Success Story: New Product Innovation for Growth
Updated: Jan 28, 2021
Anthony Yam, the SVP of Product and an executive team member at Flashtalking, is responsible to find future growth areas for the company. Flashtalking is a profitable (300+ people) SaaS company with a market leadership position in the ad-tech/mar-tech industry with hundreds of Global 1000 companies as its customers.
The key strategy and product questions were:
How to refine growth strategy and which product ideas to prioritize?
Given the complexity of digital marketing market: siloed data/teams, changing regulations, and powerful industry players, how to ensure new product success?
How to quickly launch a new innovation in the market while reducing risk / without large R&D and go-to-market expenses?
We partnered with the SVP of Product as growth and product strategists to provide an executive level product support with an Integrated Approach to Product and Growth Strategy.
We refined the growth strategy based on customer value creation and addressed the key business, product and go-to-market issues through experimentation.
We leveraged our learning-based approach to conduct R&D, launch, and product development experiments and used the learning to create a new B2B product strategy and get executive team buy-ins. We delivered the following to our client:
A growth strategy for new product ideas that included the market opportunity, competitive intelligence, and go-to-market strategy and assumptions
Quick and scrappy product experiments to generate market feedback from current customers and validate value hypotheses
Complete ownership of the new product vision/strategy, roadmaps, and delivery with a dedicated team of product management, R&D/engineering, and launch
Building product differentiators by leveraging the company’s core competence including their unique data sets and market access to support growth through expansion of retention ($)
We delivered a new live SaaS product within a few weeks at 20% of their R&D and launch cost. This saved the company 80% of investment to plan and fire more shots.
The initial experiments generated feedback from the customers, brought cross-functional stakeholders on-board, and provided important learning for the subsequent iterations. Some of the key results delivered were:
Successful product development experiments and learnings from customers motivated people at all levels, including the CEO to sales at Flashtalking to get inspired and support the new product strategy
Elevated collective thinking on the industry ecosystem and ways to enhance the customer value and plan towards achieving the goal of increasing retention (in $ terms)
A differentiated product offering at low R&D and launch cost and ability to continue investing in other business growth initiatives
For any questions or comments, please contact us: firstname.lastname@example.org