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The Ultimate Guide to Turning Professional Services into Scalable Products

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“It takes a lot of courage to show your dreams to someone else.”
― Erma Bombeck

How To Mitigate Cannibalization Risk From New Products

“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.

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In a Crisis, Use Lean Competitive Analysis

Many of our clients have been asking us for advice on how to stay competitive in this rapidly changing world. Customer behavior is changing rapidly and, if they are financially healthy, your competitors are likely innovating to adapt to these changes. Other competitors may be struggling and could become acquisition targets for you to bring on new assets or new customers or both. How do we stay on top of all this?

Enter: Lean competitive analysis
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How Do I Get More Juice From My Customer Interviews? 5 Tips For Understanding Customer Need

 
Understanding our customers—or more specifically their  urgent and expensive problems —is the key to developing a successful product. I’ve seen too many companies waste time developing a new product that no customer wants or needs. This often happens when a CEO develops a product because they have fallen in love with an idea or a technology or are trying to out-do a competitor and they don’t want to take the time to talk to any customers about what real-life problems they are solving.
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