The competitive landscape is changing fast. Incumbents are under attack from start-ups and tech giants. The pace of change is startling. Services are moving from features and functionality to customer experiences. Customer experience must start at ideation and design through launch and the refinement of features and functionality. Features and functionality must be tightly coupled with customer experience. Framing these within these terms will identify functionality, viability, customer needs, market gaps and assist in developing metrics for customer acceptance.
Product development has moved from a marathon to a sprint. Companies need to move from concept to product introduction in record time. However, speed is not just about making development faster but about creating a product that has features that meet customer expectations and has commercial staying power. In addition the impact that accelerated development has on the organizations’ priorities, investments, business models and stakeholders must be incorporated into every stage of development.
While speed is critical agility and product management are critical. is useless without defining metrics that matter and are measurable and actionable. An organization must build teams with cross-functional capabilities which include consumer experience (UX), consumer interface (UI) , AI, technology and business expertise. Drawing on internal and external expertise provide real-time insights that optimize product design and delivery across every stage of development.
Speed is useless without collecting metrics that matter- metrics that are measurable and actionable. Quantitative metrics such as changes in revenue tell you that something is happening and changes in qualitative metrics tell you why something is happening. What is happening detects and diagnoses product problems that can relate to customer satisfaction, popularity of new and old features, changes in market needs or new competitors. The “why” looks behind customer requests or customer loss. These can uncover product gaps or the larger needs of your customers. Choosing the right metrics can tell you commercial success, how to attract new customers, how to keep existing customers and get ideas for new features or products.