✨Innovation during a crisis is an important topic. For most product teams - innovation is often a matter of life or death. ✨

A few years ago, I had the privilege of working with a fantastic team - on a project that no one in their right mind would have wanted to touch.

At one point, this product was ranked dead last in market share.

Most people saw it as a legacy product with no future, and it was growing so slowly that the company had written off its entire market.

The team we brought in to help was already familiar with our client's product, and they understood the challenges we were facing.

This is why their first suggestion wasn't about exploring new features or technology.

Instead, they suggested that we consider just shutting down the product because it was already dead in the market.

The team's second suggestion?

The shortest path to innovation was through rebuilding trust with our customers by telling them the truth.

Our clients had always set aside a portion of their marketing budget to "educate" customers about why our product was the only thing you'd ever need.

And, for years, this strategy worked like magic - because everyone believed them.

Their third suggestion?

We should spend about 70% of our time on marketing activities that prove they were telling the truth.

Then, with some humility and newfound credibility with customers, we'd be able to tell our story and start to rebuild trust.

If you think this sounds like a long time, you're right - it did take us over a year before we were ready to launch any new product features or enhancements.

This is because our team never anticipated the level of customer engagement that they would need for this new strategy to work.

Our team could have chosen to spend their time brainstorming ways for us to build the next "greatest thing since sliced bread."

But, instead, they chose what looked like a slow and painful journey towards innovation.

As it turns out, though, building trust can be faster than you think, especially when you start with humility.

So, if you find yourself staring down the barrel of a crisis, consider these three tips for getting your innovative juices flowing:

🌿It's usually less about technology and more about trust.🌿

If there were ever an industry that shouldn't have to rely on trust, it would be banking - but trust is precisely what their customers need after a crisis.

It's one of the critical steps in their recovery.

🌿Start with honesty and humility, then build trust over time.🌿

People don't expect you to have the perfect solution, but they expect you to own up to your mistakes.

🌿Stick with what works best for your market and customers.🌿

It doesn't matter how cool or popular something is - if it doesn't work for your customers or your brand, it doesn't belong in your product.

Further reading:
https://bit.ly/3vMD23Z

#digital #teamsuccess #product #innovation #customercentricity