What is product strategy?
If you consider developing a new product for your business, it’s essential to have a good product strategy. Strategy should be part of an early stage of product development and followed during each step of development process.
Benefits could be numerous from effective Product Strategy. It helps you to establish goals which you want to accomplish with new product, minimalise risks, icrease profits and and gain customer loyalty. It’s like a tactical plan, with every step clearly calculated and measured.
’’A great product manager has the brain of an engineer, the heart of a designer, and the speech of a diplomat.’’
– Deep Nishar, SoftBank Group International
Why is product strategy important?
The most important benefit of Product Strategy is is that it allows businesses to understand their target market. Through careful market segmentation and research of customers needs, we can identify consumers that are willing to buy your products. By researching customers needs, we can also discover and learn about what features and benefits clients are seeking so you can develop products that are tailored to their unique needs.
How can we help?
From capturing the big picture to determining KPIs for success, our components of product strategy include:
Foundation: What you want to achieve
- Business models
Market: Your customers and the market landscape
- Competitive analysis
Imperatives: The work you will accomplish