Leverage your partners - Deepstash

Leverage your partners

A lot of businesses shy away from collaboration and knowledge sharing with industry partners for fear of spilling company secrets.

But if you do it right, your team could walk away with a tremendous amount of new insights, new industry contacts, and even a new lead or two. 

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MORE IDEAS FROM Drive value with collaborative product development

Your customers are the market, so having a customer-centric strategy is an obvious choice. The best way to have your customers involved in product development is by having them come up with the products. It means a much briefer market validation period because the solutions originate from your core customer stakeholders.

You can do this by sending a one-off survey via email or running a poll on social media to find out what people would like to see developed next. But there are also ways to be a bit more intentional: user interviews or a full-on program for customer involvement.

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Collaborative product development

Collaborative product development aims to involve customers—as well as employees and industry partners—in the product creation process and beyond. 

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Sales teams, customer support teams, and on-the-ground employees have a ton of insight into customer pain points, which means they're a great resource for collaborative product development. 

Ideally, you'll have feedback built in to your everyday processes—think comments on wireframes and collaboration in GitHub—but there are a couple of other things you can try as well.

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RELATED IDEA

Finding product-market fit doesn’t necessarily provide an aha moment, but you can think of it as when the interest from customers validates that your product satisfies a need or solves a problem. 

The reason it’s important for you to find a product-market fit for your business is that it’s an early indicator of success. Businesses that achieve product-market fit can use organic marketing or word of mouth to increase their customer base and sales.

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Product-market fit doesn’t always mean that every collection you release sells out in seconds. But it does mean that people find out about your store by word of mouth, or that you have a steady stream of customers and sales, or that your product solves a problem within a larger, lucrative market. Let us find out what product-market fit is, how to prove your product concept, and how to use marketing and customer feedback to find it.

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Land and Expand

In sales, “Land and Expand” is a strategy to land a customer with a small deal, and then sell into the organization to expand your footprint to more seats, additional departments or more products and services.

Land and expand plays out like this in a SaaS:

  1. An individual user signs up for a free trial
  2. Then converts to a paid user
  3. Then you get as many other users in that company as you can
  4. Finally, you convince key decision makers to adopt your product across the organization 

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Hackathon

... is a term used in reference to innovation jams and describes an event that pools eager entrepreneurs and software developers into a confined space for a day or two and challenges them to innovate. A hackathon goes beyond a simple brainstorm session as it also focus on results and jump-starting a way of working.

For large organizations in particular, 24-hour hackathons can be adapted to greatly accelerate the process of digital transformation and even achieves startup levels of novation. Although often they are less about designing new products and more about “hacking” away at old processes and ways of working.

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