Value Creation for Product Companies
We speak with many executives who are tasked with optimizing their P&L. Are you hunting for areas in your company to decrease operational expenses, sharpen processes or get more revenue from your product? We call these programs “Transformations”, big or small, partial or company wide – depends on what you need.
A recommended approach is to start your analysis with your product.
- How can you get more revenue from the current product?
- Do you have fresh insights from how your customers are using the product?
- Be honest: Is it scaling?
- Is Sales selling values or features?
- What’s holding Sales back?
- Are your internal product development processes slowing you down?
- Is your product strategy still valid?
…to state a few questions (these are fun workshops!)
An absolute critical point for embarking on transformations is to ensure you have buy-in and engagement. You will achieve much more by having everyone on board and seeing actions that show your engagement is high.
Transformations can be tricky. Yes, use AI for workflow improvements and ideas, but start with the product and focus on the transformation process itself and the people affected by change.
To become truly product-focused requires fundamental changes in how companies operate. Yet, many organizations attempt to drive transformation using the same thinking, processes, and mindsets that built their current company and culture.
It’s curious to me. So, I had to map out a few barriers we’ve seen that disable a company from making that transition into being a true product company.
Why internal transformation efforts often fall short to get the desired results
- Not everyone agrees on what the product is. We’ve seen this in B2B SaaS companies as well as heavy hardware + software companies.
- Decision processes are really murky, along with roles and responsibilities.
- Cognitive bias among founders and senior leaders heavily impacts change.
Some tips to avoid these pitfalls:
- Ensure that you hold multiple ‘jam sessions’.
- Bring in fresh eyes to challenge assumptions.
- A cross-functional perspective is always golden.
- Be very structured and appoint a clear transformation owner.
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