7 Measures To Value Product Design - Webinar (Recorded)

Research Shows Product Design can be a Prime Driver of Higher Corporate Value and there are Multiple Approaches To Improve ROI: 7 Measures To Value Product Design

Program Description

Great Product Design, inclusive of User Interface Design, User Experience Design, Industrial Design, Sustainable Design, Digital Design, and other techniques, absolutely improves the ROI on products. And, if developed to be a true company competency, can boost corporate valuations to levels that are twice that of competitors. In two recently recorded programs, a dozen techniques spanning individual projects to overall corporate approaches were shown to increase value 20% to 200%. This program, May 9, the capstone of the three-part Series, changes direction to examine 7 metrics that can be used to take a hard look at product design - from inception through early commercialization. Design is not static in the internet age. Rapid software iteration occurs several years into the marketplace as use cases drive design improvement and platform growth. 7 Measures To Value Product Design discusses seven measures that together give a critical look at product design quality, performance, and financial impact in our new age of near continuous design.

This capstone program for the for the Product Design Value Series focuses on 7 metrics that measure the value of a product design through to overall marketplace performance. They are different in nature, ranging from the design appearance and quality of an individual product to a company's overall design reputation against industry benchmarks. The seven as a whole give you a good idea of the strength of your company's product design acumen.

Opening Comments

To get started, we discuss management's challenges to parse the increasingly overlapping aspects of product design into basic capabilities so resources can be channeled and developed in areas that increase financial performance. We discuss the relative value of emphasizing this or that aspect of design, including: Industrial Design, UI, UE/UX, CX, Digital, Sustainability, and more.

The 7 Measures

Metrics 1 & 2: We've found two metrics that comprehensively measure the quality of a user interface and user experience separately from its overall industrial design. You apply these metrics at the onset of design and they carry you through to final design and marketplace performance. Think broadly on this. The UI and UE may be on a handheld device or browser in an office, while the product (and its industrial design) may be completely separate and out of direct sight while one is using the interface to it.

Metrics 3 & 4: These two metrics get at the premium realized from strong design based on the development cost and/or product pricing. One is only a few years old, but is garnering enough industry penetration to be benchmarked in the years ahead.

Metrics 5: This metric is focused on digital design. Just about every product in the future will have some level of digital enablement. Design starts with the digital design and process software that creates products and shepherds them through the factory. Then, an internet-enabled product is launched that generates valuable data and user experiences throughout its life cycle. Grasping that all is still a work in process. We've found a metric for you to think on.

Metrics 6 & 7: Roughly five years ago, advances in management science began to make visible the premium that companies reap from strong product design, individually and collectively. These two metrics are now five years old and appear to be the winners to benchmark against at this time. We'll discuss several industry-wide rankings for each, and show you the range of corporate performance - from worst to first.

Plus Measures: The plus for this program will quickly skim a number of other metrics that have some part of their basis in good product design, including: customer satisfaction, net promoter score, and more.

Closing Comments

To wrap-up, we'll portray the metrics we discussed in their likely positions in program, department, and/or corporate metrics scoreboards and dashboards. Many companies struggle with how best to deploy a metric and it slows adoption.

New metrics arise for capabilities that increase value. How fully have you considered product design to be worthy of your dashboards?

The program focuses on measures that characterize or quantify good design in the eyes of customers and users. While some measures also have utility for internal purposes such as product quality, reliability, and cost, this program centers on how customers, users, markets, and the investor community regard the products.

Seven different KPIs that range from codifying the quality and robustness of ID and UX designs, to metrics that gauge pricing gross margins and potential market value, to indexes that provide for cross-market comparisons and market cap premiums are discussed.

The “Plus” in this 7-6-7 Series program will briefly touch on several other metrics relevant to good product design including customer satisfaction, completion rates, NPS, and others.

Bibliographic references are provided for the numerous cases and examples we cite to enable all participants to further their investigation on the subjects of specific interest.

There will be two polls.