How to Develop a Product Strategy Example

An important part of any business, product or service is knowing how to develop a product strategy. You need to be able to look at your product and determine whether or not it has long-term viability. Having the right strategies in place means that you can decide what areas need improvement and which features will benefit your customers most. If you’re struggling with this aspect of your business, then consider the following example on how to develop a product strategy .

How to develop a product strategy example

You’ve got an idea for a new product or service, and you’re thinking about selling it. Before you start, you have some research and planning to do. It’s not enough to just have an idea—there are many details to work out before you can start selling your new product. The first step is developing your product strategy example. Below, we’ll talk about what goes into a great product strategy example and how it helps with running your business successfully.

Research the Competitors

Before you go about building anything, it’s good practice to research your competitors. Find out what features they offer, how they market themselves and their products, and find out if there is room for you in that industry. This research phase of your project will help you create something that stands out from the crowd, making it more likely that your product will gain traction when you launch.

User Research and Testing

Start by conducting user research. Make sure you’re looking at both demographics and psychographics; for example, if you’re working with in-house content, look at who are readers and what they’re interested in. Are there any commonalities between them? Is your target audience all over 50 years old, or do you have people who fall into every age group? Likewise, can you pick out common interests across your readership?

Prioritize Features Based on Customer Needs

There are two main elements in product strategy: features and customers. Start by developing a list of potential features you can build into your product, then focus on how each feature will satisfy your customers’ needs. If there are multiple ways to approach your feature set, prioritize each one based on its impact on customer satisfaction. Ultimately, it’s not what you say that matters; it’s what your customers hear.

Identify Key Success Metrics

Before you can create your product strategy, you must first take time to understand exactly what success looks like for your business. To do so, start by conducting some key research around your company’s primary success metrics. These are metrics that define why your business exists in the first place and must be kept top of mind at all times.