Why Regular Strategic Product Reviews Matter
by Helen Tsaganos
Make 2024 a year defined by progress, innovation, and unparalleled monitored success.
Chief Product Officers, Product leaders driving innovation in the maze of today's dynamic landscape, where change is constant and consumer expectations continuously shift, the art of product lifecycle management is emerging as a strategic imperative.
Achieving product strategy objectives, aligning with business cases, and navigating forecasts demand a proactive stance.
At the heart of this pursuit lies a cornerstone principle: regular strategic product reviews.
Regular product reviews serve as the compass, guiding your product strategy through the fluctuations of the market, unlocking growth potential, ensuring steadfast alignment, and most importantly, yielding tangible, measurable results over time.
What is a Strategic Product Review?
Here are some of my top reasons why conducting regular product reviews is paramount, and how doing so, can elevate your product management strategy to new heights.
Keeping Track of the Business Case and ROI:
It's crucial to emphasise the significance of monitoring your business case, ROI, and tracking your forecasts across pivotal financial metrics. Seizing opportunities as they arise is as vital as forecasting and tracking them.
This proactive approach ensures that your product strategy remains aligned with the evolving market demands and shifts, allowing for agile adjustments that fuel growth.
Agility in a Dynamic Market:
In a dynamic market, agility is key to staying ahead of trends and competitors.
Regular product reviews ensure your team can adapt swiftly to emerging trends, opportunities and challenges, meeting business cases and forecasts, or outpacing competitors and meeting business plans over time.
Alignment with Customer Expectations and Experiences:
Customer preferences change, and meeting those expectations is crucial for sustained success. Frequent product reviews ensure your product evolves in tandem with customer forecasts and the customer journey and experiences.
Risk Mitigation and Crisis Prevention:
Proactively identifying potential issues prevents predicaments that could impact customer trust and market standing. Regular product reviews act as a safety net for ensuring the early detection of issues.
Limited resources call for thoughtful allocation. Regular product reviews provide insights into which aspects of your product are resonating most with users or at needing the most attention in terms of opportunities for growth or increased loyalty. This enables efficient and prioritised resource allocation, and continual alignment with business plans effectively.
Competitive Edge and Market Leadership:
In a competitive market, understanding your product's strengths and weaknesses compared to competitors is crucial. Regular product reviews unveil opportunities to outshine competitors.
Innovation and Future Proofing:
Technology, digitisation trends and consumer needs and expectations evolve continually, and so should your product. Frequent product reviews provide a platform for brainstorming innovative ideas, ensuring your product remains cutting-edge meeting evolving business plans.
Strategic Partnerships and Collaborations within the Supply Chain:
Regular product reviews aren't just introspective; they can also extend to external partnerships and the supply chain. Identifying complementary products or services through strategic product reviews may lead to collaborations that enhance the overall value proposition for customers. Sharing and collating essential product related data can aid to identify gaps or opportunities or help to meet compliance objectives.
A review might identify a gap in your product's ecosystem that could be filled by partnering with another company, resulting in a mutually beneficial collaboration.
Responsible Lifecycle Management:
Regular product reviews can help design and plan for key ESG and sustainability outcomes and monitor progress and continuous improvement throughout the product lifecycle.
Getting started is easy and requires four key steps. Contact Skyjed to start your journey towards a future where strategic product reviews aren't just a box to check but a catalyst for remarkable growth.
Skyjed’s AI-powered end-to-end lifecycle and governance platform is mission control for product management. Bringing together every data point across your entire product portfolio and lifecycle into a single source of product truth, it gives our clients a new perspective to make more strategic lifecycle decisions to launch, monitor, optimise, and win with brilliant products.
Our industry-leading platform has received numerous awards and recognition from clients and industry bodies, demonstrating our commitment to innovation and excellence.
If you want more information Contact the Skyjed team.