As the name suggests, product strategy defines the direction for the company’s products. This methodology pulls insights from the external marketplace and aligns them with the corporate strategy. It requires choices on which products to invest in and which ones to forgo. Our product strategy positions the marketing and sales strategies for success. This tool assesses the strength of your product strategy and how well it aligns with your other internal strategies.
About the Tool
A product strategy is an operating plan for a company’s product team. It is used to launch products and services to the marketplace that solve market problems and aligns with the corporate strategy.
A product strategy allocates product investments to solve market problems that occur frequently, are painful, and that buyers are willing to pay to fix. Using a product strategy means the product investments result in products that are in high demand in the marketplace.
The three steps below allow your product team to define the right product strategy to grow revenues. This ensures investments generate sufficient returns and enables the corporate, product, marketing, and sales objectives are met.
Using the Tool
There are three steps to defining the right product strategy. This tool details each of the steps and provides guidance on how to pull them off.