Product Strategy: To Be Remarkable Requires A Different Mindset

Three Ideas to Craft a Remarkable Product Vision

Product Strategy: To Be Remarkable Requires A Different Mindset Three Ideas to Craft a Remarkable Product Vision

A remarkable product vision and strategy is all about delivering an exponential impact to your customers. They don’t want to see a 10 percent increase here and there. They want 10x results. Customers and prospects have a lot of resistance when it comes to changing from one business software solution to another. A significant difference is necessary to convince them that it’s worth the resources. If they only experience marginal increases, they’ll fall back on the typical mantra “If it ain’t broke, don’t fix it.” You need to think differently from the start.

Drop Traditional Cloud Thinking

Many people can recite the basic benefits of the cloud in their sleep. Move from CAPEX to OPEX, no hassle with upgrades, better user-friendliness, mobile access, more insights and better efficiency are well-known among all but the least tech-savvy of prospects. Your potential customers already expect these perks, so go beyond them.

Leverage the power that an abundance of data and compute power delivers, and utilize disruptive technologies such as machine learning and AI to rethink what can be.

Combine On-hand Powers

You can exponentially increase speed, accuracy and the span of control when you combine new technologies in innovative ways. It’s time to look at your current business software offering and challenge every single aspect of it with this in mind.

Here are a few practical examples:

· Does the end user need a user interface to get value from the software’s functionality? Sometimes, the best UI is no UI at all.

· Can you use AI, machine learning and other technology to automate more processes within your software? When you evaluate this question, make a list of business processes that have the potential to be autonomous, then ask what value that would bring to your customers. Start with the ones that promise the highest impact.

· Can you combine manpower and machine power to take the outcome of a typical user’s work and bring it to the next level? You’re looking for opportunities to make 1+1=3.

· How can you turn the data that your business solution captures into fuel? Anyone can generate a standard report, but what else can you do with this information? Make the insights available in-context and in-the-moment. Some examples of this include real-time coaching, advice, and guidance for better business results.

· Are you too focused on output? Start developing your solution around outcomes, such as a 100 percent project success rate, rather than output, which would be something like capturing 1000s of timesheets and sending a bill for it. Guess what has more value for your customer.

Think about scale catalyzers

Many boundaries stand in the way of business software adoption. You can take out the traditional roadblocks by transforming the affordability, applicability, and accessibility of your solution. Doing so can change the magnitude of impact that you can deliver and exponentially grow the size of your target market. Unlocking new demands, increasing your differentiation and opening up entirely new market segments are all possible outcomes.

Finding the right product vision and strategy is one of the most challenging, but rewarding parts of growing your business software client base. Getting the exponential outcomes that prospects desire from newly adopted solutions requires a full shift in your mindset. Without this change, it’s nearly impossible to move from 10% to 10x.