I recently put in another week at INSEAD in Fontainebleau. I presented a couple of great interactive sessions on the importance of Structured Customer Discovery and Value Proposition Design and also ran mentoring sessions for MBA Candidates.
I have recently written a lot about understanding the customer and using value proposition design within organisations.
While participants in these kinds of sessions quickly see the value of ‘doing the work’ and getting into quality customer discovery and value proposition design, in the busyness of every day life, product management teams don’t always stop to consider how much money they may be wasting on things customers don’t really want, or how much money is being left on the table due to missed opportunities. So I thought I’d quickly highlight why a thorough approach makes such a difference.
Why structured customer discovery matters:
· It enables a deeper understanding of the customer and their perspective, in order to give them what they really want.
· It can enable a focus on early adopters and innovators in the customer group, creating scale quickly.
· It enables a structured method of de-risking product development and launch.
Why a strong value proposition using design thinking makes a difference:
· It’s a great way to quickly get all of the teams’ assumptions documented, in order to be tested.
· It’s a great way to map out how to build value from a customer perspective.
· It’s a great way to focus, and to de-risk, a product development program.
Where businesses quickly start to see results after the ‘hard work’ of planning and product development in this way is:
· The ability to shift a product from just another product to a highlydesirable product.
· Enhanced, customer-centricproduct language, used to promote the product, at launch time.
· Building strong support of early adopters and innovators in the customer group.
These approaches are now being widely used with much success in ‘thinking centres’ like universities/research centres and businesses that want the edge, across Australia and around the world. Businesses will soon discover their competitors will be taking on this thinking too.
I have been amazed at the exciting new projects INSEAD MBA’s are working on. Many of the ideas I saw are also entrants in the INSEAD Venture Competition. I can’t wait to see these start-ups in the market!