The function of product management is evolving within manufacturing companies. Senior leadership is pressing for more growth, more innovation, more diversification, more market expansion. All of this falls in the lap of product management to figure out the path forward. It is more important than ever for product management to revisit the tools in their proverbial toolbox.
Tools for modern product management
In the recent Gocious webinar, "Tools for modern product management," available to watch on-demand, our co-founder and CTO Maziar Adl and Simon Leyland, Director of Customer Success presented some useful tools product management can use to make decisions on what products to bring to the market and how a modern solution like Gocious can make those tools easier than ever before.
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 problem is the quarterbacks need a platform that helps them achieve these goals.
Simon then picked up the presentation showing how Gocious wants to help by delivering these tools inside their product portfolio management solution.
He walked everyone through a fictional product scenario that started with showing how important it is to be able to visualize and manage your product portfolio roadmap in one place. This means you can consider the impact of what you are considering on your product or product line.
Once you've worked out where to fit your new big idea in the portfolio, you need a way to objectively measure how well it is going to measure up to not just customer expectations but your own organization's targets as well. Gocious introduced product weighted scoring to do just that. It can be used to identify how well your idea is going to measure up and run scenarios. This helps you focus on making product improvement efforts and finding suitable configurations to satisfy everyone.
You've got the best product, now it's time to test it against the competition. A typical competitive analysis would be to compare features and specs across the market. But now, with Gocious, you can take that a step further. The weighted scoring capability used on your own products is also available here. Showing you how you compare and also giving you insight into how you can differentiate yourself from everyone else.
Simon took the opportunity to showcase some of the capabilities Gocious has just released. Value maps and coverage charts. Value maps are an excellent way to show where everyone sits in relationship to each other by mapping price and value in conjunction with market share. This tool allows you to identify opportunities for positioning your product in the market and make strategic decisions on how to price your product.
Coverage charts take that a step further, showing how various essential attributes of your products can come together to show overlaps or gaps in market segments, further uncovering opportunities for you to exploit.
We closed the webinar by briefly discussing how you can work with Gocious to start realizing the benefits a product portfolio management tool can bring 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.