What is Product Trust
by Leica Ison
In a global connected world where so much is commodified, product trust is a key differentiator in today’s economy. Over the past 10 years, customer expectations about trust and access to information about a product have dramatically increased. At the recent Cannes Lions International Festival of Creativity, the special report from the Edelman Trust Barometer, In Brands We Trust? found that only one-third of consumers (34%) trust most of the brands they buy or use. While everyone knows customers are loyal to products, companies and brands they trust – the practical steps to build that trust are not often clear.
Customer trust is definitely a core success metric and the product management function will have a new role to play in building that trust. Product teams will be expected to communicate regularly on product health and signal business risks with their Boards and senior executives. Examples of the areas that relate to a product lifecycle include understanding design and distribution obligations, climate-related issues and modern slavery in a product supply chain.
How to build Product Trust?
Any product or technology company that wants to maintain success and product trust with their customers can benefit from implementing a product design and distribution governance framework using these 5 steps:1. Single point of accountability
Make the product team the single point of responsibility for the lifecycle of each product with connection across the entire organisation to break down silos – from risk to regulatory, product market and sales.2. Product health checks
Introduce product health-checks for all existing products to understand product health across non-fiancial and operational health indicators. This includes capturing the legal and regulatory obligations for each product at the design phase and updating along the product lifecycle.3. Monitor lifecycle outcomes
Continuous monitoring and review cycles of the design, distribution post-sales product phase is important in any governance framework. This includes setting the target market statement and triggers that may indicate that your product is not ideal fit for the target consumer.4. Report and improvement actions
Maintain consistent and disciplined reporting across all products with monthly product risk profiles and tracking of strategic and risk actions.5. Product oversight
End to end life of product oversight from design requirements, distribution, post-sales to sunsetting of product at its end of life.
Things to look out for
A good product governance tool and framework can address the common gaps in existing product management processes. In a recent global product management survey, over 57% of respondents talked about their product management process effectiveness for ongoing products as outdated and not followed by most.
If you want to avoid common mistakes in product governance look out for these areas:
- Handover from agile team to operations
- Product managers changing roles without adequate knowledge transfer
- Only doing annual reviews of strategy and risk
- Not having cross-functional collaboration to solve product challenges
How Skyjed can help with Product Trust
Skyjed provides you with a best practice product design and distribution governance framework and product monitoring and review capability across your product lifecycle. Skyjed enables you to capture, review, take improvement action and share your product governance requirements in one place:
- Determination of target market:
Skyjed product framework enables you to identify and determine the target market for each of your products.
- Identify review triggers:
The Skyjed product framework helps you to collaboratively identify and share triggers which could prevent or indicate your product is not the best fit for a consumer.
- Record keeping:
Skyjed’s sophisticated reporting system allows you to create and auto-generate regular reports on the state of your product health and governance.
- Trigger monitoring:
Skyjed’s audit publishing allows for product monitoring and reviews which is mandated by ASIC to ensure your product continues to meet the needs of your target market.
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.
You might also be interested in our other blog posts:
- Product governance that drives revenue and trust
- The best tools to lift your product management game in 2020