Want to keep learning?

This content is taken from the Darden School of Business, University of Virginia's online course, Digital Product Management. Join the course to learn more.

Skip to 0 minutes and 2 seconds You’ve learned how to take what you learn how to do in weeks one and two and apply it to large new features or new product projects. Big new things that require some substantial innovation and have some risk. As few as one in ten new products succeed. And so that’s kind of daunting. But, with the methods that you are going to apply and the frameworks you’re going to use here to organize with the right focus, you’re going to allow yourself to reiterate a lot of times. And with that, even the improbable becomes probable. We talked about these four steps to create the right charter for yourself so that you’re not saddled with resources you don’t need.

Skip to 0 minutes and 38 seconds And yet, you do have the time and the resources you do need to do discovery. So, how are going to execute this discovery phase? And how do you get resources? And my design sprints give you the right amount of urgency and focus and the right kind of outputs and help you organize to go execute this stuff. How can you use MVPs to iterate through new ideas quickly and make sure where you’re going to actually go and scale up and spend the company’s money to invest in development, you’re investing in something that’s as best as possible likely to be a hit with users? And we’ve talked about how you take that, and then you go and scale it.

Skip to 1 minute and 19 seconds We talked about the fact that you may have a great idea but the really great ideas mostly seem great in retrospect. So we talked about ways to fill up an innovation pipeline. Can some of those work for you? Is a reverse hackathon something you could do with your customers to discover the next awesome idea? Are you creating an interface with consulting and support where you’re hearing what the customer’s life is really like around your product? And really stepping back and thinking about what you ought to do next. And finally, we talked about how to take the desirability that you discovered, that product-market fit that you hopefully get out of your customer validation phase.

Skip to 1 minute and 55 seconds And take that and think through the dimensions of both feasibility and viability using the business model canvas. And unlike a big one plan that nobody will probably read, the business model canvas is something that you can sketch and iterate on quickly. Show it to your team, show your managers, and really get some good engagement on. I think that you’ll find these things really helpful for building your next awesome new product. Good luck, and I would love to hear about it if you want to post to the discussion forums.

Week 3 takeaways

In this video, Alex reviews week three where he has taken the ideas presented in weeks one and two and applied them to large new product features and new product projects. Take this opportunity to review your notes from the week and reflect on how you can apply them in your work environment.

Share this video:

This video is from the free online course:

Digital Product Management

Darden School of Business, University of Virginia