You build products, you market products, you sell products and you implement products. That’s how you make money.
Your customers on the other hand, want to…
- Improve employee retention by investing more heavily to develop talent within the organization and create more attractive career paths. (every industry)
- Improve patient-care quality scores so they can qualify for higher Medicare reimbursements to offset declining margins. (healthcare providers)
- Grow their millennial customer base so that family inheritances received by younger generations remain in the firm. (wealth management firms)
If someone asked you to articulate your product portfolio strategy, would it be…
- a description of top-priority product initiatives, or
- a series of statements like those above that articulate what’s most important to customers followed by the supporting product initiatives?
Your customers definitely prefer option 2. Why? It gives them the confidence that your priorities are aligned to theirs.
Here’s the thing. Solutions that help your target customers meet their strategic business goals almost always require multiple (usually integrated) products and/or services.
A customer-centric product portfolio strategy is a necessity to ensure all individual product priorities are harmoniously aligned to the strategic business goals of your target customers. High-value solutions (that accelerate your growth) are the result.
Learn Product Portfolio Management
Want to learn how to do a product portfolio strategy that eliminates competing priorities and aligns all product priorities to the strategic business goals of your target customers?