None of your company’s strategies can be effective without the others. Great products don’t market or sell themselves. And the most impressive product strategy doesn’t execute itself – it requires talent.
The ultimate goal of your product strategy should be to enable sales revenue growth. In order to produce the right output, it must first receive the right strategic input. This will make or break the success of your product strategy.
We touched on this in a previous post, but let’s dive deeper into strategic input. Because this is where top performers are doing things differently.
In order to produce the right output, your product strategy must first receive the right strategic input.
Follow This Checklist:One reason companies fail is that their functional strategies are out of alignment. Each strategy should align with and get input from the others. This is the essence of strategic alignment – and the key hitting your 2016 number Follow this checklist to ensure your product strategy receives the proper inputs.
It is critical that you start here. Market research will highlight the problems your products must address. It will also identify the competitive alternatives that already exist in the marketplace.
More than any other functional strategy, product strategy should be guided by market research.
The “outward in” viewpoint from thorough market research is key input into every strategy. Especially product strategy. A product strategy divorced from the needs of the marketplace cannot succeed.
The product objectives in your product strategy will be set by corporate strategy. It will give you guidelines on the results your products need to achieve.
SBI’s research has found a crucial tie between product strategy and corporate strategy. A product strategy that is blind to the corporate strategy will be less effective.
For alignment to be complete, functional strategies must be complementary. And they must all further the goals outlined in the corporate strategy.
Your products go to market through the marketing team. This team introduces the world to your company and your product lines. The marketing team mustunderstand your plans in order to be successful.
When Marketing has the right product data, it sets them up for success. It enables them to identify the best opportunities. And a data-driven marketing approach is more likely to be embraced by company leaders.
The sales team converts marketing leads into revenue. Knowing your sales team and their needs will help product strategy in many ways. Sales team feedback results in smarter product investment decisions. Designing products with their input helps you create products that Sales can actually sell.
Aligning with sales strategy helps produce a more targeted growth plan. It also produces a stronger product pipeline, and fruitful sales and marketing plan.
Talented people are required to execute your product strategy. When the right people are in the right positions, product strategy is executed well. With the right talent, strategies will also more effectively support one another.
The other strategies will source talent to bring your products to market. What types of people do you need to see your product strategy succeed?
Now You’re Ready to Begin.
You’ve checked off each item in that list. You’re aligning your product strategy with the other links in the revenue growth chain. Now your product strategy has real power behind it.
Register for the “How To Make Your Number in 2016” consultation workshop to learn more. You’ll discover what top performers are doing differently. And you’ll learn how to apply it to your organization.