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The correlation between digital products and company growth has never been stronger.
According to a new study from Harvard Business Review Analytic Services and Gainsight, businesses increasingly rely on digital products as a capital efficient, durable growth strategy to overcome economic uncertainty.
A whopping 93% of people responding to the HBRAS/Gainsight study said product teams should have some responsibility for contributing to an organization’s revenue growth. 81% strongly agree that a strong digital product experience positively impacts business growth. 76% consider delivering an effective digital product experience an “extremely high” or “high” priority.
Despite awareness of the effectiveness of positive product experiences, companies face challenges in implementation and are seeking best practices to help them capture this opportunity for sustained revenue growth. Even though respondents understood the value of product experience, only 39% say their organization has managed to achieve greater profitability with product experience initiatives. Worse yet, just 16% strongly agree that their organization is satisfied with the digital product experience it provides, and 40% rate the overall digital product experience they’re delivering as simply “good.”
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To overcome challenges to adopting product-led growth, organizations are exploring a number of approaches:
- 40% are providing product teams with better data insights to deliver a more effective digital product experience.
- 43% plan to increase their focus on improving workers’ knowledge of digital product experience.
- 58% said they were using data analytics tools that collect product usage data to understand how customers are using their digital products.
“Using customer analytics and personalization technologies, companies are able to benefit from the economy of scale without losing the personal touch,” said Mickey Alon, founder and CTO of Gainsight PX at Gainsight.
Harvard Business Review Analytic Services surveyed 275 members of the Harvard Business Review audience via an online survey fielded from July to August 2022. Respondents qualified to complete the survey if their organization built digital products and if they were familiar with those products.
Read the full report from Gainsight.