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Mind the Product

Product Management

Three world-class product speakers to look forward to at INDUSTRY

Guest Post

What I learned from building products in Africa

B2B product management

Artificial Intelligence (AI) & Machine Learning (ML)

Building Product Teams

Business Strategy

Data Driven Product Management

Digital Transformation

Diversity and Inclusion

Minimum Viable Product

OKRs

Prioritisation

Product Design

Product Research

Product Development Process

Product Ethics

Product Discovery

Product Leadership

Product Management Career

Product Strategy

Stakeholder Management

🌎 <a href="https://www.mindtheproduct.com/world-product-day/" style="color:#FFFFFF;text-decoration:underline;">Happy World Product Day!</a> Be sure to celebrate product, yourself, and your peers today! 🎉

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Louron serves as the Editor at Mind the Product, bringing nearly a decade of experience in editorial positions across business and technology publications. For any editorial inquiries, you can connect with him on LinkedIn or Twitter.

Louron Pratt

Inflation is up. Revenues are down. Budgets and headcount are frozen or shrinking. These are just some of the complex challenges an economic downturn poses to companies looking to navigate the future successfully. But there’s a silver lining. In meeting these challenges, organisations are forced to narrow their focus. They’re building for a better tomorrow by investing in their most significant opportunity. But what is that exactly?
<a href="https://go.pendo.io/the-power-of-product-in-an-economic-downturn-report-download.html?_ga=2.102930560.1893818572.1674470747-865050916.1673434253&amp;_gl=1*1w7rnm2*_ga*ody1mduwote2lje2nzm0mzqyntm.*_ga_g89e8n3637*mty3ndq3mdc0ni44ljeumty3ndq3mtcyos41ni4wlja.?&amp;utm_source=mtp&amp;utm_medium=display&amp;utm_campaign=mtp" target="_blank" rel="noopener">In a recent survey</a>, Pendo and Mind the Product asked over 500 product professionals how their work and their companies’ priorities have changed in response to current economic conditions.
<h3>Companies rally around product to weather economic storm</h3>
A key finding from this report is that organisations are turning their attention to product teams and leaders to weather the current turbulent economic climate. We found that 67% of product leaders say their company has become more focused on product.
Our survey shows organisations now realise that product is so much more than the core services and functions it provides to users. It’s a primary channel for sales and marketing, where customer support happens and how you communicate your brand vision.
In addition, our survey revealed that 62% of product leaders say the downturn has driven their organisation to value the role of a product manager more importantly. With Keji Adedeji mentioning that she has noticed the rise of more formal product management courses <a href="https://www.mindtheproduct.com/the-next-10-years-in-product-management/" target="_blank" rel="noopener">in this #mtpcon London panel discussion</a>, there’s no doubt that we will likely see an increasing number of companies follow a similar suit in supporting product.
Finally, we found that 61% of respondents say new business decisions are made possible by product data. We can see that <a href="https://www.mindtheproduct.com/why-product-managers-should-not-be-data-informed-by-jens-fabian-goetzmann/" target="_blank" rel="noopener">data</a> is influencing the way in which business decisions are made. This is bound to increase the demand for product teams to be given more resources.
To see our full set of findings, download <a href="https://go.pendo.io/the-power-of-product-in-an-economic-downturn-report-download.html?_ga=2.102930560.1893818572.1674470747-865050916.1673434253&amp;_gl=1*1w7rnm2*_ga*ody1mduwote2lje2nzm0mzqyntm.*_ga_g89e8n3637*mty3ndq3mdc0ni44ljeumty3ndq3mtcyos41ni4wlja.?&amp;utm_source=mtp&amp;utm_medium=display&amp;utm_campaign=mtp" target="_blank" rel="noopener">The power of Product in an economic downturn here.</a>
<h3>Discover more great content on Mind the Product</h3>
<ul>
<li><a href="https://www.mindtheproduct.com/finding-your-frosting-as-a-product-leader-by-jeff-birkeland/" target="_blank" rel="noopener">Finding your frosting as a product leader by Jeff Birkeland</a></li>
<li><a href="https://www.mindtheproduct.com/contributor-to-leader-jason-knight-the-product-experience/" target="_blank" rel="noopener">Moving from individual contributor to product leader – Jason Knight on The Product Experience</a></li>
<li><a href="http://mindtheproduct.com/demystifying-product-strategy-by-amy-zima/" target="_blank" rel="noopener">Demystifying Product Strategy by Amy Zima</a></li>
</ul>

core/freeform

Prioritising customer needs with Dan Olsen

Understanding and executing effective research

Prioritised Fireside Chat: Make better product decisions with JTBD

Connecting to your customers in a remote world by Anna Lee Anda

MTP Panel: Using discovery and research to influence key product decisions

Understanding the next 100m users in India by Akhil Jayaprakash

Performing Effective User Research: Advice From C Todd Lombardo

Communicating Research with Pace Layer Mapping by Adrian Howard

Capturing Customer Context for Cross-Channel Experiences by Cheryl Platz

Iterating Your Voice Product, by Lisa Vigar

Survey insights: How organisations are supporting product during economic downturn

Survey insights: How organisations are supporting product during economic downturn

Louron Pratt

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