Skyjed's 5 Domains give you a holistic view of your product's health far beyond traditional revenue metrics.
The 5 Domains are the 5 main components of Skyjed's product health-check. By inputting the relevant data into each of the 5 domains you will receive a holistic assessment your product's health from Skyjed's AI engine .
With the Skyjed product health-check, you can identify where to set strategy and build out an action plan for your product to achieve growth and mitigate risk.
Traditional product lifecycle frameworks developed in the 1960's and still widely in use are focused purely on revenue or sales over time. Successful digital product management today requires a much broader assessment of a product's performance. The 5 domains detailed below combine to give a product owner a true 360 degree view of their products performance in the market.
The revenue domain captures external forces on your product strategy so you can find sustainable growth and business success.
This Domain helps you:
• Identify trends in the market, understand your target market, customer persona
and competitor analysis.
• Define and identify details of your direct and indirect competitors.
• Define situations which are likely to become a threat to your product growth.
Most importantly, it helps you to take note of how competitors are unlocking growth in market so you can be one step ahead.
Documents required for the Domain:
Documents, Framework, R
People/Teams you may want to invite:
Head of CX, CX Team, Head of Marketing, Marketing Team
The value domain captures the areas of product profitability so you can compare the revenue from your product and be cost-effective. Sales or revenue are important. Profit is what matters.
This Domain helps you:
• Identify and segment costs so you can be cost-effective
• Get a grasp on your costs and product margins and improve operational efficiency
• Understand as the difference between total sales and the cost of those sales.
The main takeaway is to know the costs of your product and keep tabs on your competitor. The process is ongoing.
Documents required for the Domain:
Documents, Framework, Report, Diagram
People/Teams you may want to invite:
Head of CX, CX Team, Head of Marketing, Marketing Team
This domain captures your product's CX and how your deliver value to your customer.
This Domain helps you:
• Observe and monitor all the touch points a customer experiences
• Remove friction in the customer journey, from awareness to resolving an issue
• Map the end to end experience in customer eyes instead of the business' eyes
The key to improving customer engagement and loyalty is tracking metrics that help you improve your product experience consistently.
Documents required for the Domain:
Documents, Framework, Report, Diagram
People/Teams you may want to invite:
Head of CX, CX Team, Head of Marketing, Marketing Team
The innovation & disruption domain captures the areas you need to assess to create future value for your customers. It also captures the resources you will need to successfully implement.
This Domain helps you:
• Set out innovation plans
• Understand the trade-off and investment required to implement your innovation plans
Product innovation never stands still and therefore you must have a routine to monitor and update and evolve your plans so that you can manage product disruption.
Documents required for the Domain:
Documents, Framework, Report, Diagram
People/Teams you may want to invite:
Head of CX, CX Team, Head of Marketing, Marketing Team
The regulatory domain captures the areas that are important to product compliance and customer trust. Product trust is now an important area for product executives.
This Domain helps you:
• Set your target market for the product
• Define regulatory obligations and monitor and set action plans to improve and manage any risks.
• Monitor where and how your product is sold
The compliance of regulatory and legal obligations for your product requires you to monitor where and how your products sold.
That includes emerging areas and gaps in your product supply chain. Also, engagement with your legal, regulatory and risk teams.
Documents required for the Domain:
Documents, Framework, Report, Diagram
People/Teams you may want to invite:
Risk, Compliance, Legal teams
Monitor commercial and non-financial metrics
Track product data and performance in a central place and allow data access to different teams.
Manage regulatory obligations
Create a list of relevant product regulatory compliance requirements and update when they change.
Analyse technology trends and industry structure
Make better decisions by defining external factors such as technology trends and adjacent and substitute products.
Generate real-time health check reports
Automated product reports in real-time to share with teams, management or business leaders. Use our reports or create your own.
Invite non-product teams to help
Create a product portfolio and invite contributions from team members across the business - from marketing and commercial teams to regulatory and risk.
Store, filter and search
Publish your product insights and filter by key word, owner, health status at the click of a button.
Drill down analysis
Automated product risk reports where you can click to drill down on the root cause of a risk rating
Share product updates
Take the pain our of preparing for monthly, quarterly and annual strategy updates with automated health-check snapshot for management.
Monitor commercial and non-financial metrics
Track product data and performance in a central place and allow data access to different teams.
