For touchpoints, this could be in developing better customer experiences or new functions that change how people use the products. If it leads people to change their habits, it can result in higher customer retention, which could be monetised through subscription services or loyalty programmes. It’s important to ensure bridge products integrate effectively with other digital resources and that extensions are enabled, whereas source products require high levels of efficacy and optimisation. 3 . Continuously review product potential. Try to see product design as a continuous process, rather than a one-time occurrence. Regularly assess all design choices to ensure they align with strategic objectives and consider future value. When you identify a new use case, you may need to redesign elements of the product accordingly. If customers are using a touchpoint product as a bridge, for instance, improving its ability to integrate and co-ordinate with other digital products will enhance adoption. One example is Tesla’s touchscreen technology. This has evolved from providing drivers with assistance and entertainment features to a source product, which uses behavioural data to predict maintenance requirements and inform insurance prices. However, new iterations must work effectively and make life better for consumers, else they risk doing more harm than good. 4 . Monitor emerging uses. Keep an eye on how the product is used with other digital resources. For example, Apple AirTags were originally designed to help
5 . Build wider networks. Forging partnerships with third-party developers and other digital organisations is a useful way to explore the potential for future value. This can help improve the products and services you offer to consumers and ensure third parties do not extract the full value themselves. This might mean collaborating with other firms to develop ecosystems that encourage innovation. Adopting open standards and protocols can encourage this, while designing modular products can ensure these can integrate with other devices and services, making it easier to expand networks. In doing so, businesses can safeguard their own position by making themselves and their products indispensable in a particular role, be that as a touchpoint, bridge, or source.
users track lost items but users have since deployed them to monitor the location of luggage or recover stolen items. Monitor social media posts, product reviews, and videos to track how customers are using products, and consider asking for product reviews if there is not enough information available. Artificial intelligence can also help monitor social media. Data from the product itself can also help to monitor how it is being used and predict future needs. Ecolab was able to implement predictive servicing by collecting operational data from its connected commercial dishwashing systems, which helped it to offer subscription services to clients. If new use cases emerge, evaluate whether the product can adapt to ensure these work effectively and explore opportunities to extract further value from consumers or third parties. Monitoring the digital landscape can also help to identify the potential for new products, or how existing ones could evolve to meet consumer needs, as well as assessing when products or services are no longer being used and should be withdrawn.
Learn more about our executive programme Leading Through Innovation at The Shard.
Sustainable Development Goals
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