From shifting market dynamics to emerging disruptive technologies, value of various businesses is in a constant state of flux. However, the potential for success remains within reach for mature businesses that dare to embrace change and harness their unique assets. By adopting a forward-thinking approach and leveraging their experience, these companies can not only thrive but also set new standards for innovation and excellence.
In this article we will cover a project of ours, a mature business, that we enabled to rise above doubts and achieve remarkable growth and value. With the help of our business analysis department, we helped the client to move away from day-to-day tasks and took a bird’s-eye view of their business. It provided a clearer understanding of the importance of the product and a vision of possible growth points.
About the client
One of our customers is an accomplished wellness and health food leader. They operate as a business-to-consumer (B2C) company, catering to clients who are enthusiastic about achieving weight loss or gain goals while prioritizing a healthy lifestyle. For years we helped to grow and nurture the client’s technology landscape. Their business has reached a mature and stable stage, and their increasing focus was on supporting and reinforcing the existing processes. The business owner perfectly understands them and chooses to collaborate directly with the development team, personally assigning tasks and identifying issues.
Challenge
With their extensive knowledge of the business’s intricacies, the client primarily engaged in fine-tuning and supporting the already well-functioning mechanism. They knew their pains and gains and got used to them. Considering all the points above, the client was skeptical about the advantages of working with Product Owners or Business Analysts.
Solution
We proposed implementing a new approach that incorporated our Business Analysis practice. Our objective was to demonstrate to the client that, despite having an already efficient business, taking a holistic view and emphasizing value could uncover new points for growth.
The client gave their consent to participate in the experiment. Throughout our interviews with them, we consciously tried to avoid discussing specific features and bugs. Instead, we focused on delving into the product’s values and understanding the reasons behind customer loyalty.
Based on the information we gathered, we formulated several product hypotheses regarding the product, the process, and the users. Based on these hypotheses, we developed high-level features. We shared these hypotheses and features with the client and engaged in brainstorming sessions together. Some ideas the client considered inapplicable, while others generated interest and were further developed into features. Some of these features were based on our findings, while others were expanded upon the client’s ideas.
Results
As a result of our work, the client was inspired to further product development and involved us in the process.
Throughout this project, we successfully transitioned the client’s mindset from initial skepticism to optimism and understanding. We effectively conveyed that the project’s objective was not simply an upsell but focused on enhancing the product, delivering added value, fostering customer loyalty, and ultimately driving revenue.
Conclusion
By reimagining their core offerings, mature businesses can breathe new life into their products and services, appealing to evolving customer needs and preferences. Embracing innovation and staying ahead of emerging trends can provide them with a competitive edge and position them as industry leaders.
Moreover, the power of business analytics cannot be underestimated. Understanding business processes and client’s requirements, as well as implementing them efficiently, can uncover valuable insights and influence strategic decision-making. Leveraging technology and digital tools can enable these companies to streamline operations, enhance efficiency, and better understand their customers, leading to improved value creation. Read our previous case study here.
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