Navigating the innovator’s dilemma: A flash of new or polish the old?
Companies are perpetually caught in a vortex of innovation. The quest for the next big thing often leads to an innovator's dilemma — a situation where the focus may shift from refining existing features to chasing the new, unexplored avenues. This crossroad presents a quintessential question: Should we prioritize fixing the old or building the new?
The allure of the new
The temptation to create novel, flashy features is almost irresistible. These new features not only promise a competitive edge but also act as a magnet for new customers. They symbolize a company’s commitment to staying ahead of the curve and often generate a buzz that is invaluable in crowded marketplaces. However, this path is fraught with uncertainties. Every big bet on new functionalities is a gamble that could either catapult a company into a new growth trajectory or could consume resources with little to show in return. Learn how unitQ AI surfaces feature requests from customers in real time.
The voice of the customer
On the flip side, there's a continuous influx of feedback from customers pointing out bugs or suggesting improvements and features in the current system. Ignoring this voice can lead to dissatisfaction, churn and a tarnished reputation. Moreover, improving existing features based on user feedback often requires less time and resources compared to building new ones from scratch. Learn how unitQ Impact Analysis determines the impact of fixing issues near and dear to users.
Retaining the old, attracting the new
The tug of war between retaining existing customers and attracting new ones is at the heart of the innovator's dilemma. A balanced approach might be the key to navigating through this difficult problem.
Here’s how:
Customer segmentation: It’s vital to understand who your more valuable customers are. These could be long-term users, those who contribute significantly to the revenue, or even new customers with high potential for future business. Ensuring satisfaction among these segments can lead to better retention and organic growth. Learn how unitQ quantifies engineering stability sprints.
Feedback loops: Establishing robust feedback loops with customers to understand their needs and pain points is essential. This feedback can be a goldmine of information, helping prioritize the features that need improvement and bugs that require fixing. Learn how unitQ centralizes feedback from all public and private channels to provide teams with actionable insights in real time.
Innovative bets: While it’s important to keep the existing customer base satisfied, making calculated bets on innovative features is necessary to stay relevant and competitive. These bets, however, should be grounded in a solid understanding of market trends and customer needs. Learn how the unitQ Score helps organizations understand what is and what is not working well.
Measuring impact: Regularly measuring the impact of new features versus improved old ones can provide insights into what’s working and what’s not — enabling a more data-driven decision-making process. Learn how agentQ empowers organizations to know what users like, dislike and want more of just by asking.
Iterative improvement: By adopting quality as a KPI, an iterative approach to both improvement and innovation can help in managing resources efficiently while ensuring that the product remains fresh, relevant and of high quality. Learn how to incorporate quality as a KPI with unitQ.
Final thoughts
Straddling the line between innovation and improvement is a nuanced task. Successfully navigating through the innovator’s dilemma requires a keen understanding of market dynamics, a close connection with the customer base and a willingness to adapt. By striking this fine balance, organizations can ensure they are not only meeting the expectations of their existing customers but are also poised to capture the imagination of potential customers.
About unitQ
As the leading Quality Automation platform, unitQ empowers companies with AI-powered, actionable insights from user feedback to help them craft high-quality products, services and experiences. unitQ centralizes feedback from all sources and automatically groups it into thousands of granular categories to help organizations discover what matters most to users — all in real time. Category-leading companies like Spotify, Bumble, Pinterest, Udemy and HelloFresh rely on unitQ to drive growth, reduce churn and build brand loyalty.
With unitQ customer feedback software, including agentQ, you can discover quality issues at the same time as your users. Know what product launches, releases or evergreen features are causing the most bugs or support tickets. Drill into the root causes of these issues by source, platform, device, customer segment and more.
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Anthony Heckman is a member of the unitQ Founding Team and is focused on Sales
