Product is the Business and the Business is Product: Why Product Thinking is the Growth Engine of Today

Welcome to the Product Age. Gone are the days when companies could coast by on a single good idea. Today's market demands constant innovation, deep customer understanding, and a laser focus on building products that solve real problems. This is where the mantra "Product is the business and the business is Product" comes alive. 

Think about it - companies like Apple, Amazon, and Airbnb didn't just create phenomenal products; they built their entire business models around them. Marty Cagan, a Silicon Valley veteran and author of the bestselling book "Inspired," puts it perfectly: "Great products are built by great product teams - full stop." 

Why the Rise of the Chief Product Officer (CPO)?

The growing prominence of CPOs in Leadership Teams and Boards reflects this shift. CPOs aren't just product managers writ large; they should be strategic visionaries who understand the customer journey inside-out and can translate that knowledge into a winning product roadmap. Look at companies like Intuit, where CPO Brad Smith is credited with transforming the company from a software seller to a customer-centric product powerhouse. 

Product Teams: The Unsung Heroes of Growth

But a strong Product team goes beyond the CPO. It's about nurturing high-performing teams that are skilled in user research, design thinking, agile methodologies, and data analysis. These teams aren't locked away in ivory towers. They're embedded across the organisation; collaborating with engineers, marketers, and sales to ensure every touchpoint reinforces the product vision.

Productisation: The Art and Science of Building Products People Love

This emphasis on Product extends to a company's entire approach. Enter ‘productisation’ - the philosophy of applying product management principles to every aspect of the business, from marketing campaigns to internal processes. This ensures a unified customer experience that revolves around the product's value proposition. 

How Boards and Leadership Teams Can Embrace Product Thinking

So, how can Boards and Leadership teams get onboard with this Product-centric revolution? Here are a few key steps:

  • Invest in Building Product Expertise: Boards need to understand the value of Product and actively seek out candidates with strong product backgrounds for leadership roles.

  • Empower Product Teams: Give your Product teams the autonomy and resources they need to thrive. Metrics like user engagement and customer satisfaction should be prioritised alongside traditional financial measures.

  • Embrace a Learning Culture: Foster a culture of experimentation and data-driven decision making. Let your Product teams test, iterate, and learn from failures - it's the fastest path to success.

Product-Centricity Is Not Antithetical to Customer-Centricity

It's important to dispel a common misconception: being product-centric is not at odds with being customer-centric. In fact, they're two sides of the same coin. Great product teams are *obsessed* with understanding their customers. They use every tool at their disposal - user research, multivariate testing, customer feedback - to build products that delight and solve real problems. "A product is not made for engineers or designers," says product design guru Aaron Walter, "it's made for users."

Embrace the Revolution

The companies that thrive in the coming years will be the ones that truly understand the power of Product. By investing in Product teams, methodologies, and a product-centric culture, you can transform your organisation into a growth engine fueled by innovation and customer obsession. As venture capitalist and author Ben Horowitz puts it, "Products, not powerpoints, are the ultimate business weapon." Are you ready to sharpen yours?

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