As details regarding the termination of the Samsung Galaxy Note 7 smartphone continue to unfold, there are several important lessons, both technological and organizational, that manufacturers and product organizations should take away from their peer’s costly product crisis:
Customers expect digital experiences to accompany the physical products and services they purchase in today’s highly competitive business market. They want these digital platforms to be personal, easy to navigate, and valuable — regardless of how difficult it is to create and maintain such an experience! That’s why companies looking to create a customer- or partner-facing digital platform need a digital platform engineering services (DPES) partner to guide them through these multifaceted projects that often transform a business.
Digital platforms take a range of forms: internet of things (IoT) platforms, digital experience platforms, eCommerce platforms — basically any digital touchpoint that directly interfaces with customers and partners qualifies. What’s similar across this array of digital platforms is the deep technical talent and experience necessary to design, build, and implement them.
We surveyed seven leading DPES vendors and 48 of their customers for The Forrester Wave™: Digital Platform Engineering Services, Q2 2016, available to Forrester clients. The Forrester Wave is an objective methodology to evaluate competing services. The analysis that determines vendors’ placement is based on data gathered from customer interviews and surveys, briefings from vendors, and analyst expertise. For more information on the DPES market, look for my upcoming brief “Software Skills Are Top Of Mind For Digital Platform Engineering Customers” in May 2016 and a webinar on the Forrester Wave report early this summer.
Aside from my work with product strategists, I’m also a quant geek. For much of my career, I’ve written surveys (to study both consumers and businesses) to delve deeply into demand-side behaviors, attitudes, and needs. For my first couple of years at Forrester, I actually spent 100% of my time helping clients with custom research projects that employed data and advanced analytics to help drive their business strategies.
These days, I use those quantitative research tools to help product strategists build winning product strategies. I have two favorite analytical approaches: my second favorite is segmentation analysis, which is an important tool for product strategists. But my very favorite tool for product strategists is conjoint analysis. If you, as a product strategist, don’t currently use conjoint, I’d like you to spend some time learning about it.
Why? Because conjoint analysis should be in every product strategist’s toolkit. Also known as feature tradeoff analysis or discrete choice, conjoint analysis can help you choose the right features for a product, determine which features will drive demand, and model pricing for the product in a very sophisticated way. It’s the gold standard for price elasticity analysis, and it offers extremely actionable advice on product design. It helps address each of “the four Ps” that inform product strategies.