By Rivi Aspler
Every company (hopefully) has a clear strategy which is reflected in its market positioning.
Whether it’s your technological IP, your industry expertise, or simply a cost-effective solution, a prospect will close a deal with you because you have succeeded in proving that you are doing something better than your competitors.
So far, the theory is as simple as it can get. Practically, this is where things get interesting.
Assuming that your company’s resources are limited and you are neither Apple nor Google (brand wise), can you rely on a product strategy that offers just ‘good enough’ products and leverages other key differentiators such as better professional services or a more cost-effective solution?
Since you are probably not a monopoly, the answer to this question relies on your competitors product investments. Are your competitors investing lots of resources in building strong products (IP-based features, Mobile First, Fully SaaS, Socially enabled, with Embedded Analytics etc.)? If the answer is YES, be careful as your ‘just good enough’ product will become the weakest product in the market.
Maybe it’s a cliché, but that’s very much like trying to sell a horse when all the others are already offering cars. Can you say “Blackberry”?
There are many examples of products that became obsolete. It’s exciting as well as disturbing to see how fast products can change. Do you remember the last time that you took film based pictures, rented a movie at a video store, found your way around using a printed map, or used a pay-phone?
Cutting a long story short, next time that you are about to settle for just the critical features while neglecting your long-term roadmap, at least bring to the discussions-table the product status of your competitors.
At best, it will give you more ‘development-days’ budget. At worst, it will at least remind you that the gap between you and your competitors is increasing.
Rivi
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