Say you are in the process of developing a new cleaning services device that will be capable of blowing off all the dirt and stains from surfaces of materials. You have already incorporated a next-level technology and you are convinced it will be an absolute game-changer. However, something goes wrong. The product is rushed through the development phase and you have missed key issues on identifying customer needs to be met. To avoid all this fracas, you need to come up with a product strategy.
A product strategy is an overarching plan that guides the course of product development. It will address key issues such as target audience, make a product fit for the market, and forecast the implication the product will have business-wise. It will work following a company’s market vision, specific goals as well as the big picture.
If you want to bring a product to the market in the right way, here is a product strategy framework you need to implement.
When it comes to market vision, you must be able to answer who your product is for and what that means for your business. You need to have information about your target customers and have a solid plan on how you will position your product. You must have some insight into how it is going to perform relative to your market. Additionally, your market vision must address your customer needs and buyer persona which you intend to appeal to, as well as the tactics you will use to deliver a competitive advantage.
There needs to be a form of endgame to all your efforts involving product strategy. Setting goals means you are working towards something and is crucial in charting your course and keeping you on track. Goals will guide your development team and allow you to keep on tabs your progress. Ultimately, it will measure success when your product has been released. The goals you set need to be smart. You need to set individual and timely milestones that will guide you along the way and ensure your team is maintaining a solid pace and accomplishing everything that is needed.
Product initiatives are essentially more of conceptual product goals. They define the big picture and include the trends you want your product to influence. They represent the kind of impact your business needs to have including your reputation, your status in the industry, and the impact you want your business to have.
To have an effective product strategy, a couple of elements needs to be properly constituted. You need to get it right in customer segmentation. You can’t develop a product without knowing who you are developing it for. Have a clear understanding of your business as well as the competition you have.
Finally, you must get it right when it comes to product positioning. The concept of product positioning will revolve around how your customers view your product, and space the product will occupy in their minds. You need to come up with a way of best communicating the useful and compelling attributes of your product to your target audience.