The power of product in an economic downturn

Executive summary

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 successfully navigate the future. But there’s a silver lining. In meeting these challenges, organizations are forced to narrow their focus. They’re building for a better tomorrow by investing in their biggest opportunity. But what is that exactly?

In a word: their product. In a recent survey, 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. What we found was a growing recognition of the importance of product and the people responsible for product. We also saw the majority of respondents say they feel supported and empowered by their organizations, even as they worry about the staffing challenges the economic downturn has brought with it. Finally, the survey shows that businesses are rapidly embracing product-led growth (PLG) tactics as part of their greater strategy.

The results are clear: Product teams and the work they do are more important to overall business health than ever before.

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