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Managing Existing Product, An Adaptive Approach

When a portfolio of products that have been in market for some time and have an established customer base. Practical addressable market shows little to negative growth. The key product management differences in working with mature products such as these versus launching new products lies in, how effectively, we can:

  • Perform feature audit to find out which features are going worst and which is doing good from various demographic, time based data and then take needful action

  • Develop plan to increase transaction rate and then increase it

  • Improve UX

  • Gather VOC and find out what is worse in terms of the competitor

  • Revamp pricing strategy

  • Try to increase the no of channels where product is expected to grow

  • Improve channel development strategy wherever needed

  • Perform data analysis and take action(With both existing customers to improve the product engagement as well as via social monitoring/survey)

  • As with the mentioned portfolio if our goal is to reduce engineering costs and significantly increasing margin, then ideal requirements process from idea creation sources to influence of engineering, sales, and marketing should be driven by and large by:

  • Elicit need from VOC and put them in product plan

  • Gather complaints from service centre or customer care centre and align them with PRD and develop roadmap

  • For new requirements, develop requirements by driving Product Demo, designing questionnaire based on comparison with competitor offerings

  • Apply Business Process re-engineering wherever needed to reduce time , cost and improve quality and reduce Time-To-Market

  • Streamline product portfolio process so as to make it common across products

  • For the portfolio products whose business value is based upon usage by their end users, in order to balance a customer’s business goals versus the needs of their user base in terms of product plan, we must:

  • Analyze usage patterns and provide customized offering (Adaptive solution or platform) based on their preference

  • Design initial pricing to be low and subsequently charge based on utilization, provide discounts on exceeding certain usage

  • Develop relationship with customers via sales channels and provide discounted offers (time based)

  • Early bird offer for few initial subscription

  • There should be discount offers on occasions

  • Referral benefit should be provided to customers who has referred a friend (Coupon or discount, typically applicable in B2C Context)

  • For group of 5/10 customers/users etc. It should be price driven offering

  • When customers are very sensitive to total cost ownership of product, implement a product plan to drive end user adoption while addressing their TCO constraints by:

  • Offering free subscription for short duration

  • Early bird offer for n(may be 3 /4 etc.) months, (example only, might differ in real case)

  • Later provision for installment based charge at the beginning of each quarter, either product or feature usage wise

  • Finally measure the success of product plan over a 6 month time period or over a 12 month time period, by evaluating:

    The metrics needs to be evaluated (6 M):

  • Business Goal(The detailed revenue factor and factors associated with it)

  • Customer Satisfaction Index

  • Market Share

  • Apart from the above metrics, in addition, needs to be evaluated (6M/12 M):

  • Advertising Expenditure and impact on acquisition and ROI

  • Reduction/Improvement on Time-To-Market

  • Change in Revenue, Engineering Cost, Operational Cost

  • Change due to Business Process Re-engineering, if any