“Too often, incumbents build a wish list of features or look to their stakeholders to guide product development. Rather than anchoring on the “what,” incumbents should build their product vision centered on the “who”—in other words, their customers.”
All too often we see the “who” being ignored, as organisations work from dated information, historical personal beliefs or narrow internal perceptions, rather than getting out and listening to their customers on a regular basis.
Although the article “A practical guide to new-business building for incumbents” by McKinsey focuses on five lessons for incumbents on how to build and scale new digital ventures—and increase their odds of success, it is also very relevant for FMCG and Pharma organisations, as the market has moved significantly over the past few years, while many organisations have not.
If you haven’t already done so, now is the time to challenge the status quo.
Read more about the Purveyance Sales Execution CRM and Purveyance Marketplace.