Four Components of Product Strategy
There are usually 4 key components to a product strategy: -
1. The customer, what they want, and how to provide it to them are the first and possibly most critical considerations. As a result, defining the client is essential for any effective plan. Before conceptualising the product, a thorough grasp of the customer’s needs is necessary.
Allow for wiggle room to adapt the strategy based on input from those customers, as the customer and the marketplace change frequently.
2. After then, learn about the competition. Determine how your plan will set you apart from competitors with similar products on the market. Know what your product can do that the competition can’t or isn’t doing now; this entails researching the competition and assessing the need to see if any changes aren’t being exploited.
3. Then, how is the product going to be profitable for the business? If your company is for-profit, the bottom line is to make money. Your product will not succeed if it does not address this issue. As a result, please explain how the product you’re aiming to produce will assist the organisation in meeting its business objectives and making money.
4. Finally, the macro environment considers the economic, technological, political, and cultural forces at play, all of which can influence the market and your product’s entry into it in both the short and long term.
Consider emerging markets where the product may be in demand, new technology, economic developments affecting your customers, and whether or not your customers’ requirements and behaviours are changing.