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.
Have expectations gone up and left you wondering if you can make your number? Here is an interactive tool that will help you understand if you have a chance at success. Take the Revenue Growth Diagnostic test and rate yourself against SBI’s sales and marketing strategy to find out if:
- Your revenue goal is realistic
- You will earn your bonus
- You will keep your job