Highlights:

  • According to a new study by Harvard Business Review Analytic Services and Gainsight, businesses are relying increasingly on digital products as a capital-efficient, long-term growth strategy to combat economic uncertainty.

According to a new study by Harvard Business Review Analytic Services and Gainsight, businesses are relying increasingly on digital products as a capital-efficient, long-term growth strategy to combat economic uncertainty.

A staggering 93% of respondents to the HBRAS/Gainsight study agreed that product teams should have some responsibility for contributing to the revenue growth of an organization. 81% agree that a positive digital product experience impacts business growth positively. 76% believe that delivering an effective digital product experience is of “extremely high” or “high” importance.

Despite being aware of the efficacy of good product experiences, businesses encounter implementation issues and are seeking best practises to help them seize their potential for sustainable revenue development. Even though respondents acknowledged the importance of product experience, just 39% claim that their firm has increased profitability through product experience efforts. Worse yet, just 16% of respondents strongly agree that their firm is satisfied with the digital product experience it delivers, while 40% of respondents assess the overall digital product experience they give as simply “good.”

To overcome obstacles to embracing product-led development, businesses are examining a variety of strategies:

  • 40% provide improved data insights to product teams in order to create a more successful digital product experience.
  • 43% want to increase their emphasis on enhancing workers’ digital product experience understanding.
  • 58% of respondents indicated that they employ data analytics solutions that collect product usage data in order to comprehend how clients utilize their digital offerings.

Mickey Alon, Founder and CTO of Gainsight PX at Gainsight said, “Using customer analytics and personalization technologies, companies are able to benefit from the economy of scale without losing the personal touch!”

From July to August 2022, Harvard Business Review Analytic Services questioned about 275 Harvard Business Review readers via an online survey. Respondents were eligible to take the survey if their company created digital products and they were familiar with those items.