6 ways to do product ownership right. While I was down by the shipyards today watching containers being moved about the ships by enormous cranes I thought about the incredible amount of products and services that we consume every day. Products and services that we depend on to go about our daily lives. Some come from far away and some are just right down the street. The businesses feeding consumers form a giant evolving system with innovative thinking people feeding its core.
This made me think about my experiences working with larger highly successful companies and what methodologies, commandments, and philosophies separate them from the rest.
I came up with 6 ways to do product ownership right.
1. Use the right Methodology or Framework to build and market products people want to buy. Focussed methodology keeps organizations from spinning their wheels and provides the product ownership group with a framework on how to achieve the short and long term goals for the company. I‘m a big fan of the Pragmatic Marketing framework.
https://www.pragmaticinstitute.com/framework/
2. Get the right people on the bus. It’s fair to say a start-up has no choice but to compromise on this at the beginning, but at some point having employees wearing multiple hats does not work if you want to become a high trajectory company. There is a difference between a product marketing person, digital marketer and a product manager. Asking one person to do more than they are to do is not scalable or effective.
3. Give your people the right tools to do the job. Technological improvements happen at a rapid pace. Upgrading your technology comes at a cost, but there’s a higher cost to not keeping pace with change.
4. Build solutions for a big market. Think globally, not locally. The world is shrinking and your opportunity can grow faster because of this.
5. Solve today’s and tomorrow’s problems. Building solutions for your customer base in today’s market is great but it will only take you as far as they go. Building solutions for where your customers are headed will make you the hero and will open your business up to new markets.
6. Use the Continuous Improvement Process. Tesla, Amazon, Disney, Apple, Microsoft, Toyota, and Facebook all use the continuous improvement process to inspire new ideas, increase revenue, and build company value.
Here is a link to an article that talks about 10 Excellent Enterprise Continuous Improvement
Examples. https://impruver.com/continuous-improvement-examples/
Here’s a short video on my thoughts today while I was at the Shipyards.
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