Is it time to put some more focus on 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 the key elements to focus on.
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 customers need those.
Who to make Productization happen – come to reality? Companies need to put some focus on understanding better markets = regulations, new possibilities like with technology and customer needs. This company needs to multi-focus on market analysis (not only focusing on what we have today and make those better).
Based on Market Analysis and Corporate Strategy is possible to create Product Strategy. The company needs to have roles in organization like CPO (Chief Product Officer) who is responsible for 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 to be based on strategy and not only because it could be nice.
During innovation, process focus needs to be on the products/services that they bring expected or more value to customers. To make things happen smoothly during the whole product lifecycle, companies need to put also focus on four key elements to make products profitable to companies:
and last what kind of Technology is needed to support Products during the 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 a core part of the companies revenue.
When you like to hear more about how Productization could be done in your company from start to end, just send an email to us at email@example.com and we agree discussion with you.
Nextage Advisory Services Team