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A Simple But Powerful Framework for Growing New Product Revenue

 A Simple Framework for Driving New Product RevenueDriving new product revenue doesn’t have to be complicated. Here’s a simple visual framework to help you think through any challenges. You can also watch a video explanation if you prefer. 

Basically, we look at driving new product revenue growth along two dimensions. On the vertical is what you work on and on the horizontal is how you execute that work. What you work on, or the opportunities you choose, can vary in impact between high and low. The same is true for your execution ranging from ineffective to highly productive.

Buried Alives

Down in the red lower left quadrant with low impact and ineffective execution is an awful place to be. Your people are buried under a mountain of low-value work that keeps them from getting to the high-impact stuff. The valuable work that you would prefer them to be working on. That’s why I call working down here being buried alive.

Wannabes

Now as you move up into the yellow left quadrant you are finding much better opportunities. But because of the way you’re working, you aren’t getting them to market as quickly as you’d like. This is the Wannabes zone. You see promise, but it’s always just out of reach with all the delays and fire drills making predictability a fantasy.

This is not a sustainable place to be if you want to grow new product revenue. It’s counterintuitive, but when programs get delayed most companies start more work to make up for it. Then people get so busy that it becomes easy to let low-impact work overwhelm them. The result is that you get pulled down towards the Buried Alives again.

Wasters

The other frustrating quadrant here is the orange to the bottom right where your execution is top-notch, but you’re not good at finding high-value opportunities. These are the Wasters. That’s borrowing from the old Peter Drucker quote that there’s nothing so wasteful as doing efficiently that which should not be done at all.

Drivers

Now let’s talk about where I know you want to take your business, or you wouldn’t be reading this. Folks in the upper right green area are working effectively on the high-impact opportunities. These are what we call the drivers. They are the ones that lead their markets. The ones that seem to have an almost unfair competitive advantage.

What Can You Do?

So, how do you move confidently towards becoming that Driver? Working with companies across different industries, I’ve found that it’s easiest to start by getting execution under control first. That begins by limiting the number of things you work on simultaneously, followed by other interventions around prioritization, planning, and communication.

Then when that reduces the chaos, which it certainly will, you can redeploy some of your focus to finding better opportunities with a Customer Value Lens.  If you try to do it the other way around, you often just frustrate folks—the ones who bring in those better opportunities—because your execution isn’t ready.

If you want to grow new product revenue and increase your chances of moving into that upper-right Drivers quadrant, here are two things you can do.

  1. Get a copy of my bestselling book: “Unlocking Innovation Productivity.” It shares nine accelerators that can significantly impact your innovation and productivity. These accelerators are designed to propel you forward and help you achieve your goals.
  2. Book a brief zero-pressure chat about your situation. If there is a fit we can discuss what it would take to help your efforts with an inexpensive way to kickstart your journey. One that provides expert observations on your current situation, recommendations on immediate actions, and a customized roadmap.

Driving new product revenue is about productively choosing what you work on and then managing execution. More insights to come!

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