Productivity is what companies strive to achieve. Especially in today's digital world, companies, be it startups, small to medium businesses (SMBs), or even enterprises, need to be on the path of adapting quickly to satisfy the ever-evolving customer needs. The traditional focus has always been on making customers voice out their requirements with clarity. But there's a massive paradigm shift now. It's vital to anticipate what customers want from companies and develop products based on their needs.
The majority of the employees, such as the product engineer, software engineer, full-stack engineer, software developer, and or even product managers, believe they have already accomplished the right mindset towards productivity. Unfortunately, that's not true. Companies' common mistake is that they develop technology for its own sake, failing to understand the true purpose or value of products. Derive insights from this article on the foundations of product thinking and how having a product mindset can help in scaling business. Developing this right product mindset, and finding the right talent, especially at remote work, accelerating the business growth is a no-brainer even during the pandemic.
What are the key pointers to know to develop a product mindset?
- Understand the core values of the client's brand
- Identify the strategic goals of the product
- Manage clients' requirements and expectations
- Explain technical possibilities and solutions to the client
- Become the clients' voice for the developers
- Make sure the project is on its way to success
Product mindset is the overlapping of Business, its Customers, and Technology that drives that Business. Deep diving into developing a product mindset lets you achieve these in the process.
1. Deliver Value and not features
The interdependence of business value and user value is undeniable. The number of features in a product cannot measure up to this Value. The only way to accomplish it to know how those features solve a problem, which only a product mindset will help you achieve. Just like in gold - rewarded by doing less but more accurately.
2. Good is the Enemy of Great
Jim Collins says, "Great companies become great because they don't settle for being good." Cannot argue with that. Never get comfortable with good. The process might take longer, but the key is to recognize that greatness takes longer and plan for it. The right product mindset will make even your Minimum Viable Product (MVP) outstanding at the first pass. Learn from this illustration how:
3. Silence is not Success
Silence indicates the absence of the proper mechanisms for actionable feedback. Good product management is not self-validating metrics. But begins with tracking the correct usage KPIs) and building feedback loops. This will ensure you hear what the market is telling you about your product.
Successful products adapt to market forces. It's a little trite, but that's the truth. The only constant in product management is 'change.' A right product mindset will allow product managers to embrace change as part of the process.
Agile is often wrongly understood as a software development methodology. In reality, it's a core tenet of a product mindset.
5. Launch is Day One
A product mindset thinks iteratively and understands customer touchpoints. These touchpoints that evolve after launch are more valuable than the launch itself. Long-term customer engagement and loyalty come only from this platform approach when the ability to continuously deliver an exchange of value between a company and its customer exists.
So, what are the outcomes of a Product Mindset when productivity is the end goal?
- Provides an overwhelming customer value
- Builds a sustainable competitive advantage
- Delivers financial benefit to the business
- Delights customers in hard-to-copy, margin-enhancing ways
Regardless of what products you develop, adopting a product mindset across company disciplines is vital to identify the right vision and execute a strategy that balances the business's needs with the needs of customers. To solve this, companies should definitely seek product engineers or PRODUCTS NOVAs - access to high caliber borderless network of extreme programmers with product acumen.