The Power Duo: Why You Need a Go-To-Market Strategy and Product Governance for Successful Product Launches
by Leica Ison
A go-to-market strategy and product governance are crucial for any company to ensure its products succeed. In this blog, I'm sharing some of my thoughts on the importance of these two concepts and how they can benefit a company.
What is a Go-To-Market Strategy?
A go-to-market strategy is a plan that outlines how a company will introduce and promote its products or services to potential customers. It involves identifying the target audience, understanding their needs, and developing a marketing plan effectively communicate the product's value.
A go-to-market strategy can help a company in the following ways:
- Identify the target audience: By understanding your target audience, you can create marketing messages that resonate with them and increase the likelihood of a sale.
- Set achievable goals: A go-to-market strategy can help you set achievable goals for your product launch, such as the number of sales you want to make in the first year.
- Focus on customer needs: By understanding customer needs, you can create a product that addresses their pain points and solves their problems.
- Differentiate your product: A go-to-market strategy can help you differentiate your product from your competitors and highlight its unique selling points.
- Optimise your marketing efforts: With a go-to-market strategy, you can optimise your marketing efforts and invest in channels that are most likely to reach your target audience.
What is Product Lifecycle Governance?
Product governance is the process of ensuring that a company's products meet regulatory requirements and industry standards. It involves managing the product lifecycle, from ideation to launch and consistently monitoring for continuous improvement and risk management. It ensures the product is safe and reliable, provides fair value, and meets customer expectations and our sustainability claims.
Product governance can help product managers in the following ways:
- Improve customer satisfaction & Trust: Product governance can improve customer satisfaction, trust and loyalty by ensuring that the product meets customer expectations and getting a feedback loop around customer complaints.
- Comply with regulations: Product governance ensures that the product complies with local and international laws, reducing the risk of legal issues and penalties.
- Minimise product defects: Product governance can help identify and address product defects, reducing the risk of product recalls and customer complaints.
- Reduce costs: Product governance can help reduce costs associated with the manual effort product managers spend on ad-hoc reporting to senior management. This means more time to spend on innovation and growth.
Skyjed's product management and governance platform provides companies with the tools they need to create a successful go-to-market strategy and manage product governance throughout the product lifecycle.
The platform offers a range of features, including:
- Product Design requirements: The platform allows companies to capture and evaluate product ideas, define regulatory requirements and ensure that target market statements are clearly set.
- Product monitoring: Skyjed's platform provides ongoing monitoring of products, identifying any issues that arise and allowing companies to take corrective action quickly.
- Risk management: Skyjed's platform identifies potential risks and enables companies to take proactive steps to mitigate them using risk or strategic actions.
- Compliance management: The platform ensures that products meet regulatory requirements like Consumer Duty, Sustainability reporting at a product-level, Design Statements and industry standards, reducing the risk of legal issues and penalties.
- Collaboration tools: The platform enables teams to collaborate on product development, ensuring that everyone is aligned and working towards the same goals.
- Reporting and analytics: Skyjed's platform provides detailed reporting and analytics on product performance across all lifecycle stages, enabling product leaders to make data-driven decisions and optimise their product strategy. Skyjed's unique Product Health Check score is one such report for senior management.
Skyjed's product health check score is a powerful tool for post-launch management and updating leadership on your go-to-market plan and governance.
The health check score provides a comprehensive assessment of your product's health, including revenue, margin, customer, compliance with regulatory requirements, risk profile, and performance against key metrics. By regularly updating the health check score, you can monitor your product's performance over time and identify areas for improvement.
You can use the health check score to communicate the status of your product to leadership and stakeholders. By providing regular updates on the health check score, you can demonstrate your commitment to product governance and ensure that leadership is informed about the product's performance without a truck-load of Powerpoint decks.
The health check score can also help you identify opportunities to optimise your go-to-market plan. By analyzing the health check score and identifying areas for improvement, you can refine your product strategy and improve your chances of success.
Skyjed's health check score is valuable for post-launch management and updating leadership on your go-to-market plan and governance. Using this tool, you can ensure that your product meets regulatory requirements, addresses customer needs, and generates revenue for your business.
Skyjed's product management and governance platform provides companies the tools to manage their products from design to launch, monitoring, and eventual end-use phases.
Skyjed is an AI-powered digital product lifecycle management and governance SaaS platform that acts as the single source of truth for product design, health, performance, and governance.
Skyjed is an ISO-27001 accredited solution. It is designed to drive growth and enable product teams to strategically design and monitor products with automation smarts and faster insights to make data-driven decisions with confidence.
Skyjed’s commitment to innovation and our customers has been rewarded with several industry recognitions including Technology of Year – Finalist in the UK Tech & Innovation Awards 2022, Finalist in the AFR Most Innovative Company 2022 and AFR Sustainability Awards 2022 and Regtech Female Founder of the Year 2021.