Building on your expertise, let me add some pitfalls specific to larger teams transitioning from service to product:
Underestimating the cultural shift: Service and product mindsets are quite different. Ensure your team is ready for the change in pace, metrics, and overall business approach.
Neglecting existing service clients: In the excitement of building a product, don't forget
the revenue and relationships that got you here. Balance is key.
Insufficient market research: Just because you're great at delivering a service doesn't mean you understand product market fit. Invest heavily in customer discovery.
Overlooking the need for new roles: Product businesses often require different skill sets. Be prepared to hire or train for roles like product management and user experience design.
Failing to adjust compensation structures: Service businesses often rely heavily on billable hours. Product businesses need different incentives to drive the right behaviors.
Underestimating the investment required: Both in terms of time and money, transitioning to a product often requires more resources than initially expected. Plan for this.
Thanks for kickstarting this important conversation Maja. Transitioning from service to product is a journey many aspire to, but few navigate successfully. Sharing these lessons is invaluable for our community.
Building on your expertise, let me add some pitfalls specific to larger teams transitioning from service to product:
Underestimating the cultural shift: Service and product mindsets are quite different. Ensure your team is ready for the change in pace, metrics, and overall business approach.
Neglecting existing service clients: In the excitement of building a product, don't forget
the revenue and relationships that got you here. Balance is key.
Insufficient market research: Just because you're great at delivering a service doesn't mean you understand product market fit. Invest heavily in customer discovery.
Overlooking the need for new roles: Product businesses often require different skill sets. Be prepared to hire or train for roles like product management and user experience design.
Failing to adjust compensation structures: Service businesses often rely heavily on billable hours. Product businesses need different incentives to drive the right behaviors.
Underestimating the investment required: Both in terms of time and money, transitioning to a product often requires more resources than initially expected. Plan for this.
Thanks for kickstarting this important conversation Maja. Transitioning from service to product is a journey many aspire to, but few navigate successfully. Sharing these lessons is invaluable for our community.
Excellent addition to the discussion. Thanks so much for pitching in.
I learned something new <3