If a company doesn’t have a compelling product and/or service, then the company really doesn’t have anything to offer. And, it’s not just enough to develop strong, customer-centric products – companies need fast customer feedback loops, as well, to know as soon as possible within the product development and management cycle where to adjust and adapt, if necessary. The risks for poor product management can be devastating – potentially leaving companies and/or their products obsolete in a rapidly-evolving, digitally-enabled product management cycle that continues to get smaller and shorter.
Product Management Today highlights the need for companies to build customer-centric products with fast feedback loops where companies must learn (and relearn) their customers on an on-going basis; in other words, multiple, fast feedback loops must become an even more integral part of the overall product development process. The benefits of doing so can (and should) include faster, steady innovation, reduced risk and costs, and a driven adoption and usage of those products and/or services by customers.
By proactively engaging with customers throughout the product development and management cycles and process, companies can dynamically capture, store, and analyze feedback, make customer-centric product decisions, and continuously collect data, feedback, and results. The product development and management processes are not linear and it’s never a wrong time to better understand your customers’ needs and to challenge a companies assumptions about their customers. This allows for a perpetual evolution for companies and their products and services that enhances both the brand and the entire customer experience; and, it sets companies apart from each other with some companies becoming internationally-recognized as a master innovator (e.g. Apple).
Maccabeus understands product management because our Partners have managed products, services, and systems themselves across multiple industries. We’ve been a part of customer focus groups and have developed an launched products from scratch. With extensive backgrounds in product and program management, we empathize with Clients and know fundamentally what it takes to be “great” in this function. Conversely, we also know what doesn’t work from industry to the next, so we’re extremely careful of not trying to place a square peg in a round hole.
We would welcome the opportunity to discuss this further with you and your Board.
“I am looking for a lot of people who have an infinite capacity to not know what can’t be done.”Henry Ford