Many organizations looking for their next great digital product fail to realize that some of the products with the most growth potential are right in front of them.
What do we mean when we say “digital product?” A digital product is simply something powered by software technology that provides a utility to people. For a company, these digital products tie directly to their top or bottom line, and have the ability to differentiate them from other companies in the market.
The key difference between digital products and other initiatives is the way in which they’re built. For a digital product, it’s imperative to set up a dedicated product team in order to effectively grow the product. Many companies may be missing out on this opportunity to harness a product team and drive top-line growth. It’s time to look again at these critical business drivers and most importantly, run them like a digital product so they reach their full value.
Here are five digital products you should bring to realization.
1. E-Commerce Experience
E-commerce platforms, once seen as the delivery system of product, should be seen as products in and of themselves. The best example of this is Amazon, who has managed their e-commerce experience like its own product since day one. They’re continuously tweaking and rebuilding to add more value to end-users, other Amazon products, and the company as a whole.
2. Lead Generation Experience
Most companies treat lead generation experiences like one-off executions, rather than evolving products to best connect customers with effective solutions. There is a great opportunity for B2B companies to turn lead generation experiences into products for delivering value to their potential customers. Hubspot’s Blog Topic Generator is an excellent example of a product that generates leads by providing a real utility to users.
3. Customer Education
Educating customers on a product is often seen as a duty, rather than an opportunity to drive growth and better engagement. Often, the customer education process is sliced-and-diced between so many different siloed business units that it cannot be properly managed. By instituting product teams and learning management systems (LMS), enterprise organizations can turn education into a useful product. Companies like Hootesuite, Zendesk, and Salesforce are treating education like a product to service their customers.
4. Customer Support
Creating fluid communication and support for your customers is an excellent opportunity to create a product. A seamless customer support experience offers a myriad of ways to reposition your company in the market and open new doors for driving top-line growth. Intercom has created an excellent digital product to serve this issue; their communication tools help companies everywhere create better relationships with their customers.
5. Email Marketing Program
Email marketing is quickly becoming one of the most effective products for companies to not only drive sales, but serve consumers and provide real human value. For example, Sidebar delivers a daily curated list of the best links for professional designers, and Breaking Smart has created full courses delivered through email. Even Google has created a product team to deliver digital marketer insights on customer micro-moments in their newsletter.
If business unit leaders see the opportunity right in front of them, they can often leverage current technology to create new sources of revenue and value for their customers. Turning the projects and initiatives already in place into evolving digital products is the key to new growth. Companies that adapt and restructure to work differently are poised to unlock new value within the digital products oftentimes overlooked.