Technology is changing the way entire industries do business. But how can companies – especially ones that may not be in a traditional “digital” industry – successfully compete for those coveted shares of the market?
Prioritizing the needs of customers is a straightforward approach to capturing value, but recent research that Forrestor conducted on behalf of 3Pillar found that digital product decision makers are in fact focusing too much on customer needs and not enough on driving business outcomes.
Nearly three quarters of companies say their digital product or service strategy is informed by customer data. But few are confident the products they are building will drive the outcomes they seek and even fewer have confidence that they will be able to keep up with changing technology needs.
Don’t get me wrong – solving for customer need is an integral part of the Product Mindset we prize here at 3Pillar Global. But success is a three-legged stool: companies who focus on customer need without also focusing on minimizing time to value (i.e. the time it takes for the product to drive revenue, increase market share or driving the intended outcome) will fall short.
And, even that’s not enough. With customer data more accessible than ever, it is easier than ever to identify what customers are demanding. But here’s the twist: it doesn’t stay the same. Keeping pace with customer’s expectations requires a team mindset, and a digital product, that is nimble enough to adapt to change – and deliver results fast. In order to remain successful, digital strategies need to remain dynamic.
That’s why I partnered with Jessica Hall, 3Pillar’s VP of Product Strategy and Design, to write The Product Mindset, a roadmap for business leaders of all industries who want to successfully compete in the digital age. In this book, which will be published this fall, we explain the skills and perspective companies need to build revenue-driving digital products and a team that will help make it happen.
It’s not enough to just be customer-centric anymore. Companies today need to seamlessly integrate customer needs with agility and value if they want to profit in the digital economy.
Interested in the full results of our research with Forrester or more information on our upcoming book? Visit productmindset.com/book.