Productization and Monetization
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Streamlining the Journey from Concept to Commercialization
When you optimize a process, idea, skill, or service, you should always think about an alternative way to present it to the market – or produce it yourself. Productization involves taking a capability or service used internally or externally and developing it into a standard, tested, likely packaged, and hopefully marketed product. For example, a consulting or integration company might produce internal tools in project management or process controls to create a product or a platform based on their knowledge, workflows, interactions, and automation algorithms. Productization should not be confused with production or manufacturing, however.
If you are ready to turn a non-revenue-generating idea or process into hard currency (fiat or tokenized), you are ready to monetize. In many cases, monetization looks to novel methods of creating income from new sources; for instance, this can be embedding ad revenues inside social media video clips to pay content creators or adding subscription services to a capability that was never sold for a fee or was ever valued with a particular monetary value in mind.
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These three areas work together to ensure that a product is developed and delivered in a way that meets the needs of customers, achieves the goals of the business, and supports long-term success.
A well-executed launch and deployment strategy can help establish a new product in the market and create a buzz around it, leading to increased sales and profitability.
By continuously improving products to meet customer needs, companies can drive business success, increase customer satisfaction, and maintain a competitive edge in the market.
By leveraging these strategies, businesses can create more valuable products, increase customer engagement, and achieve long-term profitability.
If you want your business to thrive, make innovation a priority. Download our white paper to read more about innovation, from its historical roots to current trends to strategy implementation.
The success of a productization effort can depend on several factors, including the target market, competition, the unique features and benefits offered, and the resources and processes used to bring the product to market.
However, some general statistics on product development and commercialization may be useful in understanding the overall landscape. For example:
- Research by Accenture found that companies that adopt a "fast-fail" approach to product development, where they quickly bring products to market and iterate based on customer feedback, can bring products to market up to 50% faster than traditional product development methods.
- A report by McKinsey & Company found that companies that invest in product development and commercialization efforts see a higher return on investment compared to companies that do not.
- According to a study by the Project Management Institute, the average product development process takes about 27 months.
- The same study found that 30% of new products fail within the first two years of being launched.
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