We can often be overwhelmed by the amount of data available to us. Often, we don’t know where or how to find it. And data has more meaning and value when you know the story the data is revealing.
If you are taking care of your product portfolio, you need to important questions such as:
- What does the data indicate?
- What should be done?
- How do you deal with this?
When we translate and synthesise data into useful information, we can reveal the vlaue. This can then be used to underpin analysis into the strategic options for your product.
When drawing conclusions from your date consider a range of issues. So, how important are the strengths of the product in relation to the business. That is, what is the contribution your product is making to your business? Some of your products will be required as commodity items within your portfolio. They just need to be there. They may have a positive cash flow or break even. These products may for the fundamental building blocks of your platform.
You may discover your products weakness is the technology it has been built upon. This can be a disadvantage and sometimes short term costs impact is needed for longer term growth.
Telling a story about your product is important to secure investment and commitment to your vision. Be prepared to craft data and conclusions into a narrative that can be used to convey your vision to management and the devleopment teams working on the portfolio.
B2B marketing and product management is something that has always fascinated me. I got the bug whilst studying for a Master in Marketing at the University of Ulster. Sitting in front of some of the UK’s finest marketing scholars, the notion of marketing in context was a central theme that has perhaps influenced and shaped strategies throughout my career.
Helping a company navigate the challenge of bringing products to existing and new markets is truly exciting. In reality, Marketing is fairly straightforward. What is often needed is experience. Knowing what works and what sucks up your hard won cash.
If you would like to talk about how your business can improve its marketing. Then get in touch. Be great to talk marketing with anyone.