Although many companies around the country are still working remotely, business strategy, as well as product development and discovery, have not slowed! If your business is struggling with how to accomplish these objectives remotely, Gervais (Jay) Johnson, founder & CEO of Impavid Agile®, is here to help. Jay spoke with NGLCC’s Webinar Wednesday audience on how to develop the needed business product strategy for one’s company, all while working virtually. Here are NGLCC’s major takeaways from the presentation.
1. Think design-forward!
Prioritizing design within your company allows even the largest enterprise to quickly innovate and develop breakthrough customer experiences. Design-forward companies tend to outperform others that de-prioritize innovation. When a passionate group of people innovate within an organization, they create business agility, which in turn increases employee happiness and customer delight, as well as upholding a learning culture and disrupting the traditional stability that often prevents companies from innovating. Through business agility, organizations can quickly respond to product needs and foster a “giveback brand.”
2. Invest in your customers through innovation.
Innovation is the intersection of business, people, and new tech. When companies innovate in the process of product discovery and delivery, they must be customer-forward. By prioritizing customer experiences in product development, businesses guarantee a higher success rate. Innovation is about solving problems, and the number of problems and customer niches in the world matches the number of ways in which businesses like yours can innovate. Checking in about your new product with customers through the process of customer development allows companies to validate that you have built the correct product and identified the correct market for your product, making space for further innovation.
3. Before the design comes the business strategy and model!
Through the process of designing a new product, businesses must know where they are coming from and how exactly they plan to achieve their goals. Keep in mind that your business strategy, model creation, product discovery, innovation, and agility are all vital aspects of an organization that often change during its lifespan. Here are Jay’s 9 steps to consider when developing a business model:
- Customer segments – what is the market for the product innovation focus?
- Value proposition of the product
- Channels to be used for sales
- Customer relationships
- Revenue streams
- Key resources
- Key activities performed to validate the new product
- Key partnerships
- Cost structure
You can learn more about these steps by viewing the full webinar here.
For more information on upcoming Webinar Wednesday presentations, click here.