Focus on expanding your product's lifetime by expanding your external ecosystem of partnerships and applicability.

1. Crescendus™
Tip of the Day: June 28 2016
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www.crescendus.com
EXPAND YOUR PRODUCT APPLICABILITY
Always focus on expanding the interconnectivityof your products with those offered by
third parties so that it can be part of an overall (larger & high value) solution. Keeping
your products closed and only workable withinyour proprietary platforms limits your
product applicability.This may also force your customers/prospects to look for
alternatives that are open and scalable.All product development teams should have a
clear "Build-Buy-Partner" strategy, that includes identification and execution of wide
range of beneficial relationshipswith external partners and collaborators. Keeping the
product open also allows it to expand across numerous industry verticals.Always think of
expansion possibilities for your existing and new products. We also recommend you to
rank the integration capabilities of each of your products with external solutions
(ecosystems) before making annual budget decisions. The ability to expand applications
will also extend the product life and delay the process of commoditization & price wars.