Explore vs Exploit: Two modes of Product Discovery [Live Webinar]

Product Discovery needs to have two modes:
1) Exploit = optimising what you already have (e.g. improving retention)
2) Explore = uncovering new opportunities that we might not be aware of (e.g. exploring Gen AI)
In the webinar we covered:
🔸 Explore vs Exploit: the difference between them
🔸 Why you need to do both
🔸 What's the right balance of explore vs exploit
🔸 And how to effectively structure and run product discovery in each mode
And of course answered questions live!
Here's some verbatim feedback from the event:
"Great webinar on discovery, Ant! Loving your KZbin videos as well."
"I enjoyed your webinar today. Great content, please continue :-)"
"Ant Murphy Thanks to you for conducting this excellent informative webinar."
"Thanks Ant! Glad I was finally able to make it along :)"
If you're looking for more on Product Discovery, check out my Product Discovery workshop board: miro.pxf.io/oq...
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Just had a good conversation and wanted to add some additional concepts: John Cutler did a great post the other day on misinterpreting the 3 horizon model (read and watch his short clip on Linkedin here www.linkedin.com/posts/johnpcutler_one-of-the-confusing-things-about-infographics-activity-7199841773618159616-O05R?). The main point that John makes is that most people interpret the three horizons model incorrectly. It's not sequential, You should be doing something on all 3 horizons at the same time and over time the things in the far horizons 'graduate' to the near horizons. This is exactly what I'm talking about here with explore vs exploit. The near term horizons = exploit. And the far horizons = explore. Over time the things that you explore will graduate into exploit. It's not an either or and why companies must spend time doing both. On this note, I didn't have the time to go deep into this during the webinar but for those interested - this model can also be an input into determining what allocation you might have between explore vs exploit. A textbook product portfolio management answer would tell you to follow the 70/20/10 rule. Which means allocating 70% to Horizon 1, 20% to Horizon 2, and 10% to Horizon 3. So if you were to follow this you may decide to use 10% investment into explore activities. I know not too many read comments but wanted to throw this additional narrative in here - I might do a future video/post on some of the more advanced topics here like the 3 horizons model, product portfolio management and the 70/20/10 rule - if you are reading this, let me know if that's something that might interest you! :)