CEO Mastery : Product Strategy

Video transcript: hi this is brian with CEO mastery where we turn successful CEOs into exceptional CEOs using a proven system we’ve been doing it a long time and love to be of service to ceos so i want to just mention a couple of things as we are now everybody’s kind of in retreat hunker down mode with the coronavirus situation going on it’s a good time to be thinking about our product strategy so we’re looking for things that we can sell now in these uncertain very different times at least my clients and I are talking about this a lot I assume you are as well and also what might be something that coming out of the chute and a few weeks months could be a successful new product or new market down the road so one one way to have that conversation one way to think about it is you know there’s a very simple quadrant and the axes our existing customer new customer or existing channel new channel however you want to say existing market new market and the other axis is existing product or service and new product or service and so the idea is the lowest risk is to sell more of the same stuff to the same customers and there’s typically ways to do that at least incrementally the next step is a little more risky is to sell the same stuff to new customers I mean takes more work but at least it’s the same stuff and presumably you can find customers like the ones you already have so that’s that’s pretty reliable the next is to sell new products to existing customers you know if you find a new product or service you can roll that out especially in these times maybe it’s so relevant to our current circumstances and so there may be some opportunity there and then the last is to sell new products to new markets so that of course is the riskiest it’s the hardest to do that’s the least reliable but it still may hold huge promise so if you’re having those conversations internally and you want to structure them in a way then you can use this framework and then if you make those little quadrants you can then take your ideas and stick them on the quadrant so you kind of have a sense okay super safe down here in the lower left same product same customers just sell more on the upper right is like new customers and new markets okay what do we have up there and you know a lot of us are very visual so it’ll helps to have a visual but none this nonetheless it’s a great framework for saying okay what can we sell that’s existing to existing customers what can we you know and so forth and go through them all and the brainstorm them brainstorming by the way super important in this because you want people just to say whatever they want to say whatever idea they have that’s how brainstorming work it’s not a careful list it’s a wild-ass list because sometimes that first of all it it allows you to go into places that may be good that you’re otherwise wouldn’t let yourself go to and some wild-ass ideas may be great probably not who knows but they might be the spark of a new way of thinking a new direction that leads to something that is a great idea so you know if people are not coming up with crazy ideas you’re not brainstorming anyway have fun with it and click on the link below if you want to see more videos and if you want to call me or talk or whatever it’s all good and I look forward to checking back with you soon all right onward