You're aiming to meet short-term revenue goals. How can you also focus on long-term product innovation?

Innovation must align with both immediate and future goals, where short-term revenue objectives act as stepping stones toward the long-term vision of the product. While the focus may shift temporarily depending on market conditions, the core strategy remains consistent. The product innovation teams are crucial in ensuring that each aspect of the product is continually improved, keeping both short-term profitability and long-term success in mind. By fostering a culture of constant improvement, these teams can adapt to market needs without compromising the product’s evolution.

Short term goals are met by testing testing testing, this could be in the form of: - Audiences - Creatives - Proposition variations These tests which allow you to push for better and better conversions in the short-term really feed the innovation for your brand long-term too

Allocate a dedicated percentage of resources to long-term innovation, separate from short-term revenue projects. Prioritize "quick win" innovations that have near-term revenue potential and also lay the groundwork for future growth. Integrate user research for both immediate needs and future trends. Foster a culture of experimentation and learning across all projects. Clearly communicate the value of long-term innovation to stakeholders. Break down large innovation projects into smaller, manageable phases with measurable milestones. Explore partnerships or collaborations for accelerating innovation. Continuously evaluate and adjust the balance between short-term and long-term initiatives based on market feedback and business performance.

We needed short-term revenue, but didn't want to stall product bets (this is during COVID days :)). So we split the team—core folks on client work, small crew on the product. This kept cash flowing and ideas alive.

To balance short- and long-term goals, allocate part of your budget specifically for innovation. Even under pressure, a separate fund or set profit percentage can safeguard R&D. This approach manages risk while ensuring future growth. It also keeps product development moving without harming near-term revenue.

Innovation is key in the future of any business. to develop a culture of innovation, I recommend you start with the onboarding process: Explain that you allow mistakes and failure, as long as they are interesting, or moon shots. "It's ok to fail," is what I tell employees and encourage partners to do the same. You don't want employees who are afraid; this will repel innovation and conform to what is perceived as safe.

To focus on long-term innovation rather than just aiming to meet short-term revenue goals, it's crucial to cultivate a culture that values the latter by implementing policies that allow employees to explore new ideas and recognize efforts that lead to future product development. By incentivizing innovation, you massively increase the probability of lucrative innovative ideas emerging.

Fostering an innovation-driven culture is key to balancing short-term gains with long-term growth. Encourage and reward creative thinking that looks beyond immediate targets. Allow time for idea exploration and recognize contributions to future products. A motivated, forward-thinking team is your strongest driver of sustained success.

Listening to customers supports both immediate sales and future innovation. Gather feedback consistently to refine current products and stay competitive. At the same time, use insights to spot trends and inspire breakthrough ideas. This customer-driven approach fuels both short-term wins and long-term growth.

Adopting agile development keeps your team responsive and innovation-focused. It enables quick adaptations to market needs while steadily enhancing your product. This iterative process delivers short-term value and long-term evolution. Balancing fast execution with continuous improvement drives sustained success.