Launching a new product can be a bit like a science experiment. You have made observations and created a hypothesis with data that supports your claims. Next, the hypothesis gets approved so you launch the product thus testing it.
Now its time to draw conclusions and refine the hypothesis.
But this presents you with a problem. Your original hypothesis data is not the same as that returning from the real world. So what can you do?
In the recent Gocious webinar, "Optimize your product fit using past performance," available to watch on-demand, our co-founder and CTO Maziar Adl presented how manufacturers can leverage their historical product sales data to help them shape the future direction of their product portfolio.
Maziar started the presentation by discussing the importance of having a framework that supports continuous growth that considered the people involved, using a robust product management process, with good data and technology that supports all of that. He showed how product managers are the quarterbacks of any manufacturer. Aligning and organizing a diverse team of players to achieve a goal.
The problems are:
- The quarterbacks need a platform that helps them achieve these goals.
- There needs to be a virtuous product process in place that iteratively looks to continuously improve the product throughout its lifecycle
Part of this process is to track product performance. Product performance is a key indicator for identifying opportunities to grow. It can also be used to help identify ways to reduce complexity and waste. But to do these things in a meaningful manner then some capabilities are required. You need a good understanding of your market and customer preferences. You need a toolset that allows you to analysis and find those opportunities for price and value optimization.
Maziar then moved on to presenting some of the useful insights that can be gained from connecting your product performance data. Things like calculating price elasticity, how sensitive is your customer to price changes? What is your product and feature mix and volumes? He also showed how Gocious can help validate your assumptions on what customers value by using our innovative weighted scoring.
We closed the webinar by briefly discussing how you can work with us to start realizing the benefits a product portfolio management tool can bring to today.
You can download the webinar video and slides to hear the full discussion and learn more about how Gocious helps product managers, planners, designers, and engineers meet today's discrete manufacturing challenges.