Adept product innovator Marissa Mayer, new CEO of Yahoo, is bringing a strong focus on product improvement to the task of revitalizing the business. Great products are absolutely essential to building a strong brand. Without them, it's virtually impossible to succeed. If you find yourself in this kind of situation, it’s important to consider both the type and mix of products to be developed:
- Filter: There are always lots of product ideas. The key is to find the right ones to invest in using rigorous analysis and clear decision criteria—having rigid stage gates (go/no go decision points in the innovation process) has been proven to dramatically improve innovation success rates.
- Portfolio: Using a portfolio approach—having clear roles, balancing risk and reward and developing a roadmap over time—ensures a mix of products that will maximize financial returns.
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