What is ‘product thinking’ and how brands use it.

Product Thinking is an ability to understand products along with the ecosystem that comes into existence when people use the ready product and indirectly get affected by the product. Product thinking leads your brand to think in products and build the right features for the right people.

Econsultancy’s Rebecca Sentance has shared an useful article on how the brands are using product thinking to achieve success.

Sentance says, “Here are three key ways in which top-performing companies are enacting product thinking when compared with the mainstream.

Driving strategy through transparency

When it comes to driving strategy, many company-side respondents report that individuals or departments across their business set Key Performance Indicators (KPIs) – 46% of top-performing companies, and 40% of mainstream companies – but these don’t always tie into broader business goals.

Comparatively fewer respondents stated that their company takes a transparent approach to strategy which allows people to suggest how they will contribute to business goals, for example by using OKRs (Objectives and Key Results). Notably, however, a full third of respondents from top-performing companies (33%) said that their organisation has a clear and transparent strategy – versus just 14% of mainstream companies”.

How top-performing digital companies use “product thinking” to succeed [Stats]