Once again, we need to recalibrate our product strategies and find effective ways to incorporate the latest advances in AI to remain competitive.
To dive into this interesting problem area, it is always good to take a few steps back and reflect on the evolution of the digital product ecosystem over the past decades. No matter where you position yourself on the scale between digital skeptic and enthusiast, it won't be too hard to come to the conclusion that the dynamics are indeed breathtaking. While becoming a permanent member of this ecosystem has never really been easy, it seems to be getting harder and harder over time due to the objective increase in complexity. So what are some of the biggest challenges for companies that want to position a new product in this colorful ecosystem or keep an existing one?
Hear and focus on the voice of the customer
It is often heard that a company does not focus enough on the voice of the customer. There is no doubt that this is still one of the most common pitfalls in the product development process, but what usually escapes companies is the fact that they face the growing challenge of hearing the true voice of the customer in the first place. The increasing information pollution and general noise in digital channels make it harder and harder to isolate valuable information from target groups. With existing customers, it is somewhat easier, but still far from trivial, despite the many tools available today.
Insufficient clarity of business objectives
It's a common challenge that can be put in the "Captain Obvious" bucket, and yet, one that tears at the product development dynamic in so many companies.
Insufficient product management capabilities
The role of the product manager has evolved over the last decades. Today, it is almost inevitable to have a strong generalist at the top of the product development process, acting more as a "product CEO" than as a coordinator between different teams. A "true owner" of the product who is able to make decisions in a complex environment. Needless to say, hiring and retaining someone with the right skills for such a position is no walk in the park."
Biased and noisy decision making
As mentioned above, a company needs to make appropriate decisions in a complex environment in order to position its digital product successfully in the market. Thanks to exceptional people like Daniel Kahneman, we now know more about the impact of bias and noise on corporate decision-making. However, acting on this knowledge is far from trivial and requires a lot of time and resources, as well as buy-in from senior management.
Insufficient integration between the relevant departments
Design, engineering, marketing, sales, logistics, procurement... The list of departments that should have a say in certain phases of product development can be quite long. Proper integration at the process level, but, more importantly, at the cultural level, is something that is often overlooked. Without a joint perspective, the product development process often gets out of hand, sometimes with serious consequences for schedule, quality and other high-level metrics.
Insufficient SW engineering capabilities and capacities
This is indeed another candidate for the "Captain Obvious" bucket and yet needs to be mentioned, as many of the great ideas are turned into great plans and yet fail in the execution phase due to the objective reality of SW engineering resources.
Undeveloped knowledge management capabilities
Although we rarely see it in practice, knowledge management in product-oriented companies deserves a lot of attention. A set of defined processes and a culture that enables the systematic creation, organization and sharing of knowledge strengthens the capabilities of companies that want to step into the limelight in the digital arena. Why, then, is it such a rare bird? This is a very broad topic that we urge you to explore thoroughly.
Of course, there are many more challenges that can be classified differently (for example, we have not even mentioned the challenges related to product promotion). Every organization simply has to be ready to adapt and overcome the challenges that lie in its path, but it is certainly useful to keep the most common and consequential ones in mind.
Logeecom as a partner for product development
There are numerous flavors of the product development process. Some of them are organization-specific, some are industry-specific and some are general in nature. Regardless of the actual recipe used, Logeecom provides experience, knowledge from critical knowledge areas and additional resources at almost all stages of the product development process.
Some of our most common areas of engagement are the following:
Our digital marketing professionals assist customers in setting up a solid marketing strategy by planning and executing online research projects and providing key data.
Our product professionals, SW architects and technology leads work closely with the customer to “design the thing right.” The process may involve a full R&D phase, rapid prototyping or any other approach that is optimal for a particular project.
This is where our engineering teams come in to turn plans into digital products. We can do this on our own, but we often work with our clients' product and, sometimes, engineering teams.
In the end, customer satisfaction will be the benchmark for any commercial product. Product support plays an important role in achieving and maintaining the desired level of customer satisfaction. Logeecom offers all three levels of support for digital products that we have developed or that we have taken on for further development.
Building from scratch is fun, but some of the most demanding product and development challenges come from the need to continuously improve the product. Regardless of whether our team has been involved in the previous phases or whether we have to do some kind of reverse engineering first, we take full responsibility for the continuous improvement process and work with the client teams to ensure that the product evolves in a managed way.
Positioning the product in the digital arena is as important as any of the previous phases. Based on the marketing strategy as well as all the artifacts of the product development process, our digital marketing team works with customers on promotional activities focused on digital channels.
It is important to know that there is no zone of engagement set in stone. We work with start-ups, small and medium-sized companies and enterprises focused on enriching the amazing ecosystem of digital products. Our engagement with each of our customers is based on the actual needs of a business and, of course, our own capabilities and capacities.
The optimal blend of creativity and pragmatism
This phrase perfectly describes our team behind product development services, a mix of innovative creativity and sensible pragmatism. They generate fresh ideas but stay rooted in practice to ensure our solutions are both groundbreaking and achievable.
Together on a product journey
A common denominator in nearly all our product development engagements is our close collaboration with the customer's team. For this reason, their feedback carries great weight for us.
Valuing partnership and holistic development, our startup found the perfect ally. Their team provided expertise and feedback, helping us craft a strong go-to-market strategy. Product pros, SW architects, and tech leads worked closely with us, while engineers transformed our vision into a digital product that exceeded expectations. We highly recommend them for startups seeking a reliable product development partner.
FAQ
In our FAQ section, we strive to provide answers to some of the most common and interesting questions that may be relevant to the visitors of this site. Our ambition to eliminate (or at least reduce) pollution from information overload is our guiding principle for online and offline communication and is scrupulously adhered to in this area as well.
Does Logeecom work with start-ups, and what are the business models?
Logeecom enjoys working with start-ups on various projects. The available business models range from the role of an external technology partner to strategic partnerships and direct participation as an investor.
In which phase of product development is Logeecom usually involved?
Logeecom can be involved in various stages of product development, but we prefer to get involved as early as possible so that we can offer our customers the greatest possible benefit.
How are IP rights managed?
IP rights encompass patents, trademarks, copyrights and trade secrets that protect ownership of the developed product. To ensure that our customers retain full ownership and control of the resulting product or product artifacts and associated intellectual property, we provide a clearly defined contract that governs the assignment or licensing of IP rights and ensures that any rights that arise during the development process are either assigned to our customers or exclusively licensed for their use.