What's your process for learning from product development and innovation?

Capital, team and resources (others beside capital and human resources) are the three pillars to determine your success in product development or innovation project. Better keep in mind of those important pillars before taking action to your goal. How to get started and evaluate your idea is feasible or not? 1. Examine how hard you can get three pillars to support your idea. At least reach two of them is acceptable. If only confidence at one, better not, find another idea. 2. Try small step first, risk and uncertainty always exist, so do it small and quick, spend as less as possible to fulfill the first milestone. It's about MVP and market testing. 3. Flow of views and money are everything, focus on either one to define success and growth.

First of all, the core purpose should be very clear to every team member in a product development effort. Secondly, if the goal is relevant to business, then traction & monetization should be periodically evaluated. Thirdly, the return on team effort & monetary investment by the product sponsor needs to be tracked as well. Finally, if a product is difficult to monetize & key business goal is monetization, then it is better to pivot or shut down.

In the ever-evolving landscape of marketing, staying ahead requires both innovation and adaptability. Here are three important points: 1. Strategic clarity: As per my experience, start with a crystal-clear vision of what you aim to achieve. Define your assumptions, metrics, and key questions meticulously to guide your product endeavors. 2. Resource optimization: Leverage your experience to focus resources wisely. Avoid squandering time, budget, or efforts on activities that don't align with your precise goals. 3. Results-driven approach: Utilize your veteran instincts to set benchmarks for product success, viability, and desirability. Measure progress against these benchmarks to make informed marketing decisions.

There are certain popular methods available that can help evaluate product experiments: 1. A/B Testing - Using the one tailed Z-test in statistics, we can effectively gauge if a product launch / change is working or not. 2. Time to market - It measures how fast can the team deliver a particular feature. It also tells if code changes are harder due to technical debt. 3. NPS - It is a well known predictor of product growth & customer satisfaction. It helps understand customer pain points better.

Here's a cool way to learn from product development and innovation: the feedback loop! It's all about gathering feedback from customers, stakeholders, and your awesome team during the development process. Then, you take that feedback, analyze it, and use it to make your product even better. By keeping this iterative approach going, you'll keep learning, improving, and meeting the needs of your users. So, embrace that feedback and let it guide you towards continuous improvement and success! You've got this!