Every business has an annual or multi-year objective to meet. They do this either by introducing new products, changing current ones, or sunsetting others. As Product Managers, you are one of the drivers for innovation. One question every business asks is how much will the introduction of new products contribute to the growth of our business and will it meet the objectives? Now Gocious will allow teams to capture growth metrics and visualize that on your roadmap.
Gocious financial product roadmap to visualize your business growth strategy
For each product line, you can capture the impact of your plan on your business growth, and Gocious will visualize your roadmap and show how your product launches impact your baseline and provide you with a growth projection.
Your drone (name of product line) in the following roadmap has had an annual margin of 1 million dollars in 2021, and by releasing new products and changing the lineup during (itemize milestones), you expect to grow this line of business from 1 million to 1.2 million dollars in 3 years.
Capturing and defining financial baselines for each product line by market divisions
A baseline is your overall performance for a product line at a given time, such as margin, volume, or revenue. For example, in 2021, your high-end drone product line could have a margin of 30% and could be generating 1 million US dollars in revenue annually.
With Gocious, you can configure the metrics you are interested in and capture values for your baseline for your product line broken down by your Market Divisions [need a link to just released]. For example, if your drones are being offered in 2 different regions, such as the EU and North America (NA), you can capture the revenue for each region for the 2021 baseline.
Capturing growth contribution of new and upcoming products
Each milestone on your roadmap will result in a new or changed product being introduced in the market that will impact the growth of your business line. You realize growth in different ways, such as increasing the annual revenue or reducing cost and thus increasing your overall margin.
Now in Gocious, your teams can capture the contribution of their plan to such metrics as overall revenue and margin for your product line broken down by different market divisions.
Once this information is captured, you can now use the Gocious product roadmap to see how growth is realized in the future. Gocious adds the contribution of each plan to the baseline to generate future projections over your selected time frame which can be the next quarter, year or 5 years or anything you define.
Ensuring new products will deliver on their promises requires collaboration and ongoing review of your portfolio strategy. But the roadmap needs to capture the critical information and make it accessible to all stakeholders in a format that is easy to understand and make decisions against. With our new feature, you can do precisely that when reviewing the impact of your new product launches on the overall business. You can clearly see where your business will be in the future because of the introduction of new or improved products in one place.
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