Product strategy – Designing a Framework

Compiled By: Vineeta Tawney

Product strategy is the set of choices a company makes to achieve business objectives. Choices such as which products to develop, which market segments to focus on, how to differentiate, how to price, how to position, how to message, and so on. A business needs to follow the following steps if it wants to deliver impact on its product strategy:

  • Understand and outline its core business values and objectives

Under ambiguous circumstances, companies exist without a purpose, or constantly change course to the extent that nothing gets done, motivation levels drop and top talent leaves the company. To develop and maintain a successful product strategy, product leaders need to:

  • Understand the market and consumer dynamics and trends

 Defining success

A great strategy, like a great navigation app, is a series of simple steps that draw a logical route to help you choose the optimal path to achieve your objectives. A great strategy plan:

  • Shows you how to achieve your goals

Understand ‘THE’ customer need

A customer need should be real, meaning you shouldn’t be a solution in search of a problem. Many ideas emerge with the potentials of a new technological innovation or by envisioning a certain method of implementation of current technologies. For example, when Apple came up with the iPod, it wasn’t looking to do something with a portable hard drive rather it wanted to enable customers to take their music library with them, everywhere, because that was a problem indicated by its customers. Moreover, focusing on the problem helps product teams keep an open mind in experimenting with the best available solutions.

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