In the first 4 posts to this series on transforming failed enterprise IT software products into promising opportunities we presented our position on how ISVs should:
- insulate vital business revenue methods from product plans
- build an effective method to collect data from direct engagement with market participants
- collect the metrics that matter about online engagement with market participants
- frame a decision to terminate product efforts and change direction
In this post we will briefly present how to renovate and, or, design fresh products based upon 1) through 4), above.
In fact, we think that the stereotype of an enterprise IT ISV, as an organization that pioneers a new direction for office computing, is unrealistic and certainly dangerous for businesses that opt to proceed in this manner. Certainly it is advised for small businesses with limited funding to avoid this course altogether. We mention these points here as, in our opinion, they are closely aligned with an equally dangerous notion, what we have often referred to in this blog as “solution without a problem” syndrome, which, in our experience, is peculiarly common among engineering-driven business efforts.
Rather, as we see it, and as the direct result of the data collected by 2) and 3), above, it is entirely possible to design high impact, promising software around solutions that market participants request. The ISV, along this course of action, is actually following a market direction that has been called for by market participants, themselves. We can think of few better methods of identifying areas of market need and, in fact, the solutions that make sense for these needs, than studying the information collected through conversations, etc.
We have very recent experience working with our clients, in this fashion. An important requirement, and one that is not included in 1) through 4), above, is that the type of redirection of a product application that we have advocated through this series, necessarily, will have to be undertaken by an ISV, and not a business that plays the role of a partner to some other firm that owns the actual IP for the effort. We have also worked with partners in this type of scenario, where the product internals are owned by another business, and have to note that this type of business failed to capitalized on opportunities to redirect product development into more promising avenues.
Nevertheless, for a true ISV, delivering solutions to needs and remedies for painful realities is a great way to approach product development. Maintaining this type of nimble, flexible approach renders “ready, fire, aim” into a truly valuable tool that can be used to rapidly identify actually promising areas of markets that can result in meaningful revenue.
© IMB Enterprises, Inc. & Ira Michael Blonder, 2012 All Rights Reserved