How much of your roadmap is focused on big bets vs incremental improvements?
Balancing big bets and incremental improvements on a product roadmap is essential for long-term success. I believe in a strategic blend that aligns with the company vision, market demands and lifecycle of the product
By definition "Big Bets" are are game-changers, high-impact initiatives that could reshape the market and/or your company's position. They're risky but offer huge rewards. Then there are the "Small Wins"—those little tweaks that make the product smoother, fix annoyances, and keep users happy. They're the glue that keeps customers coming back.
These are game-changers, the wildcards that could reshape everything. They're risky but offer huge rewards. Then there are the small wins—those little tweaks that make the product smoother, fix annoyances, and keep users happy. They're the glue that keeps customers coming back
Most times, it's a balancing act. Sometimes, though, you might lean more toward one or the other. When to pick what:
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Early stages of product | New product launch: In the early stages or during major product overhauls, big bets might dominate the roadmap to establish a competitive edge or enter new markets. As the product matures, you might pivot toward incremental improvements to solidify market position.
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High Churn: If your churn rate is high, there is often no silver lining. Buckling down and listening to user feedback and analyzing data drives product investments i.e. more emphasis on incremental changes.
Typical: I tend to think about a portfolio of investments that include 2-3 big rocks, 3-5 medium rocks and several small rocks. The allocation of these might differ and the payoff duration for the bets also differs - smaller rocks tend to pay off small in the short term where as bigger bets pay off bigger but over a longer period of time - not that different from a financial portfolio.
The company's risk appetite affects this balance as well. Ultimately, achieving the right balance is about maximizing the long-term vision while addressing immediate needs. It's a moving target that needs tweaking. It's worth revisiting this mix every quarter, to keep your product investments aligned with the needs of the business
It depends. The balance between focusing on big bets and incremental improvements in a roadmap often varies depending on the stage of the company, strategic goals, competitive landscape, current market position, and resource availability.
Big bets include: building new products, brand new features, entering a new geography/market, or a tech innovation (such as AI).
Product incremental improvements include engagement drivers, process/feature enhancements, or UX improvements.
The factors outlined play a role.
Stage of the company: startups might invest more in innovation as compared to established companies/products
Strategic goals: Sometimes companies want to continuously improve their existing products, which requires innovation bets.
Competitive landscape: in a crowded social networking, messaging, etc., it might require more innovation bets.
Market position: depending upon whether the company is a leader in their market vs. trying to win the market, the approach to innovation might vary.
Resourcing: does the company have time/resources to invest in new innovation?
In summary, it depends on many factors. There is no general rule of thumb.
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