How to Develop an Effective Product Strategy

A product starts as an idea or a vision. But not all brilliant ideas transform into brilliant products. To convert an abstract vision into a concrete product, one that fulfills its business objectives, requires a precise product strategy. 

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“Product Strategy” can be defined as a product’s journey from the sketch board to the market. A journey needs to have a destination. This can be equated to the user experience a product envisions to give to its users. It needs to have a route. This can be the processes, protocols, and resources that go into a product’s development.  

Why is Product Strategy Essential?

Can you reach your destination efficiently if you don’t know where you are headed? Or which route to take? Or what obstacles you might encounter on your way? The answer is an emphatic NO. You will most likely get distracted en route, or get lost in the crowd, or reach your target too late or too tired. 

Similarly, a product needs to know its end goal and its end users so that it can be termed as a “business success”. There is no dearth of products that were made with great intent but without great knowledge of the market and users. Consequently, they fail to generate desired revenue and are a deplorable waste of time, resources, and manpower.

An astute product strategy gives direction to the product team. It outlines the intent of every step of the manufacturing process. By eliminating guesswork, product strategy gives a scientific algorithm that facilitates strategic decision making. Not based on assumptions but hard facts, product strategy tenets will make your product a profitable investment. 

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Source: https://www.myproductroadmap.com/collections/product-strategy-templates 
How to Craft a Winning Product Strategy

People buy products. No. Let me tweak that a bit. People buy products they NEED. If you want more people to buy your product, it makes sense to examine the needs of your users. The more your product aligns with users’ needs, the wider are its chances of success.

Read more: Is Your Product Really Solving a Problem

But the first question that you need to sort is: who are your users? Let’s delve into this right away.

Step #1: Identify Your Users

In a competitive market scenario such as ours, you can’t afford to make mistakes. Your product needs to hit the bullseye in the first go. There is no room for ambiguity.

Create really accurate user personas for all segments of your user base. The more specific you get, the better will be your understanding of their mindset. 

Indulge in market research to examine new users. Send mail surveys to existing users. Ask questions, feedback, and personal experiences from your customers to derive their aspirations.How-to-Develop-an-Effective-Product-Strategy_3 Source: https://www.researchrockstar.com/can-you-name-8-market-research-methods/

Step #2: Identify Their Problems

Once you have a few well-defined user personas, get inside their minds. Learn how they think and what they want. What challenges do they face and what expectations do they have from a product?

Read more: Is Your Product Really Solving a problem

Understand this: Customers don’t want the same old product, packaged differently. The millennial customers especially are discerning and aware. They research products online and offline before reaching for their pocketbooks. Ensure you astutely understand customer aspirations so that you can create a product that is tailor-made to fulfill their needs.

Step #3: Identify the “Sweet Spot”

You know your users. You know their expectations. You know what the competitors are offering. You also know your monetary objectives and constraints. The next milestone is to find a balance between what users want and what you can give them (within budget and time constraints). The common area between user expectations, competitor offerings, and your deliverables is called the “Sweet Spot”. 

Bear in mind: You can’t promise the moon and stars to customers and deliver rocks. But you can’t burn a hole in your pocket trying to cater to user demands which are non-feasible to your business. 

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Source: https://idea-sandbox.com/blog/strategic-sweet-spot/#axzz62Ui2OtEU

Align corporate goals with market demands. Then, include product features that can fulfill both these variables. What you will get is a Minimum Viable Product (MVP), a working product model with all essential features. The embellishments can come later, as budget and market reach expands.

Step #4: Watertight Your Development Processes

Now we come to operations. Convey your product vision to the entire development team. Don’t silo them. Encourage open communication between designers, developers, and marketers. Conjunction between thinking of all the teams is necessary for the timely, smooth delivery of your product.

Agile development methodology can work wonders in an evolving market such as ours. Integrate continuous development, delivery, testing, and improvement into your processes. Have time-bound, iterative development sprints. Keep clearing backlog from previous sprints whilst working on new requirements. 

Conduct usability testing on real users and observe their interaction with your product closely. Note the bottlenecks they are facing. Improve upon them in the next iteration. Keep improving and keep delivering.

Read more: Ten Secrets to Make Your Product Development a Success

Step #5: Track Your Progress

Don’t get complacent after an initial spurt of activity. Have Key Performance Indicators (KPI) and build metrics to monitor how well your strategy caters to each area. 

Use tools such as CRMs to get first-hand information on your customers’ satisfaction levels. You can leverage agile tenets to integrate user feedback into the development process. Re-align your strategy accordingly.

To Wrap Up

Product strategy is the link between a hazy product vision and a well-defined development roadmap. It bridges the gaps between these two. Products based on an intuitive product strategy are able to make good ROI, capture markets effectively, and get a strategic advantage over competitor products.

Product strategy proves to be a game-changer in the long run. All successful products have a clear cut product strategy as their foundation. Invest in crafting a product strategy so that you don’t have to reinvest in overhauling your entire development later.

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Team iView Labs

How to Manage Distributed Product Development Teams

An important tenet of the Agile Manifesto is that successful product teams must collaborate daily from a shared co-location. But, we wish to challenge this notion. Remote product teams (spanning continents, cultures, and time zones) are very much the need of the hour. And, with sophisticated collaborative tools available, distributed teams can be as productive as co-located ones. A changed mindset from product managers and some flexibility from team members is the only requisite.

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Gitex Technology Week 2019 – A Spectacular Showdown of Tech Wizards

The 39th Gitex Technology Week will be held in Dubai from October 6 to 10, 2019. It showcases products, innovations, and technologies from across 26 major sectors. More than 4,500 startups and mid-sized companies will participate and about 100,000 visitors are expected to grace the event.

Content spanning 290 hours will be covered. The event holds special significance as it will witness the first-ever Gitex Technology Awards to honor industry trailblazers ad thought leaders.


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Ten Secrets to Make Your Product Development a Success

Success doesn’t come from guesswork, innovation, or diligence. It is a combination of all this, plus more. As we unraveled from Neilson’s Consumer 360 Study that is collated by industry trailblazers and innovators. Their disruptive ideas about consumer behavior and product development will be an eye opener for most of us.

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Is Your Product Really Solving a Problem?

Have you ever sat and wondered why Uber and Urban Clap are such a roaring success? Why a simplistic app like Freshmenu took the world by storm? What all these products have in common is that they aim to solve real problems and pain points of consumers. Because at the end of the day, customers don’t care about your product, they are just concerned with how your product can solve THEIR problems. This is the secret that smart marketers and product designers realize early on, rather than after failing with many “innovative” products that look very “cool” but are of little interest to their target audience!

Now, let’s dive deep into the real question at hand today – Is your product really solving a problem?

Is Your Product Really Solving a Problem

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For a long time, India was the most preferred outsourcing hub for businesses in the field of information technology. Several technical, as well as nontechnical persons, have written about the benefits of outsourcing and how it is useful for firms small and big alike. Business size apart, there are certain common myths around IT outsourcing that either stop people from taking full advantage of this possibility or make them take its benefits for granted. Today, we talk about some of the around this business strategy and how they can be rectified.

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Strategize with IT at the centre to achieve business goals

One critical aspect for any successful organization is to have a sense of focus as it moves towards its objectives. Focus helps sharpen the view and gives direction to reach all goals. To be precise, this is known as building up a plan or strategizing. The strategy is crucial not only from an overall and a general business perspective, but it is also important from all spheres and elements of the firm including marketing, finance, operations, administration and one critical sphere ie. The sphere of Information Technology.
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