Whether you’re working on a new product or simply trying to decide whether or not to add a new product, there are several key factors you should consider before investing in it. On the surface, the purpose of your business’s product strategy is to identify and reach your target audience, but it’s more than that — it also helps you understand what your market needs and which demographics are most likely to be interested in your products and services. If you don’t take the time to develop a strong strategy, you could wind up with weak sales or an entire line of products that fail to gain traction.
Before we dig into why it’s so important to plan out your product strategy, let’s take a look at some tips that can help you determine if your business even needs one. First of all, does your company have just one or two products? If so, don’t worry about developing a formal product strategy—but do start thinking about ways you can improve and expand on those products!
Choose the Right Format
Before you start planning, you’ll need to decide what format you want your product strategy report to take. While it’s common to have at least one formal report, many businesses opt for shorter monthly or quarterly summaries instead. Regardless of your preferred length, once you’ve decided on your format, it’s time to begin gathering data. Here are some tips
Brainstorm Your Ideas
Whether you’re just starting out, or you’ve been in business for years, it’s important to review your past products and customer feedback. Think about what worked well, and what didn’t—and why. From there, it’s easier to come up with ideas that will likely work again.
Another step in coming up with product ideas is researching what’s out there. This can mean looking at other competitors’ websites, along with blogs and newsletters that focus on your industry. Make note of what works well and what doesn’t—you can learn from both approaches.
Identify Key Benefits
Understanding your target customer’s key problems and needs is central to business strategy. The first step in creating a winning product strategy is identifying those benefits that will make your product irresistible. From there, you can draw up an action plan that ensures those benefits are delivered. If you get it right, people will come back time and again for more of what you have to offer.