From your five Domains to your Health-check score, learn how to be an expert product leader.
In order to find growth and achieve your organisations vision, you need to be able to communicate a product strategy story and plan that unites everyone. Without clear milestones and 90 day plans your vision is just a dream. Skyjed is fundamentally different and presents to you Product Domains, drivers and health-check score.
The real power of a product health-check is it makes it easy for you to set action-plans, so you know where you are going to deliver growth, manage product experience and risk and what you need to get there.
To find our more see our Boost you Product Health by Friday guide a 5 day guide to finding product growth
The components of a Skyjed 360-degree product health-check
Let’s walk through the main components of a Skyjed health-check that requires you to answer five basic questions about your product health and lifecycle. These questions are grouped into five areas that we call the five domains of product health.
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The five domains of product health are:
- Revenue – its all about finding growth and understanding your external factors.
- Value – its all about your cost areas including customer costs, operational costs and product costs.
- Customer Experience – its all about your product experience and customer engagement.
- Innovation & strategy – its all about setting your innovation plans and monitoring disruption to find future growth and do that cost effectively.
- Regulatory – its all about meeting your regulatory and legal obligations so you can deliver fair value to your target customers.
REVENUE DOMAIN
The revenue domain captures external forces on your product strategy so you can find sustainable growth and business success. This Domain helps you factor in trends in the market, understand your target market, customer persona and competitor analysis. It helps define who are your direct competitors and indirect competitors. You can assess the strengths and weakness of your rivals – their products, sales and marketing strategies. Find situations which are likely to become a threat to your product growth. Most importantly take note of how your competitors are unlocking growth in our fast-changing market so you can be one step ahead.
VALUE DOMAIN
The value domain captures the areas of product profitability so you can compare the revenue from your product and be cost-effective. Sales or revenue are important. Profit is what matters. You just need to be able to start by identifying and segment costs so you can be cost-effective. This section helps you get a grasp on your costs and product margins and improve operational efficiency. Margin is best understanding as the difference between total sales and the cost of those sales. The main takeaway from this section is know the costs of your product and keep tabs on your competitor. The process is ongoing.
CUSTOMER DOMAIN
The customer domain captures your product experience and how your deliver value to your customer. Best practice is observe and monitor all the touch points a customer experiences to remove friction for your customer from awareness to resolving an issue. It is critical to map the end to end experience in customer eyes not your internal structures or business units. The key to improving customer engagement and loyalty is tracking metrics that help you improve your product experience consistently - to remove friction..
INNOVATION DOMAIN
The innovation domain captures the areas that you need to assess to create future value for your customers and the resources you will need to successfully implement. It’s important to set out innovation plans, understand the trade-off and investment required to implement your innovation plans. Product innovation never stands still and therefore you must have a routine to monitor and update and evolve your plans so that you can manage product disruption.
REGULATORY DOMAIN
The regulatory domain captures the areas that are important to product compliance and customer trust. Product trust is now an important area for product executives. We recommend that you set your target market for the product. Then define regulatory obligations and monitor and set action plans to improve and manage any risks. The compliance of regulatory and legal obligations for your product requires you to monitor where and how your product is sold. That includes emerging areas and gaps in your product supply chain. Also, engagement with your legal, regulatory and risk teams.