A Product Strategy is a key part of a business’s road map. Creating a Product Strategy is an important decision that will affect the entire life of your product or service, and it should be done right from the start. It may seem daunting to create a Product Strategy as there are many factors one needs to take into account, but if you know exactly what to look for, it doesn’t have to be hard at all. In this article we’ll tell you how.
5 Steps Are:
Step1: Define Your Target Audience First thing first –
you need to know who your customer is . It’s not always easy, especially if you offer services or an online product with no physical location, but without knowing who your customer is, identifying their pains & struggles and aligning your Solution to that, it’s going to be a lot harder to sell anything. And don’t forget about the definition of your product itself – Product Strategy is separate from the Product Definition so you need to have both in place before moving on. Once you know who your customer is and what your target market is, even if only roughly, it’s time for some SWOT Analysis .
Step2: How do you plan to deliver your Solutions?
There are two ways of doing it. The first one is developing or buying an existing product, the second one is providing a service. Both have their own separate Product Strategy & Definition which aren’t necessarily bound to one another. Before moving on make sure you know what type of business model you’ll choose (how will you make money?) and if possible identify any current players in this market with whom you might collaborate down the road – potential partnership deals may come in handy later on .
Step3: Now, how to approach your Market?
As a rule of thumb – the smaller & more defined it is – the easier it is going to be to build a successful business around it. Do not try expanding too much – just keep things simple and do them right. And don’t reinvent the wheel. While building our company we’ve come across so many companies who tried to solve their own problem by creating a new product category which either nobody needs or doesn’t really make any sense from a user perspective since there already were plenty of great solutions for this problem out there without compromising on quality or performance. So please: think twice before you start developing that “revolutionary” product and focus first on finding out what people actually need and then deliver something exceptional. In the end it will be so much easier to find success as a result.
Step4: Market your product as a solution to a real world problem
If you have developed something that actually solves a problem. Is just something that people need, the only thing left to do at this stage is to market it as such. People are not going to buy your new revolutionary product just because you thought it was cool and created it in 7 days. People will only pay for products which solve their problems. If they believe these products can help them achieve their goals in some way. So tell them how exactly your product helps them with this! With our company we always ask people “What’s broken about what you’re doing right now?”. This question has proven very useful since every time I asked someone this it led us straight to either an existing solution we could repackage. Or a completely new idea we could further develop into a business.
Step5: Search for competition
Once you have created a product, I recommend that everyone searches the market to see if your product is already available somewhere. There are many ways to do this – just ask Google or use another search engine. You can also find products by identifying an existing problem in order to find other relevant products solving similar problems. Furthermore, there are lots of websites which list other relevant companies and similar businesses (e.g. Crunchbase) so make sure you check them out too! If you find competing products don’t worry – it’s normal that other people who came up with the same idea as you did. Solved similar problems before you did since everything has been done before at least once! Just because someone else had an idea does not mean that that idea is original and cannot be done again. If your product does not exist yet (which is probably the case) try to ‘create’ a problem. For example, make up an answer on Quora or Yahoo Answers which describes your product and its benefits in detail!
Once you have some possible solutions for inspiration it’s time to get creative! Sometimes a particular website can give you a lot of useful information about a certain audience – e.g. Facebook for businesses or Instagram for fashion bloggers with high follower numbers. Researching existing companies working in similar niches can also give you valuable insight into their strategy. And traffic sources they use/have used in the past. You can expand from here with things like surveys, social media listening tools, call-centers and more expensive services like Brand24 which gives you access to a lot of information for a small sum.
Author Bio – Ombir is SEO Executive at eRank Solutions. He is a SEO and Writer who has an experience of 2 years in these respective fields. He likes to spend his time doing research on various subjects.