The term ‘digital product’ is used to refer to software, typically in the form of websites and web applications, mobile apps and desktop applications. It can also refer to data or computing services, and high-tech platforms such as Augmented Reality (AR), Artificial Intelligence (AI) and Machine Learning (ML).
Digital Transformation is not simply replacing analogue processes and tools with digital ones; you can’t fix an outdated business model with technology. Truly embracing digital means fully understanding where your customers have gone and are going, and changing your business to fit the new reality. This can be extremely challenging as it requires a new type of leadership that embraces agility and empowerment of teams, built upon a true customer-centric philosophy.
Fact: nobody wants your product. They want what it enables for them. As Harvard Business School Professor Theodore Levitt famously quipped: “People don’t want to buy a quarter-inch drill bit. They want a quarter-inch hole!” Author and motivational speaker Simon Sinek went further: “People don’t buy what you do. They buy why you do it.” The world’s best companies focus on their customers, on creating valuable outcomes and inspiring experiences for them, and by doing so they stay true to their vision and build customer loyalty.
Customer Value is simply an outcome to which your customer assigns a positive value; this could be utility, financial benefit or positive sentiment. The key point is that it’s your customer who benefits. By focusing on Customer Value, your product will attract higher revenues, build loyalty and resist competition and disruption.
Product Management is the multi-faceted discipline of defining, building, launching and managing products throughout their life cycle. It encompasses innovation, business justification, customer insight, technical insight, design, financial management, prioritisation, team management and business analysis. Product Managers are sometimes characterised as ‘mini CEOs’ whose chief loyalty is to their product rather than to a business per se. They champion Customer Value whilst looking after the P&L and empowering teams.
Before investing significant time or money in digital, it’s critically important to understand just how far-reaching a transformation can be. If you don’t have a rock-solid vision and strategy which your leadership team can get behind, then it’s certain that you will waste your efforts. Flektion strongly recommends that you start with a vision and strategy development exercise involving executive team, before thinking about utilising any technology.
Flektion charges for consultancy based on a scale of day rates depending upon the status of your organisation and the scale of the engagement. There are lower rates for not-for-profits, startups and agencies. Significant discounts are applied for block bookings, and packages services are offered at fixed prices. Flektion can offer very competitive rates for user research, software design and development. In general, the total cost is very competitive when compared with the cost and risk of hiring permanent staff.