{"id":9004111223069125,"date":"2018-05-22T04:00:00","date_gmt":"2018-05-22T04:00:00","guid":{"rendered":"https:\/\/www.pragmaticinstitute.com\/uncategorized\/a-market-driven-approach-to-growth\/"},"modified":"2022-12-06T10:43:46","modified_gmt":"2022-12-06T14:43:46","slug":"a-market-driven-approach-to-growth","status":"publish","type":"resources","link":"https:\/\/www.pragmaticinstitute.com\/resources\/articles\/product\/a-market-driven-approach-to-growth\/","title":{"rendered":"A Market-Driven Approach to Growth"},"content":{"rendered":"

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Since its inception in the late 1960s, Veda became the authoritative credit-reference provider for Australia and New Zealand, enjoying an estimated 85 percent market share by 2010. If you\u2019re familiar with FICO, Experian, Transunion, or Equifax, you have a good idea of Veda\u2019s business.<\/p>\n

Initially, Veda was a consumer credit bureau business, focused on providing credit-checking services related to consumer-loan applications. However, over the past decade, the company expanded its offerings to include identity verification, fraud detection, digital marketing, credit analytics, a market-leading suite of commercial-risk solutions, and a growing range of B2C solutions.<\/p>\n

When John Wilson joined Veda in 2010, he had just completed successful stints at companies like SunGard (now FIS Global) and KPMG. As executive general manager for products and market development, he helped steer the business growth from just under $200 million (AUD) in annual revenues to approximately $400 million (AUD) in seven years. He credits Pragmatic Institute training, consulting, and concepts as key ingredients to that success.<\/p>\n

John became familiar with Pragmatic Institute at his previous companies and understood that establishing a market-driven orientation and repeatable planning process were critical to Veda\u2019s long-term growth. He had inherited a product team that seemed to be more focused on product execution than on business strategy. In other words, they were more focused on the lower right side of the Pragmatic Institute Framework than the top left side of the framework\u2014this is a problem I saw all too often when I was an instructor. He also found that product team members spent a lot of time in internal meetings\u2014defining plans based on internal Veda opinions, responding to the latest bugs, or reacting to the latest deals from sales. There was a lack of innovation and growth had stalled.<\/p>\n

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Veda\u2019s leadership team understood that meeting growth goals would require fundamental changes in product management metrics, skills and processes. However, implementing radical changes wasn\u2019t an option. Instead, the company had to maintain its current book of business while making a cross-organizational pivot, growing new business lines by solving new market problems. As John began working with us to chart a roadmap for implementing Pragmatic Institute at Veda, he identified three critical factors to success:<\/p>\n