Product managers and innovators want more influence in an organization so they can better create value for customers. Without influence, we can’t build support for our ideas and convince others to help us. Influence also allows us to be more strategic in our work, which is the same thing executive leaders want from product management. When I share that this podcast and my training helps product managers become product masters, increasing influence is the key factor involved for the product manager. Part of the journey to mastery is thinking more strategically and more in terms of value not only to customers but to the organization as a whole. This means moving from involvement in the design of products to involvement in the design of businesses.
And that is exactly what today’s guest is here to talk with us about — thinking of business design through the lens of product management and innovation. My guest is Jay Peters, Managing Director for PARK USA. PARK is one of the leading experts in the management of design and innovation. They consult, coach and educate on how to maximize the value of design.
Product managers and innovators learn about four areas of Design Value from the interview:
- More profit,
- More brand equity,
- More innovation, and
- Faster change.
Practices and Ideas for Product Managers and Innovators
Summary of some questions discussed:
- What is Design Value in an organization and why is it important? It simply means the value that design can create for organizations. The challenge is to identify the contributions that design can bring to an organization. Value is often measured using the triple bottom line — economic, social, and environmental dimensions. In addition to organizational profit, you ask how the organization is doing good for the community and for the environment. For design value, there are four main categories for contributions: profits, brand equity, innovation, and change. Design is about the approach, strategy, and methodology for making improvements in each category.
- What is the profit category? This is the economic component of the triple bottom line. Design can help drive profits several different ways. It can help sell more of the same offer or product or create a premium product to sell at a higher price. Design can also help decrease manufacturing or marketing costs.
- What is the brand equity category? Design can help increase brand exposure, loyalty, awareness, and desirability. It is really about brand positioning and recognition. Design can have a significant impact on driving a brand strategy.
- What is the innovation category? Design can help innovation from a consumer or desirability standpoint, which can lead to improved innovation and faster time to market. It can also produce more intellectual property, contributing to improved value for the organization.
- What is the change category? This impacts organizational culture or society. Design can help organizations foster a culture of innovation and creativity. It can help society with some of its most challenging problems such as issues around pollution, homelessness, etc. Change is always resisted until those involved understand the benefits of making the change. Change can be accomplished top down, with senior leadership driving the change, or from the bottom up, such as a product team pushing for change improve value for customers.
“Great design management and leadership adds great value to the triple bottom line.” -Jay Peters
Thank you for being an Everyday Innovator and learning with me from the successes and failures of product innovators, managers, and developers. If you enjoyed the discussion, help out a fellow product manager by sharing it using the social media buttons you see below.