Making growth a strategic imperative will require a systematic approach to combining design and systems thinking to manage product portfolios and value propositions.
Dynamic capital allocation, harnessing new technologies and data, while leveraging people skills effectively are essential.
Every organisation or business needs to manage change and present new solutions to customers and internal operational functions. Being customer-centric requires a deeper understanding of people and business needs, to build CLV, attachment, and advocacy through high-impact, and high-quality customer experiences.
This can only be achieved by continuously reassessing to-be roadmap goals and current capabilities. It needs a holistic strategic approach to pinpoint actions, combined with insights and effective decision-making, to empower agile squads to deliver new capabilities and value quickly.
The outcome is a dynamic investment model which adapts your product and services portfolio to new opportunities as well as optimising revenues and cash flows from existing assets,. Always nurture a pipeline of new ideas and new products that can capture value, even when markets seem stable or are going through fundamental shifts.
We are advocates of applying portfolio product management practices to shape your vision and roadmaps. Whether as a founder, new business proposition team, or a growth team or wanting to create an enterprise that is customer or people-centric, using product management principles and methods for shaping roadmaps will help you convert ideas into discrete prioritised new features and services that deliver value and also allow you to iterate and improve quickly.
These are some of the key activities to address to deliver the best products and propositions for your customers and people:
- Strategy: Vision, Goals, Team an Data (yes data!)
- Research: Market, Customer, Competitors and Performance
- Design: Segmentation, Innovate, Propositions, Positioning
- Decide: Value, Complexity, Pricing, Business case, Priority
- Create: Component Design, Build, Test, Release
- Go-to-market: Operational Readiness, Change, Training, Onboarding
- Services: Customer experience, Support, Cross/Up-sell
The challenge is how to work on all of this with limited resources and time constraints. Where do you put your efforts to create the best products? How do you ensure product-market fit success and become a winner?
Our years of experience have helped us develop some expertise in this area, so perhaps we can help you ramp up best practices and keep the innovation benefits flowing to your business and customers.
Be proactive in creating meaningful impact and quality, whatever the goal of your organisation, business unit or team. ESG values, purpose and technology can be combined to create more sustainable models. Be patient, as some ideas can take years to fully develop into consumer products or business models that will have long-term benefits. Our approach is to accelerate where it makes sense, but also invest in deeper enablers for the long term.
A rounded value proposition will include multiple service elements combined, both externally and internally facing ones. Thinking through every aspect of your customer and employee experience, before, during, and after the purchase and consumption of your products. This means allowing individuals and businesses to consume your products as they want, which often means providing the products as a service, and most likely personalised in some way.
Services are a critical component of creating a more complete customer experience and should benefit your ability to achieve and sustain market share. Build it into every customer journey and use technology to unlock new ways to scale this.