How to Start a Product Transformation in Your Organization

Businesses often underestimate the need for a product transformation in their organization. 

They get too excited about creating their own product while overlooking how to support the product lifecycle and customer experience.

There has to be a business model of support and services to ensure that the customer experience is enhanced and profitable for the company.

Here’s how you can start a product transformation in your organization.

Key Considerations for Transforming Into a Product Driven Organization

Define Your Market & Target Audience

Any business transformation starts with defining your market and target audience.

You might already have a customer base you’re currently serving. But to gain a better understanding of who you are meeting the needs of, it may be necessary to conduct some additional research. 

This will help you uncover key insights about your customers. And that can help you better understand how to meet their needs.

You can conduct surveys, interviews, or focus groups to learn more about your customers’ needs, desires, frustrations, etc. 

This will provide insight into how you can improve your product/service offerings. So, you can better meet their needs.

Define Your Value Proposition

Once you have an understanding of the market and your audience, it’ll be easier to define your value proposition. 

Your value proposition is the reason why your target audience should do business with you. It’s what you offer that no one else can. 

To determine your value proposition, it may be helpful to conduct some additional research. You can assess your competitors. And see how you compare to them. 

You could also conduct some competitor analysis to get a better understanding of the competitive landscape. It will also help you identify gaps in the marketplace that you can fill with your product or service offerings.

Identify Your Product Business Strategy

Once you have a better understanding of your customers’ needs, you can begin to map out your product business strategy. 

At this stage, you’ll be determining the product direction you want to take. And working with your team to develop a product strategy that will support it. 

The strategy may revolve around your company’s core competency. That could be in marketing, technology, or manufacturing. 

It could also be related to positioning the product for sale and getting it in front of the audience. 

As part of the strategy development process, it may be helpful to conduct some competitive analysis of both direct and indirect competitors. 

This will help you identify gaps in the marketplace that you can fill with your offering. 

Capture the Voice of Your Customer

It’s also important to hear their pain points. That can help you better understand why they aren’t happy with the current product/service offerings.

And use that information to identify areas where you can improve. 

You can capture the voice of your customer by conducting surveys, interviews, or focus groups. 

You can also leverage social media sites to get insight into what your customers are saying about your product/service offerings.

Product transformation is all about changing the way you do business. But it doesn’t happen overnight. It takes time, effort, and commitment to make sure you’re doing it right.