In the wake of 2020, many companies mobilized to quickly scale operations and invest in product innovation. Five years later, J.P. Morgan’s Innovation Economy update reports that many companies are reducing spending, while others are making significant investments in generative AI.
Businesses are under greater pressure than ever to prove value, impact, and efficiency in order to win business. As a result, many product teams have been forced to do more work on tighter budgets, especially as 2025 hiring plans are the weakest since 2009.
So how can teams get the value of innovation across the finish line as quickly as possible? It’s all about focus.
Below, we’ll break down some of the challenges facing product teams today and share a framework that can help you deliver more value with less.
Why maintaining a strict product focus is hard
Even as companies tighten their belts, they're increasingly turning to product teams to drive growth and innovation in an uncertain economy. But maintaining a product-centered focus has its challenges.
Effective communication isn’t easy, especially across stakeholders. And with a variety of stakeholders involved, that means everything can suddenly feel urgent and mission-critical, making it difficult to clearly prioritize projects. This also means there’s a risk of giving up business impact to focus on something else. As a result, projects can quickly get derailed, delayed, and defunded.
No one likes to be told “no,” and saying no to projects that interest or excite your team is hard. But if the communication and decision around what to prioritize isn’t handled well, you may end up demoralizing your team and hindering progress on the projects you do want to focus on.
Delivering value under constraints
Take our own team at Lucid, for example.
At Lucid, our mission is to help teams see and build the future with a platform that enables rich visual collaboration across their entire workflow. In order to accomplish this, it’s critical that Lucid meshes seamlessly with the other collaboration tools in your stack (like project management, video conferencing, company wikis, documents, and asynchronous video).
To do that, our product teams realized that streamlined integrations needed to be a key area of investment. So, we set an ambitious goal to deliver 15 new integrations in just five months. This initiative required a combined and focused effort across multiple teams, from product and business development to strategy and marketing.
Here’s how Lucid used a five-point production prioritization framework—the FOCUS framework—to get the job done.