In pursuit of product innovation
Radical shifts in the TV and Video industry are having a profound impact on products—whether that’s a physical device, a service or a channel—and how they shape the customer experience and deliver growth.
Rather than simply adding new product features, companies need to think more broadly about product innovation to drive consumer engagement. That means bringing together product, engineering, commercial and ecosystem perspectives to every business challenge to create highly engaging products that can unlock value, drive usage, increase customer lifetime value and reduce cost to serve. To do that requires changing the culture and how the business works together.
In Bringing TV to Life 9: Smashing silos, we describe the practical steps that companies can take to bring down the silos to deliver innovation at pace and scale, harnessing a data-driven approach to create products that delight and engage consumers and drive business growth.
A new way to build products
A far-reaching innovation framework is required to unlock value—reigniting growth in core services, and driving new digital businesses.
Let’s make some money
Product and commercial teams must work together to understand and prioritize the product features that drive customer lifetime value. And to do that they harness data—and lots of it. But to gather data on individual users requires a trusted relationship between operator and consumer.
Do the right thing
If it’s not focused on the right things, engineering investment is easily wasted. The solution? Prioritizing efficiency and effectiveness. To achieve efficiency companies must prioritize engineering work according to the business value it delivers. Successful players drive visibility of benefit cases and check ultimate benefit realization. To ensure effectiveness, companies must measure the ultimate outcome of investment in terms of revenue, engagement and data capture.
It’s a big world out there
Product can provide the engine to power an ecosystem. Sharing data and capabilities with the right partners can create valuable opportunities to sell new services to clearly defined customer segments. They can use the power of product engagement to expand the business into new areas, creating a multi-sided platform that supports B2C and B2B business.
One team to rule them all
Successful video businesses of the future will think digitally, everywhere. They need to break down the silos between technology, operations and product and instead build multidisciplinary teams focused on delivering value. A data-driven culture must spread across the whole organization, with the right metrics in place to reinforce and incentivize digital ways of working.