Corporate strategy leads the charge. But product strategy is right on corporate strategy’s heels in the revenue growth chain.
Product Strategy defines the direction for the company’s products. Aligning it with the other strategies is key for 2016 revenue growth. And what you should be doing to hit your number in 2016.
How do best-in-class product leaders define a winning strategy? Read on to find out. Product strategy is your product team’s operating plan – and it requires important choices.
What Is a Product Strategy?
It is the operating plan for your company’s product team. Product strategy requires choices: which products to invest in and which ones to forgo.
What Does a Product Strategy Do?
It allocates product investments to solve market problems. Product strategy focuses on problems that:
- Occur frequently
- Are painful
- That buyers are willing to pay to fix
What Does It Mean to Use a Product Strategy?
Using an effective product strategy results in products that are in high demand. A successful product strategy enables corporate, marketing and sales objectives to be met.
How to Increase Sales With Your Product Strategy:
The ultimate goal of your 2016 product strategy is to enable sales revenue growth. In order to do so, it must first receive the right strategic input from:
- Market research
- Corporate strategy
- Marketing strategy
- Sales strategy
- Talent strategy
You may recognize these as the other links on the revenue growth chain. This is strategic alignment at work. Each strategy should be fed by the others, and in turn should feed them.
None of these groups can be successful without the support of the others.
Product strategy is no exception. It directly impacts the sales and marketing plan. And it is directly impacted by the corporate strategy.
Keep an eye on the SBI Blog – we’ll walk you through strategic input in-depth. We will also share the four steps to defining the right product strategy.
If you’d like to learn even more, register for our “How to Make Your Number in 2016” workshop. An SBI strategist will show you what top performers are doing differently.