Is it time to put some more focus to Productization? Could it help companies to be more successful in fast changing markets? We think so. When basic things are well managed and maintained, company can focus to new things faster than anybody else in the marketplace and Productization is one of key element to focus.
What is Productization? Productization can be defined following way:
Created Product or Service based on Market Needs. Products or Services are standardized as far as possible and customer need those.
Who to make Productization happen – come to real? Companies need to put some focus to understanding better markets = regulations, new possibilities like with technology and customer needs. For this company need multi-focus in market analysis (not only focusing what we have today and make those better).
Based on Market Analysis and Corporate Strategy is possible to create Product Strategy. Company need to have roles in organisation like CPO (Chief Product Officer) who is responsible of Product Strategy and follow how it will be created. Special focus to Product Portfolio and then connect Innovation activities to it as much as Innovation is needed based on strategy and not only because it could be nice.
During innovation process focus need to be in the products/services that they bring expected or more value to customers. To make things happen smoothly during whole product lifecycle, companies need to put also focus to four key elements to make products profitable to companies:
- People
- Process
- Data
- and last what kind of Technology is needed to support Products during whole lifecycle
One very important element is Sales&Marketing. They need to know what is coming and also need to create customer stories around products and services which should bring core part of companies revenue.
When you like to hear more about how Productization could be done in your company from start to end, just send email to us advisory@nextageadvisory.com and we agree discussion with you.
Nextage Advisory Services Team
