The single biggest reason for reactive product decisions is the absence of a cohesive top-down strategy that articulates where you’re going, how you’ll get there and why you’ll succeed – articulated in terms of customer value. The Playbook:
In many organizations, a strategy is nothing more than a set of goals like revenue, profitability, customer retention, etc., with a few accompanying objectives like “greater customer focus.” Here’s the problem with this approach to strategy: there are too many right answers that just reinforce silos across product teams, marketing and sales functions.
Avoid this dilemma by answering three simple questions. Just be sure to answer them with customer value at the forefront.
1. Where are we going?
The answer to this question should articulate the company’s market segment priorities, its vision for delivering quantifiable value to those customers, and the customer business goals it will focus on for the next 1-3 years.
If your vision includes phrases like “be the global market leader,” or “be the leading provider of…” it’s time to start over and shift your focus to something that makes customers better at their business.
2. How will we get there?
A strategic portfolio/solutions roadmap to drive longer-term growth, a product marketing & sales roadmap to drive more near-term revenue from existing solutions and a customer delivery model that’s tied to customer success metrics will do the trick.
3. Why will we succeed?
This is your execution roadmap in the form of a to-do list for product teams, marketing, sales and client services, each focused on delivering, marketing and selling solutions that make customers measurably better at their business from the top down.
If your strategy isn’t much more than financial goals accompanied by broad brushstroke business objectives, everyone’s idea for meeting those goals is arguably “a great strategy.” Conversely, when your strategy is headlined by a clear set of customer business goals, everyone focuses on eliminating the biggest obstacles standing in the customers’ way – with solutions you need to build or with solutions you already have.
The philosophy is simple: focus on making customers measurably better at their business and you’ll grow profitably doing it.
If you want to create a cohesive product, marketing and sales strategy that’s driven by customer value, contact Proficientz. Our outcome-based framework and training programs make it easier than any other training provider in the market.