Product management involves constant monitoring of the marketplace. However, it can be difficult to differentiate between short-term fads and true disruptions.
When a company does find a new method, product, or service that resounds with the customer, the mass market must play catch up. Meanwhile, the early adopter grabs market share, with little or no competition.
Clearly, no business can afford to follow the leader. Instead, they must find and implement disruptive technologies that set the trend for others. Early adoption can increase competitiveness and improve resilience. But how does business discriminate between fads and significant market disruptions?
Product Management Requires a Data-Driven Approach
Unfortunately, no product manager has a crystal ball that can see into the future. However, this isn’t necessary when product managers take a data-driven approach.
Data can provide them with a broader, more useful picture of what’s occurring in the marketplace. Instead of wasting resources on inconsequential short-term fads, they can focus on relevant disruptive technologies.
As a result, planning, decision making, and implementation can occur quickly and effectively. This creates a competitive advantage, while reducing risk.
Gather Meaningful Markers
Product manager must scan the horizon for potential change. Even though it isn’t possible to precisely predict what the future holds, it is possible to gather relevant data that can provide action insights. These can steer business towards significant product and business model changes and the most lucrative opportunities, while managing risk.
Identifying Consumer Expectations
The needs and wants of customers have changed since the pandemic. Consequently, business must identify current consumer expectations.
Companies can discover customer pain points in areas such as customer support, delivery, sustainability, pricing, and more. Once identified, they can develop appropriate solutions.
Realigning Business Model
Business may need to reimagine their organization, how they operate, and their product and service portfolio. They may also need to adjust their packaging, pricing, and marketing to avoid customer attrition.
However, finding effective solutions is only possible through comprehensive, targeted data. Otherwise, companies will waste valuable resources, instead of meeting their challenges head on.
Prioritizing Opportunities
In a fast-changing market it is crucial that business capitalizes on quick wins. Nonetheless, it’s impossible to pinpoint these opportunities unless you have concrete data and a solid roadmap.
Only then can business prioritize opportunities for fast product development and effective change.
Increasing Agility
The pandemic continues to show the world that agility is a must if business is to thrive. Those with greater flexibility and control over enhanced or new products can readily adapt to changing market trends.
Luckily, data can provide the appropriate timing and frequency of change. This can be structured to offset the trade-offs necessary during product development.
Expanding Talent Pool
Product managers often have a good idea of what’s needed in their market. However, the current skills gap often means innovation now requires collaboration. Few companies have the resources they need in-house.
Leaders may identify capability gaps, but traditional recruitment methods aren’t likely to succeed. Fortunately, other options do exist that can be more effective and more efficient.
Identifying Solutions
Unfortunately, product managers may waste time testing inappropriate solutions. This is a risky approach to product management at any time, but especially considering the current business environment.
Product management leaders need to carefully measure whether change is a good fit for the organisation. Will it be cost-effective to deliver? Do they need additional resources for a plan-build-run approach? Are they certain potential solutions actually address pain points? How can they approach change over the short and long-term?
Connecting Product Management to Innovation
A thorough assessment based on data can inform future endeavours. EarlyBirds can help your organisation create a product roadmap, spearhead organisational change, and fast-track R&D.
We offer Subject Matter Experts, an expansive marketplace of new and disruptive technologies, and programs for ad hoc or supplementary needs, as well as ongoing transformational support.
EarlyBirds Marketplace
The EarlyBirds Innovation Ecosystem is a Business-to-Business portal that connects leaders or influencers in an organisation with new and disruptive technologies.
The Ecosystem has a data pool of over 4 million global innovations that may already address your business challenges. Alternatively, companies can list challenges and request solutions from innovators.
EarlyBirds Explorer Program
The Explorer Program is tailored towards businesses who need innovation as a service to supplement existing innovation programs, or to conduct innovation projects when required.
EarlyBirds Challenger Program
The Challenger Program focuses on a single business or technical challenge. It looks for the most relevant innovators that meet business, technical, commercial, and business risk requirements.
The program is run by an EarlyBirds Subject Matter Expert who collects requirements. The SME then searches the data pool to identify and curate options for further evaluation. The most suitable option is chosen and SME drafts a roadmap of next steps, POC, trial, or implementation.
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EarlyBirds is your best choice for strengthening product management. We’re highly experienced in finding innovative solutions strengthening and connecting business to disruptive technology.
Register at https://earlybirds.io/, or contact us to discuss your needs. We can help you better manage products, increase performance, and reduce risk.