THE PRODUCT

Product formulation/ideation activities start from the physiological layer, emotional, and then technological considerations. Hence this is an entirely new skill that is needed to start working on developing a product. The process has a very atomic approach to solve larger problems and a directive nature that requires a set environment and associated resource dependency.

The product mindset infuses an innovation mindset into the organizational culture. 

The right focus on identifying the market – customer – and the business challenge will help you devise an effective strategy to develop solutions. Design thinking and customer journey mapping activities will give enough data points to address the voids and complete the customer experience cycle.

Right products have their distinctiveness and are identified by the outcomes and quality that adds up to the brand equity (Here Organization) for an extended period. Good products transform into the brand, and in due course, brands become self-perpetuating entities.

Products are smart as its designer. It is purely dependent on the innovative leap that a team is willing to take, and the organization is willing to accept the outcome. Ideation has to be very carefully balanced as if you step out of the boundaries, High chances that we might end up creating a product that is not fit for the time, audience and out of reach due to pricing even though it might be a great product.

A calibrated composition of technology, applicability, and usability will rank the creativity and market fitment. Unlike service, the product is not defined in the nascent stages and has the autonomy to explore possibilities.

Roles of people matter more than anything in an organization, and every role has a persona attached to it. Persona is the accountability, responsibility, and ownership of the outcome of the role. A person owns many businesses, technology, and customer transactions and related processes.

The objective is to make the role successful. Hence the product prototyping should be from the context of personal where it immediately matches the deliverables and impacts the results. 

Modularize: Democratize: Monetize

The product is the sole entity that can build a 360-degree revenue cycle. Data, experience, outcome, learning, market intelligence, buyer psychology, demand pattern, and many more attributes can be monetized in a controlled environment. The applicability of a product can be formalized in the intrinsic and extrinsic environments to monetize the offering. Cloud makes it more real and simple to consume on various arrangements and models.

Transition-based, Volume-based, or time-based usage and pricing types make it more accessible without owning the product’s cost but paying for the convenience. Again, this is an amazingly effective way to present your organization’s futuristic objective, roadmap, and vision to your customer and consumers.

Changing dynamics of the business industry, technology landscape, and end-user expectation will drive a continual evolution of products complementing the time and technology. The current trend is of a universal integration with components, emerging solutions, and adjacent products.

This is when we see a rush in the acquisition spree to quickly integrate readymade established products to enhance the current capability and lead by competitive advantage. AI capabilities are more relevant today than ever as the insights and predictive information are needed to strategically use the resources and plan for tomorrow.