The pressure for companies to offer unique value in the minds of customers has never been greater, for the simple reason that the number of choices is increasing, and products and services are commoditised.
Customer-centricbusiness models rely on products being customised to the needs of target segments, but not overly customised to drive unnecessary complexity. At the same time product managers are undergrowing pressure to differentiate their products and improve customer experience, all without compromising time to market. It’s a fine balancing act.
Some of the common questions we hear from our clients are:
What should the core offering be in terms of products and services?
How do we segment and prioritise customers in an economic way to avoid a ‘one size fits all’ approach?
How should we customise the proposition for different customers and segments?
How can we target segments and understand needs in B2B environments where multiple decision-makers influence the sale process?
How can we build winning value propositions which can be tailored to individual decision-makers within B2B clients?
How can we demonstrate value to maximise customer acquisition and loyalty?
Product development plays a critical role in turning planned product visions and concepts into a concrete product offerings which can be introduced to themarket. Successful proposition development requires identifying the highest-priority customer segments to target, defining value propositions tailored to the needs of those segments, and then effectively communicating and proving the associated benefits.
We help develop innovative products and services. This can include new products, new bundles of existing products, or supplemental products and services which complement a core offer.
A key part of brining a customer-centric approach to developing new products and services is an understanding of customer needs, both met and unmet, from both your product offerings and those of your competitors in order to identify new opportunities.
We rely on external research, market sizing, and quantitative analysis of sales data to inform customer groupings and determine the appropriate segments to pursue with the right value proposition. Our customer targeting capability provides clients with a clear focus on the ‘bestfit’ segments where the business can drive revenue and profit growth.
We become part of our clients’ teams, working closely with them to deliver the right proposition development approach, including:
Consumer insight: use of internal and external data to understand who the customer is, what their motivation is, and what creates superior customer value across the customer journey.
Proposition design: definition, validation and articulation of points of difference in order to conceive, build and launch differentiated digital and physical products, services or brands.
Product expansion: generating new sources of profitable growth by increasing customer share and geographical market and segment shares by enhancing products, extended service offerings and solutions.
Product innovation: sustaining growth and expansion plans by strengthening product portfolios, for example by adding service or subscription elements, and improving launch capabilities.
Product roadmap: incorporating continuous feedback from customers, sales and market to enable ongoing versioning as part of a longer-term product roadmap.
Digitalisation: increasing the digital capability of products and services from strategy through execution, including improving ongoing revenue generating features.
Monitoring: creating detailed analytics and dashboards to monitor and improve the product development process.
Internal communication: obtaining sales and marketing buy-in by involving both departments in the value proposition formation process.
Sales training: aligning sales processes and channels to most cost-effectively deliver the value proposition, ensuring appropriate tools and capability building for the sales force.
If you would like to learn more about our skills and experience, please contact our Product practice team.
We have international experience bringing new products and services to market, developing both consumer and business propositions across a wide range of sectors, including:
Product development: developing and pricing new products and service offerings.
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