The 3-Step Product Strategy
Step 1: Product Planning
Focus is where you define the market segments that are most attractive to pursue. With the help of market research, the market problems of these segments can be identified and scored. Your product portfolio inventories your products and shows coverage across problems you have addressed today. The ones that aren’t addressed or are just emerging are incorporated into the road map of new products that will be launched in the future.
Be in fast-growing product markets.
Persuade existing customers to buy more.
Attract new customers to a product.
Step 2: Product Principles
After the go/no-go decision has been made in the business planning step, the next step is to build the product. This starts with the definition of use scenarios. These tell the story of how a user will leverage our product to solve their market problems. The use scenarios become product designs that feed into the development cycle. The last part of this step is to name and package the product to make it market-ready.
Accomplishing product-market fit.
Make the customer experience a competitive differentiator.
Step 3: Go-To-Market
The fruits of all the product labor are realized at the launch step. Your product is built and packaged, and you are ready to take it to market. This isn’t the end of the product management process; it’s the start of selling, which requires as much product management as all the work in the previous steps. You must develop compelling messaging that will make the market stop and take a look at your new product. Launch plans ensure the entire organization is ready to engage in the successful launch of the product, and the product team should continue to champion the product’s cause throughout the execution of that plan.
Paint a picture of happy customers well into the future.
Tell stories that compel your customers to act by answering the key question, “Why change?”
Overcome customer buying constraints by bypassing psychological thresholds and extracting maximum value.
Package the product into something the market will be compelled to buy.