Insights on How to Productize Services and Solution Offerings

We frequently like to profile Product Leaders we admire to help inspire you and your team. This month, we are excited to introduce you to Purbita Banerjee.

A company developed a successful AI product based on thorough customer research and launched it quickly, generating revenue. However, the cost of maintaining the necessary tool infrastructure for a growing customer base and promised price tiers made the product unprofitable. Despite doing almost everything correctly, the product team was directed to shut down the product because it was losing money for the company. The company needed to build a good pro forma for the product.

We frequently like to profile Product Leaders we admire to help inspire you and your team. This month, we are excited to introduce you to Andy Armstrong.

As we wind down 2022, we took a trip down memory lane to see which of our Vecteris blog posts were the most interesting to our audience. Here's what we found:

We frequently like to profile Product Leaders we admire, to help inspire you and your team. This month, we are excited to introduce you to Zach Hansen.

A reading list curated by our staff at Vecteris!

“I don't want this new product to eat away at my existing business.”

We hear this a lot. 

So many executives get caught up in the fear that new products will detract, or worse destroy, their existing business. Total or partial cannibalization can occur when a new product moves customers away from current service offerings or product lines. It is a legitimate concern, but the right framework and strategy can help companies stay competitive and turn potential threats into opportunities.

For the past three years both of my kids have been involved in FIRST – For Inspiration & Recognition of Science & Technology – a global organization with robotics programs for kids ages 4-15, aimed at introducing children to STEM careers through fun, hands-on learning coupled with real-world problem-solving.

“People often believe that to do better work, they should do fewer things. Yet the evidence flies in the face of that assumption: Being prolific actually increases originality, because sheer volume increases your chances of finding novel solutions.”

I don’t think I am alone in this, but 2019 feels like a lifetime ago. It was August of that year that we first introduced our Product Innovation Quotient, a tool to help organizations assess their product innovation capabilities. Since then, our thinking has evolved—and so has the assessment.