivate attention and aid retention. Employ tools like charts, graphs, tables, icons, colors, and labels to create a visual language that resonates with your data and audience. Ensure appropriateness, consistency, and clarity in your visualizations, tailoring them to match the nature of your metrics and the preferences of your stakeholders. A well-crafted visual representation transforms complex data into an accessible and engaging story, facilitating a deeper understanding and appreciation of your product innovation journey.

Use generally accepted colour combinations in graphs, icons, labels, etc. Show greater impact by increasing the font size of the metric. If it is a positive impact, a simple big green number automatically relays that positive impact.

Share your project pipeline intentions. There are parts to keep too secret 🤫 YET If people can share your vision, plan and be on board, you build know like and trust and can make your genuinely interested clients customers. Let them help you and engage whenever possible with your ideal clients.

Cómo experto en visualización de datos, estoy seguro que el entendimiento de los datos está aquí, no lo dejes para el final y sobre todo haz comprensible evita la complejidad y prueba versiones que permitan que la audiencia vea lo mismo que tú! Recuerda el objetivo es comunicar los datos, no quedar como un intelectual!

Encourage a two-way communication channel by inviting questions, feedback, and suggestions from stakeholders. This fosters engagement and ensures that the reporting process becomes a collaborative effort. Addressing concerns and incorporating feedback enhances the value of the reporting.

Encourage a two-way communication channel when reporting product innovation metrics to stakeholders. Actively seek feedback, opinions, suggestions, and concerns from stakeholders to enhance both your product development and reporting processes. Promptly and respectfully respond to their input. For example, invite investors to provide insights on the financial metrics presentation style, or ask end-users for feedback on the usability of the product. Use this engagement to iteratively refine various aspects, including goals, audience targeting, reporting formats, frequency, chosen metrics, contextual information, insights, visualizations, and simplifications, ensuring continuous improvement based on stakeholder input.

Transform product innovation reporting into a dynamic exchange by actively seeking feedback and engagement from stakeholders. Encourage them to share opinions, questions, suggestions, or concerns about the metrics and process. Swift and respectful responses demonstrate a commitment to collaboration and transparency. Leverage stakeholder feedback to refine every aspect of your reporting – from goals and audience targeting to format, frequency, and metric selection. Let their insights shape context, refine visualizations, and enhance simplifications. This iterative dialogue ensures that your product innovation reporting evolves in tandem with stakeholder needs & expectations, fostering a collaborative and responsive approach to development.

A lot of time innovation that is not targeting direct customer needs is tagged as "nice to have", but this is not really correct. You have two types of innovation: - Direct: building new features that our customers are asking or those to catch up with competition - Adjacent: new capabilities that are not directly related to our core, but close enough in terms of domain - Transformative: completely new products that will have direct impact on your market share. Each of those will have different metrics and should also be reported differently.

For impactful reporting of product innovation metrics to stakeholders, focus on key aspects and Define clear goals aligned with stakeholder interests. Select metrics that reflect the innovation's performance and potential impact on revenue versus investment costs. Essential metrics include ROI on innovation, cost breakdowns, revenue projections, and market impact. Contextualize data with insights on market trends and innovation's strategic value. Regularly update stakeholders with concise, insightful reports that balance financial viability against strategic goals, ensuring transparency and fostering informed decision-making.

Identify stakeholders affected by your innovations and their impact level to determine collaboration needs. Collaborators should help create success metrics, aligning on outcomes and strategies for innovation, ensuring their support. During discovery, highlight promising opportunities and insights that indicate that these are more likely to be successful, based on the defined success metrics. When testing them with prototypes or later in pilot launches, keep reporting on the defined metrics. The frequency totally depends on the level of involvement of each stakeholder team and is of course less frequent and more high level for the management team/C-Level.