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We are pleased to announce the availability of Market Divisions, a set of features that allows you to define markets and capture product definitions that specifically address those markets.
As product managers, you need to be able to define and package the same product in a way that meets the regulatory and custom needs of each market. You create new variants of your product by customizing the same product or platform for the new or changing markets that you are competing in. For example, the same model car can be branded differently in Europe and North America. Even though the product is based on the same platform or critical components, the ability of an organization to package the product to meet different markets can be essential in staying competitive in the markets you are active in and expanding to new markets.
Customizing your product for different markets
To create product definitions for a specific market, with the Gocious platform, you can now configure your market dimensions. For example, as a marketing or product organization, you may break down your market by regions and brands, demographic life stages, or likely spending.
Once you define the breakdown in Gocious, you are ready to capture and expand your product definitions to those markets. You can now determine variations of your product for each market segment combination and capture the features and modules that would be available on your product for that segment using an easy-to-build product matrix in no time.
Viewing the strategy for rolling out to different markets
It is common for organizations to regularly review the overall product roadmap across the portfolio for different markets. It is a way to ensure the plans collectively are on track to meet the market needs and make adjustments. They can discuss overall strategies for expanding and growing the business, ensure they minimize "cannibalization" across their product lines, coordinate new product releases, and maximize the reuse of standard features to reduce complexity as you customize.
Your product team independently submits their plans for the upcoming months and years of the products they plan to offer for the line of products and categories they oversee. Once they have submitted their plans, in Gocious, they can view the overall portfolio of all product lines and categories and filter the plans by the market dimensions. Using this filter, the product managers can see how each product line plans to serve and expand into a specific market segment in the future. By drilling down into each plan, they can see the details of what is offered for that particular market, including its dependencies on various features and modules.
Summary
To stay competitive and have continuous growth, organizations need to expand into new markets or improve their products to meet the changing market and regulatory needs. As product and marketing managers, you are at the forefront of driving your product strategy to meet those market needs. The ability to efficiently and collaboratively capture product definitions in one place will increase transparency and allow your organization to coordinate across teams and ensure that your product strategy meets your organization's objectives.
With the Gocious platform, you can now capture your product definitions from anywhere and map each plan against the markets they serve. You can come together regularly to discuss your overall portfolio strategy and optimize your portfolio for each market anytime and from any place.
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