7 KEYS TO MARKET DRIVEN ORGANIZATION & HOW TO KNOW IF YOURS IS ONE
Most product teams begin their development cycles with high expectations for their next release. They envision a great launch, good press coverage, praise from early adopters, healthy sales pipeline and feedback for the next iteration.
However, sometimes the results are the opposite. Typically, this is the plight of a team that isn't dialed into its market. This may be due to more of an organizational issue rather than a product team problem. Your organization may not be market driven. If not, no worries. Pragmatic Training can help your team become market driven.
Review these seven key steps to see if you may need to re-evaluate your market driven approach:
1. You build the right features: "trust but verify“ market-driven organizations build the right features into their products because they know exactly what their customers need as they need it. Not only do they do extensive market research but they dive into the research and validate it with key customers that they have good relationships with.
If your product is loaded with features -- but nobody is using them -- you may be spinning valuable resources in the wrong areas. 45% of surveyed organizations have realized a 50-74% or greater improvement in product/feature usage after taking Pragmatic Institute training.
2. You get it right the first time: "measure twice, cut once“ market-driven organizations don't do a lot of rework. Not only do they validate concepts, features, attributes and how they translate to benefits“ they test it and vet it thoroughly prior to launch - in the lab (alpha) and in the field (beta).
If your product team spends too much time reworking your products, they don't have time to truly innovate. 73% of surveyed organizations have realized a 25-49% or greater improvement in reduced rework since taking Pragmatic Institute training.
3. You are ahead of your customers in understanding how technology innovation will affect the industry: "the greatest danger is in standing still“ market-driven organizations understand that technology can be a key to leapfrog competition and they spend resources to know how it will affect their market.
If by the time you reach the market with your products, the technology is outdated, then your team didn't see the innovation that the technology afforded. 62% of surveyed organizations have realized a 25-49% or greater improvement in reduced time to market since taking Pragmatic Institute training.
4. Your sales are easy: "it sells itself" - products and services solve problems. Market-driven organizations focus on solving "major" customer problems for which customers can see immediate value.
If your product just isn't selling the way you anticipated it would, then most likely your team didn't understand the problem fully. 62% of surveyed organizations have realized a 25-49% or greater improvement in product sales since taking Pragmatic Institute training*.
5. Your customers love you: "you complete me." Market-driven organizations are symbiotic with their customers. They know their challenges, issues, pain, and joys. They know their customers so well that they are regularly consulted by their customers about their biggest future challenges. Sales teams are considered extensions of their team vs outsiders.
Your customers like you, but they don't quite love you. It may be because your customer doesn't feel you view their challenges as your own. 47% of surveyed organizations have realized a 50-74% or greater improvement in customer satisfaction/NPS since taking Pragmatic Institute training.
6. Next Steps are Apparent: "may the road rise to meet you." Market driven organizations don't have a shortage of backlog items, however they have a clear understanding of how to prioritize what needs to be on the roadmap. Their ability to navigate competitors, customer needs, technology readiness and ROI leads to a prioritization methodology echoing Eisenhower's urgent/important decision matrix.
If your team isn't sure where to grow next, it may be a function of prioritization. 18% of surveyed organizations have been able to identify and penetrate new markets by taking Pragmatic Institute training.
7. Everyone in the organization can define market-driven and point to how they are helping the organization achieve that goal. Like E=mc2 , where energy and mass are interchangeable, the market-driven concept is a cross functional concept, and affects organizational decision-making, organizational learning, and a review of internal competencies. All aspects of the organization must be aware of the market and consider environmental changes.
Market-driven? Whats that? 88% of surveyed organizations have realized a 25-49% or greater improvement in their understanding of the market and its relevant problems since taking Pragmatic Institute training. 12% have reported a 100% improvement.
No matter what ails your company's product efforts, Pragmatic Institute can help.
*Source: TechValidate survey of 647 users of Pragmatic Institute
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