In our research, we found that Companies find initial product model fit and achieve some scale, then often struggle to chart the next exciting growth curve. Post-Product-market fit, the focus of the business would be to scale. Get more customers onboard and definitely Profitable revenues.
If you look at Product teams, they are busy rolling out fixes, prioritizing new requests, focusing on competitors etc., We found that most companies get feature obsessed. For ex: Microsoft Excel, a great product but how many of us use all the features that it offers? A survey showed that most users use it for documentation purpose - say 30-40 % of the features is what majority of us use it for.
This is when the product teams have to go and do a quick discovery and decide if the feature requests really address the need / unmet need to arrest feature bloat.
My friend Rohit, a brilliant marketer says, "Companies often struggle to chart the next exciting growth curve" Because the thought process is evolutionary while it has to be revolutionary "
So, a continuous discovery & Innovation exercise is required to
- Co-create with customers - Co-creation Will help cement your product to the customer realities. You will build an edge because you empathize customers and the discovery lifecycle is close to the customer.
- Create a new Category and lead it - Create a new paradigm to generate demand and a new point of view to resonate with customer needs
Continuous discovery and Innovation are needed to maintain an edge over the competition.