Ultimately, your product strategy must educate you on which products to invest in and which to forgo. Even the best sales and marketing teams cannot make their number unless they’re in the right markets with the right products.
Is your product strategy on track? The following questions help determine whether a course correction is necessary to avoid a revenue miss in 2017:
- Go to market: Does your product messaging resonate with target prospects?
- Differentiators: Do customers recognize the value of your product?
- Market share: Has your product lost market share, with a resulting loss in revenue?
If answers to the preceding questions indicate difficulty in marketing and selling your products, it’s time to take another look at your product strategy.
Begin by challenging your approach. Too often, product leaders think about what they can build. Instead, consider what can be sold. Also, don’t underestimate the importance of certain product collateral. This includes value propositions, positioning statements, pricing, and packaging, among other considerations.
First and foremost, a winning product strategy begins with your customers and ends with alignment across corporate, marketing, and sales functions. Spend time with your customers and prospects to truly understand their pain points and needs. Internally, make sure your product strategy is providing sales and marketing teams with the support necessary to achieve their revenue growth objectives.
In addition, our 10th annual workbook codifies emerging best practices in the Revenue Growth Methodology. It contains exercises designed to determine whether you can increase revenue growth through an improved product strategy. To learn what you can do to gain a distinct competitive advantage going into the new year, download SBI’s annual workbook, How to Make Your Number in 2017 … and Every Year Thereafter.