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plProduct strategies that skyrocket profit
A brilliant vision is just the start,
but before it turns into reality,
it needs a rock-solid strategy.
Finding out who your target audience is and – equally important – if they will pay for your product, are the crucial factors. But what really matters is to create a unique value for your customers. Look, at the beginning of the 21st century no one would let his child step into a car with a stranger. Now, think of Uber. Uber changed the game, and it had a unique strategy. We can help you craft one – with our Value Proposition Design framework.
What is it exactly?
A product strategy is simply a high-level plan. This plan describes what your business needsto accomplish with your new product. Furthermore, it provides a tactics plan how to achieve thatgoal. Product strategy answers the key questions – namely, who is the target audience (user personas), how the product will benefit the users, as well as what are your company’s goals
for this product throughout its lifecycle.
Why is it vital?
First, it provides the clarity for involved teams. The developers won’t lose sight of the overarching purpose behind the project. The sales will be able to create a unique selling proposition and clearly articulate the product’s benefits. The roadmap will be prioritized, so the goals can be achieved faster. And with a product strategy as a reference point, in case of need of adjusting the plans (i.e. lack of resources or shifts in timetables), there is a room for smarter tactic decisions. Product strategy aligns the organization around the vision.
Why do you need it?
Align teams
To connect the pieces together
Business models
To have a better overview of scalability
Product positioning
To support your product before & after the launch
Define personas
So, the product really brings value for users
Align teams
To connect the pieces together
Business models
To have a better overview of scalability
Product positioning
To support your product before & after the launch
Define personas
So, the product really brings value for users
Key elements of
Product Strategy
Phases
Description
Define the vision
First of all, everyone who is or will be involved in the project, must know (and understand) the ‘why’ behind the project. It’s about what your product will do and why. What is the value of the product and how it is going to win the hearts of your target audience. That is the core of the project – the accurate vision statement.
Analyze market trends
What is happening in the market right now? What are the trends and what your competitors are doing? We find answers to these questions. We even go further, thanks to our experience. We anticipate the market changes, so your new product can evolve in the future. Adapting to market changes is crucial for achieving long-term success.
Identify user personas
Who will use your product and why? We don’t rely on assumptions here, we rely on solid data. This means that we not only ‘design’ user personas, we find the right people and clash the vision with them. With their feedback on hand, we have the invaluable information that help put the users in the center and create a product around them. This translates to successful product.
Value definition
Product strategy overarches the vision, while the vision is supported by the values. The values have to recognize the crucial areas – user, business, and technology. Moreover, the defined values should align with the overall commercial objectives. Correctly defined values translate to detailed guidelines and proper KPIs and measures. We use our Value Proposition Design framework to create a successful product strategy. It really works.
Set measurable goals
Time-bound objectives are a must in this industry. Also, knowing how to define success and how to check the quantifiable results of it is essential. Of course, you need to know along the way how the progress looks like and how close we are to achieving the goals. Don’t worry, we have a unique approach – we keep you updates throughout the whole process. You always know what’s going on in the project.
Create product roadmap
In business, there is no time for trial and error. Thus, we create the shared source of truth that outlines the vision, direction, priorities, and progress of a product over time. The product roadmap includes all vital information – namely, the desired outcome (goals), milestones along the way, as well as the clearly articulated ‘why’ behind the project.
What you’ll get?
First and foremost, you will get something unique – an opportunity to not waste your resources. You will also get – in the end – a product that truly solves users’ problems and provides them with a pleasant and seamless experience. You will have the rock-solid product strategy that is in line with the business strategy. You will not only have the product itself, but also the knowledge how to scale it in the future. After all, it’s about skyrocketing your sales, your business, and your profit.
- Product strategy aligned with business strategy
- Defined values for crucial areas – business, user, technology
- Identified user personas for your future digital product
- Product roadmap for optimal usage of resources
Got a project? Let’s talk!
Contact us