Understanding product health can help you find growth opportunities, and improve customer engagement – and now it’s never been easier to take care of your product. Our 5-day product guide shows you how.
Monday - Get a handle on market and competitors.
Problem
Markets are changing rapidly in our digital era, and it’s no longer enough to review your competitors on an annual basis. More and more product leaders need to assess their market, competitors and value proposition.
Solution
Assessing your market and competitors need not be complicated. It’s about asking the right questions. As well as understanding your competitors, review how they are finding growth. Maintain your grasp of competitors by reviewing monthly – often great insights come from your sales team.
Tips (or How to Fix it)
Analyse your market and competitors with these areas:
Tuesday - Fine-tune your product value and margin
Problem
Product profitability is critical to the commercial success of your business – however, a lot of business don’t break down or allocate costs to individual or product portfolios. Sales or revenue are essential. Profit is what matters.
Solution
You need to be able to start by identifying and segmenting your product costs. Build out a better understanding of your product’s direct and indirect costs. Start by defining the biggest ‘buckets’ of the cost areas that relate to your product. This section helps you get a grasp on your product costs and product margins.
Tips
Analyse your product value and margin with these areas
Wednesday - Reset your customer focus for product success.
Problem
Customer engagement is a critical result area for all product managers. However, it can be challenging to understand all of your customer experience and engagement factors if your organisation is built around silos or has hand-offs between agile and product operation teams
Solution
Build out a customer journey map and key engagement metrics. Customer engagement includes awareness, consideration and buying decisions through to any ongoing interactions (often called customer success). You can’t improve customer engagement and trust unless you measure it.
Tips
Analyse your product experience with these areas:
Thursday - Capture your regulatory obligations
Problem
Having a single point of accountability to set and monitor product regulatory obligations can be hard. It is challenging to ensure your product is designed for a specific target market, including monitoring any distribution and post-sale conditions and restrictions.
Solution
Set the product design obligations for your product and engage your regulatory and legal teams to monitor and review any triggers or changes. Understand what a 'negative' market is for your product to avoid customer trust issues.
Tips
Friday - Find innovation opportunities
Problem
Product innovation never stands still, and therefore you must have a routine to monitor, update and evolve your product innovation plans.
Solution
Product innovation can be an initiative that delivers a business outcome and solves a customer problem – growth, margin performance, customer retention or experience or regulatory compliance for product trust.
Tips
Everyday
Although launching a new feature or product might be the first thing that comes to your mind for product success. It’s essential to also think about disciplined updates of your product 360-degree health status, risk profiles and 90-day actions.
Risk should always include financial, non-financial and operational risks. Risk can be forces like:
Are you looking to save time and deliver product success in 2020? Check out Skyjed for a complete 360-degree view of your product health and risk status in hours not weeks. Save time with automated insights, reports and our unique product health-check index.
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