The Elements of a Successful Product Strategy

 

A good product strategy, one that will get you where you want to go, has these six elements. If you don’t have all six, it’s going to be very difficult to be successful; if you do have them, then your odds of success are good indeed. Here’s what they are and how they work together.

How Does Marketing Fit into a Product Strategy?

In order to understand how marketing fits into your product strategy, you first need to grasp some basic concepts. These include: target markets, unique selling propositions (USPs), and competitive differentiation. Understanding these terms is crucial for developing an effective marketing plan for your company’s products or services. Let’s take a closer look at each one

Defining your target audience

Before you can design your product strategy, you need to understand who you’re designing for. what are the elements of a product strategy . Every decision—from your target market, to price points, even down to features and functions—will be informed by your understanding of who will use your product. Start by answering these questions: Who is my ideal customer? Why do they have problems that my product could solve? How big is my target market? How can I best reach them?

How will you reach your customers?

Selecting and defining your target market is essential to developing a product strategy. These are your best customers: They’re looking for something, they have specific tastes and needs, and they’re most likely to become repeat buyers if you can provide what they want. If you haven’t done it already, think about how and where you will reach them: social media? Trade shows? Word-of-mouth marketing? Marketing messages tailored to their unique characteristics?

What features do you have that make you unique?

The first step to answering what makes you unique? is to think about your product or service’s core features. What makes it different from every other solution out there? What problems does it solve? Once you have an answer, focus on communicating those features and benefits.

Deciding on your ideal price point

Now that you’ve thought through who your customer is and what kind of price point they might consider reasonable, it’s time to think about what price point will help you make money. This isn’t an exact science, but there are some benchmarks you can use to get started. Look at comparable products in your space and look for competitors selling similar things.