Product innovation is a process of focusing on problems and solutions, also is about matchmaking through technology and needs. It could start from user pain points, or from a technical point of view —— the main point of both sides is to focus on specific user needs and scenarios and fit the product market.
Nowadays, when a product encounters a development bottleneck, product innovation is one of the fundamental links to long-term development. From the aspect of the business development, as a start-up company, it is more concerned about how to find the general direction and find the entry point —— to make product innovation more attractive and profitable. Some mature companies will face more problems, such as how to make users more productive, how to attract more users, or how to make products have greater breakthroughs or transformation in innovation. In order to solve these problems, 'hammer and nail' could help enterprises to create an innovative environments.
So, what is hammer and what is nail?
For hammer, it's about the advantage of technical level a business has. For nail, it's about the user needs in the existed market.
When you have a hammer in your hand, everything is a nail; when you have a nail in your hand, you will find lots of hammers to drove the nail in. For instance, a typewriter can solve the problem of writing —— the need(nail) is to write things down. However we could use the laptop to solve as well —— the technical advantage of the device (hammer) is the laptop's innovation. What's more, no tool is perfect for solving all problems, and technology is updated in time. Also, the complexity and dynamics of social development determine that there will always be new needs and new solutions.
From the perspective of business development, on the one hand, the enterprise can solve the problem of where the nails(user needs) are, and then hit them with a hammer(technical advantage), which is a classic way to resolve problems. On the other hand, the enterprise can hold the hammer (technical advantage) to find out the position of nails(user needs) to drive. For instance, Instagram found the video market as followed TikTok's idea on infinite video flow. Gaming companies could use the technical advantage of VR/AR to create new games. Telstra Purple uses technical advantage on XR to find more opportunities in many industries such as education, government, and public facilities, etc.
What's more important, finding nails with a hammer is indeed a significant challenge for companies, and there have few steps to help:
- Brainstorm: List the application scenarios such as daily life actions.
- Research: Check the market size and user pain point of each scenario
- MVP: Use a low-cost way to do a demo and get feedback, keeping iterate until finding the right nails to hit.
At last, the breakthrough of new technology gives people two hopes. One is that some original application scenarios can be subverted and optimized as Uber Eats food-delivery business doubles due to Covid 19, the other is that new application scenarios will be created and a new market will be created as face recognition technology is applied in TikTok or Snapchat. We believe that Telstra Purple will carry out breakthroughs and improvements in different dimensions of new areas with new technologies and spirit of persistence.