What should product management’s priorities be when your company’s growth hits the wall?
Here are five key initiatives that product management should lead the charge on to generate more short-term revenue and drive more long-term growth.
- Go Vertical – Assess your markets at a level that transcends all products instead of looking at the market through the lens of each product. Determine which vertical markets currently drive 80% of your revenue and determine how much runway is left in each. A vertical market approach will eliminate product silos and drive solutions with higher impact that ultimately justify a higher price tag and drive growth.
- Portfolio Strategy – Develop a single portfolio strategy for the company that aligns your top revenue generating markets to your product, marketing and sales priorities. This approach ensures everyone is focused on initiatives with the highest ROI for the customer and your company.
- Customer Success vs. Product Success – Focus on one to three strategic customer goals and then deliver game-changing business solutions that eliminate the biggest obstacles standing in their way. These solutions will change the rules of the engagement in your markets.
- Redefine Simplicity – Up the ante on product simplicity (usability) and see the immediate impact to your top line, retention rates and competitive position.
- Market & Sell Business Value – Stop positioning features and benefits and start positioning customer business goals and the strategic value of removing their biggest obstacles. It’s the only thing your buyers identify with. Buyers are still buying the best story, not the best product.
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