Keep using the vitality index… new product revenue as % of total revenue. But understand three limitations: 1) It’s not predictive; it only tells you what has already happened. 2) It’s not prescriptive; it doesn’t suggest how to improve. 3) It’s not precise; is it a new product if we just change its color? Supplement the vitality index with 2 newer metrics: Growth Driver Index (GDI), and Commercial Confidence Index (CCI).
More in Leader’s Guide Videos Lesson 29, Employ leading growth metrics
The difference between speed and velocity is that only velocity has a direction associated with it. Many in business are focused on going as fast as they can… in any direction. Avoiding solid front-end-of-innovation work because you want to develop your new product faster is a prime example. Sure, you launched your product quickly… but no one bought it, because you failed to first understand customers’ needs.
More in e-book, Reinventing VOC for B2B
A project landmine is something that blows up budgets, schedule and reputations. No one steps on one they can see. So why don’t we look for them harder and earlier in a project life? Because we’ve been conditioned to think that killing our project equates to failure. Instead, we should identify areas of uncertainty as early as possible. Celebrate when you kill your own project swiftly… and celebrate when you try hard and are unable to kill it.
View video, De-risking Transformational Projects
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Are you Newton’s object continuing in the same direction and speed… or are you the force acting on the object? Your company may think it can keep doing what it’s always done. But if your competitors learn how to understand unmet customers’ needs first, they will be the force that changes your direction (down) and speed (slower)… in their favor. Inertia is not your friend. Learning and change are.
More in e-book, Leader’s Guide to B2B Organic Growth
Do you admire business leaders like Henry Ford, Steve Jobs or Jeff Bezos? Why… because they were great at financial reviews or quarterly investor calls? Great leaders march to a different beat, and so must you. Consider these practical leadership tips to build your own legacy as a great business leader.
Benchmark your growth capabilities, and chart a multi-year improvement plan with our free B2B Growth Diagnostic.
The Oxford Dictionary defines a factoid as an item of unreliable information that is repeated so often it becomes accepted as fact. Too often in product development, what we view as a fact is just a factoid. Its fine to have assumptions, but make sure they don’t dress up as facts. What you think you know is more dangerous than what you know you think.
View video, De-risking Transformational Projects