Project Overview
The client is a manufacturer of highly-engineered computing systems for blue-chip OEM customers. The client was developing a solution and service to support remote maintenance of equipment they produced. Working in collaboration with the client’s product, sales and marketing teams we developed a solution in under six months which validated the product strategy and resulted in additional investments.
Approach
- Market research
- Product vision and strategy
- Channel partner strategy
- Stakeholder interviews
- Product roadmap
- Go-to-market strategy
- Sales and marketing enablement
Venrest delivered exactly as promised. They provided a comprehensive and clear strategy that guided our product roadmap, development and launch efforts. They worked quickly to develop an approach which put order around the chaos and was tailored to our organization. We work with a number of consultants and would recommend Venrest for companies looking to augment their teams with product expertise.
Jason D – VP of Product
OEM Manufacturer
Challenge
Leadership wanted to develop new recurring revenue streams. They were challenged to understand the potential market opportunity and assess solution concepts their clients would value. They lacked the capabilities and insights for assessing the market opportunity, competitive landscape and identifying what customer needs to target. They also needed a cost effective and prudent approach to demonstrate results in six months to their investment partners. Another challenge was to that they had already invested in developing an untested product solution and were inclined to incorporate it into the marketable solution.
Solution
We started with understanding the leadership’s business goals. We then met with internal stakeholders to understand and identify which customer would likely be most interested in the product strategy. We then set out to identify the unmet needs of the client’s customers, perform a gap analysis and develop an approach for validating the product strategy. With a sound product strategy in hand, we defined an initial product roadmap and develop supporting sales collateral. The roadmap and collateral were used to engage customers in practical conversations to confirm and validate the key value propositions and pricing strategy. Finally, we formalized the product roadmap and transitioned the product management to the client’s internal team.
Results
Evidence of the project success includes the client’s continued investment and evolution of the solution. The client was able to reduce uncertainty for their product strategy, go to market approach and their investment in the project. Also, the product, sales and marketing teams benefited through the exposure to expertise, processes and frameworks which placed a focus on what customer’s value throughout product development.
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