The most powerful value propositions in sales and marketing are derived from clear and concise business requirements in product management. If organizations employ business practices that establish a direct connection between the two, they’ll receive exponentially greater benefits by first solving bigger problems than the competition, and then making it easier for marketing and sales teams to articulate that value in a language anyone can understand. Growth awaits!
It’s a simple formula best illustrated in a real-world example.
Assume local governments in the United States are one of your target markets. The poor economy, high unemployment and the housing crisis have eliminated a significant portion of their tax revenues to the point where they’ve had to cut jobs and services to their communities. Citizens aren’t thrilled.
To help negate the impact, local governments have turned their focus to another significant source of revenue – commercial development. The reduction in the number of commercial projects has raised the competitive bar between local municipalities. They’re looking for every competitive edge possible to bring more commercial development, jobs and tax revenue to their communities in an effort to restore lost services.
Sample Business Need
Simplify the processes and reduce the lead times for submitting and approving building permits to attract more commercial developers.
Connecting the Dots
The need and the value proposition are one and the same. If you don’t currently have a solution to address this need, the three-part storyline above becomes your business requirement. Once you create the solution, the same three-part storyline is the most powerful way for marketing and sales to position its strategic value. The product or service becomes the proof point.
To close the loop, further decomposition of the process via high-level workflows and user stories must precede product specifications and the eventual development of the solution. But this approach also highlights another key issue – the eventual solution may require a combination of multiple products and/or services, but it’s impossible to make that determination if every product manager uses his or her products as the parameters for uncovering market needs. Needs of this magnitude are missed every day for that very reason.
Difficult to Practice?
Why do many companies have difficulty connecting these two simple dots? Too many product silos! Product silos are the difference between product managers delivering features to improve small elements of the building permit process and a product team delivering a high-value market solution that helps local governments restore lost revenue, jobs and community services by becoming more attractive to commercial developers (through a simple and streamlined permitting process).
If too many product silos are inhibiting your organization’s ability to uncover and solve high-value market needs, contact us about a training workshop that simulates the real world to help your product teams uncover and solve bigger problems right there in the classroom.