You have a brilliant product idea. You have the funding, investors and everything else to start on. While speaking about product strategy, we shall define it as the road map or benchmark for building a product. Just like how Pirates of the Caribbean leverages the Mao Kun Map, your product strategy would act as the lighthouse and map for your product. Without a map, the ship is set to reach the Bermuda triangle where you disappear mysteriously, never to be heard of again. Similarly, without proper product strategy, your product would leave the market premises with no trace of success. If you have a killer product strategy in your hand, you get a clear idea of the ultimate vision of your product, how you go about achieving your product strategy and the pristine effect of what your product is going to bring your folks on the basket. Every company needs to make use of different elements of product strategy in terms of marketing and strategic planning. This would act as the compass to understand on which direction the activities of your companies are moving towards. All you need to know is how to develop an effective product strategy to sail through your product creation phase successfully.
Let’s get into the definition of product strategy:
According to study.com, A product strategy is the foundation of a product life cycle and the execution plan for further development. Your product development strategy and product life cycle would involve the analysis of the growth, maturity level, decline rate, and obsolescence of your product along with other factors like the six stages of the software development process. Before you move on with your product life cycle, you need to have a strong product strategy. Before we delve deeper, we need to understand the thin line between strategy and planning to answer the million-dollar question- How to develop a product strategy?
Someone might throw the towel on your side with the question, “What is your product strategy?”
When we talk about our product development strategy, neither of these should be your answers:
“I want to create a web app to connect all the catering service providers”
“I want to build a smartpen that can transmit messages to outer space when I write”
These are the product plans, not strategies. They are the elevator pitches of what you are willing to do, but not what you are actually going to do.
Melissa Perri, CEO of Produx Labs and Product Institute, has put across what is product strategy clearly in her blog. She says that product strategy would involve a number of achievable visions and goals which would work in sync. They align with the objectives of your team and drive you towards providing the desired result for your customer and business.
You set your product strategy when you experiment on a particular goal. You take initiatives around your product features, unique selling points (USPs), what tools to use, key metrics, The Objectives and Key Results (OKR, The goal system which Google uses) and others. They are just one side of the coin. The other side would be the vision and mission of your product, big picture context, product strategy and key initiatives you take to achieve the final goal.
You need to know the elements of product strategy before moving on to the process. The process of determining the product strategy would involve the generation, idea screening, concept testing, business analysis, marketability tests, product development and technicalities along with commercializing it. This is going to pave way for better product strategy. Before moving on to the product strategy, you need to research your product perfectly. You should see that there is no nitty-gritty involving the product. Your product should fit your market goals and capabilities. It should serve your people the right way. Supplying the demand should be the absolute idea of any product that is going to hit the market. With a storm like product strategy, you are going to set an example for all your predecessors and upcoming industry players. There are various elements involved in molding the product strategy that you need to take a thorough look at. Even if you are going to neglect one among them, it is going to cost you a great deal. The lion’s share in determining your product strategy is taken by the elements of product strategy. These are the 6 elements of product strategy you need to be aware of:-
Let’s say you have an idea to sell a mobile phone to your customer. What exactly do you want to sell your customer? How can it attain a unique state? What would attract your customers directly?
How many pixels would your mobile camera hold? How long can the battery last compared to your competitors? How do you stand out from the big, bad crowd? These are the product features you should be able to explain.
Is your mobile phone safe to use at all weather conditions? Is it built using high-grade quality products? The quality of the product should match the standards of your target market. It should be more consistent and allow you to improve the reputation of your firm.
Brands hold the power to reach the audience with the speed of light. Who would not be knowing about Oppo, Samsung or iPhone? People would be eagerly waiting for your product before it hits the market like a hurricane.
As a brand, you should identify what your target customers are doing. In our case, who would your mobile phone reach? Is it meant for young adults or business professionals? What are the age group and demographics? Where are they located across the globe? When you can answer all these questions, you can retain more customers effectively.
What is going to be the position of your product in the market? How expensive is it going to be? What is going to happen in quality aspects? These are all the questions you should put forth while discussing with your team on the product strategy.
Creating a stunning Product strategy has its own sweet benefits. You should be aware of the entire:
Your product strategy would act as an iron base when you want to implement your product roadmap. Your company can measure and manage success, reduce the risks involved and focus keenly on the target market.
When you create a product strategy, you can focus on your target market, and cut down the durability and cost of a product in comparison to different products. This would add more value to your leads and customers. You are going to win more clients and improve your business performance. This can help increase your revenue and reputation.
This is going to allow your business to compete in various sectors apart from the price. You can compete for design-wise and much more. You are not going to feel the heat of the competition when you know how to develop a product strategy. The entire process is going to be more unique and smoother compared to earlier days.
The company can take care of the marketplace changes when you are going to approach your target customers. The company would have sound knowledge of how to customize the products as per customer choices. This is to satiate the ever-growing needs and demands of the customers.
Your product strategy is going to determine how well your product is going to find its niche in the market. It is always not sufficient when you have a product plan or an idea. Your idea sprouts into a seed when you have a product strategy by your side. It is going to save you from more trouble. A sound product strategy involves teamwork and cooperation. It is the fruit of the quality research and the efforts of your team. You should spend enough time taking care of the elements of product strategy such as design, features, quality, branding, target market, and positioning of your product. When you are going to build a strong product strategy, you are going to brand your products perfectly and act as per the demands of your customers.
Product strategy is of no use when you don’t have the right team support by your side. You would have hindrances when your vision does not match the realistic goals of your market. If you are going to set the best product strategy, then it is going to impact your business ROI and brand value like never before. Setting the product strategy would not be a problem when you have Pattem Digital by your side.
If you want to develop the best product strategy, then Pattem Digital would be the best place to set your right foot. Right from the time of Documentation to maintenance, we are there to support you through your entire product development phase.
Our prodigy team of award-winning members can fast-track business operations and complete them within the specified time.
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