Episode 24: Product Revitalization w/Ulrike Laubner-Kelleher
8 Seprember, 2020 / Host: Magnus Billgren
How to Revitalize Your Product: A Step-by-Step Guide
In today's competitive business environment, it is crucial to keep your products fresh and relevant. However, revitalizing a product can be a daunting task. In this article, we will discuss the five steps to revitalize your product, based on insights shared by Ulrike Laubner-Kelleher in this episode of the Productbeats Show. Ulrike is a seasoned product manager and expert in product revitalization, she shares her experience and tips on how to revitalize a product successfully.
Step 1: Find the Better Spot
The first step to revitalize your product is to identify the better spot. The better spot is the area where your product can make the most impact. This area could be related to customer problems, product-related issues, or market size. To identify the better spot, you need to collect customer knowledge.
Ulrike emphasizes the importance of using key performance indicators (KPIs) to track product performance. KPIs are performance indicators that measure the success of your product based on specific metrics. Ulrike stresses that choosing the right KPIs is essential to track the right data. Moreover, KPIs should be updated regularly to ensure they are still relevant to your product.
"Many product managers do not prioritize KPIs, and this is a mistake. KPIs are essential to keep track of product performance and ensure that the product is aligned with company goals," says Ulrike.
Step 2: Collect Customer Knowledge
Once you have identified the better spot, you need to collect customer knowledge. Customer knowledge is vital to understanding customer needs and expectations. Ulrike suggests three ways to collect customer knowledge: internal data, surveys, and interviews.
Internal data includes support warranties, product reviews, and sales data. Surveys and interviews with customers provide valuable insights into customer behavior, preferences, and expectations.
"Customer knowledge is the foundation of product revitalization. You need to understand your customers to know what they want and how to improve your product," says Ulrike.
Step 3: Create a Solution
After collecting customer knowledge, it's time to create a solution. Ulrike stresses that the solution should be based on the customer's needs and expectations. Moreover, the solution should align with the better spot identified in step one.
"Creating a solution that meets customer needs and expectations is critical to product revitalization. Your solution should address the problems identified in the better spot," says Ulrike.
Step 4: Verify solutions
Once you have identified and developed potential solutions, it's time to verify their effectiveness before rolling them out to the market. This step is critical to ensuring that your revitalization efforts are successful.
To verify the effectiveness of your solutions, you should consider the following areas:
- Product-Problem fit: Is the solution effectively addressing the identified problem? Does it fit with the needs and wants of your target audience?
- Potential customer will buy: Will customers be willing to pay for the solution? Have you conducted market research to assess customer interest and demand?
- New price points accepted: If you are introducing new pricing for the revitalized product, have you tested these new price points with potential customers to see if they are accepted?
- Market potential realistic: Is the market potential for the revitalized product realistic? Have you conducted a thorough analysis of the market size, growth potential, and competition?
- Satisfaction level reached: Have you tested the solution with a group of customers to ensure that it meets their expectations and leads to increased satisfaction levels?
Step 5: Revitalization Strategy and Monitoring
Revitalization strategies require a structured and ongoing approach to ensure success. To monitor and adapt your revitalization strategy, consider the following steps:
- Define Solution: Start by defining the solution that you plan to revitalize. This solution can be a product, a service, or an entire product line.
- Choose Revitalization Strategy: Choose a revitalization strategy that aligns with the solution you've defined. You can use the 7 main strategies shared by Ulrike Laubner-Kelleher: Growth Hacking, Competitive, Compliance, Pricing, Added Value, Customer Focus, and Simplification.
- Goal plus Minimum Success Criteria: Set a clear goal and define minimum success criteria for the revitalization project. The goal should be specific, measurable, achievable, relevant, and time-bound (SMART). The minimum success criteria are the minimum results that must be achieved for the revitalization project to be considered successful.
- Set up SMART Requirements: Set up SMART requirements for the project. This includes defining what success looks like, setting up metrics to measure success, and identifying key performance indicators (KPIs).
- Show Revenue, Cost, NPV, ROI, Market Potential, Target Market: To monitor the revitalization project, it's important to track key metrics such as revenue, cost, net present value (NPV), return on investment (ROI), market potential, and target market. This information can help you assess the project's financial viability and market potential.
- Integrate Revitalized Product Success KPI: Develop specific KPIs to measure the success of the revitalized product. These can include customer satisfaction levels, retention rates, customer acquisition costs, and more.
- Adopt Product Roadmap: Finally, adopt a product roadmap that outlines the steps needed to achieve the revitalization goals. This roadmap should be regularly updated and adjusted based on the results of monitoring and adaptation efforts.
By following these steps, you'll be able to effectively monitor and adapt your revitalization strategy to ensure that your product stays relevant and profitable in today's market.
- Product revitalization is an essential part of the product management process and can help companies stay relevant and competitive in the marketplace.
- A structured approach to revitalization that includes steps such as identifying problems, developing solutions, and monitoring and adapting can help product managers implement successful revitalization strategies.
- To implement a successful revitalization strategy, product managers must be customer-focused, data-driven, and willing to experiment and adapt as needed.
If you're interested in diving deeper into the world of product management and learning more about revitalizing existing products, you might want to consider enrolling in a certification program. One such program that comes to mind is the Productbeats Product Management Certification Program, which offers comprehensive training and resources to help you develop the skills you need to succeed as a product manager. Whether you're just starting out in your career or looking to take your existing skills to the next level, a certification program like this could be just what you need to achieve your professional goals.
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