Kellogg PM: Week14 Managing product evolution and Growth
In the previous week, we took a look at creating the whole offer. Whole offer means looking beyond your current customer persona into the broader group of users and their mental model on how the product and the offer should look like. It suggested that to be able to sell to a broader set of users, we need to fulfill their demand which leads to customer experience gap investigation and the company’s capability gap. It’s about the difference of expectation between normal users and niche users we served at first.
In this chapter we went through concepts of share of wallet, share of market, and size of market. Another topic is growth related topics. For the share related, it’s pretty straightforward for me, any business should focus on growing the number of users with the same offer until they reach the ceiling. After that they can decide which way to focus on, their alternatives are either increasing the share of wallet for individual users or improving the product and expanding into the mainstream customers. Any company pursuing the path of increasing share of wallet can consider their pricing strategies or offering the whole experience to customers’ problems. The latter choice is associated with growing through market share as well, so I guess it’s a dominant strategy that allows you to explore more. For growth related, this course suggested 2 paths: partnership, and experimentation.
