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.

To know more about iView Labs, kindly log on to our website www.iviewlabs.com and get in touch with us to write up your queries and needs on and

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Team iView Labs

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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.
Continue reading Strategize with IT at the centre to achieve business goals

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“Developers on Demand” for IT Companies

Catering to the new shift in IT industry of reducing bench resources

Typically, as most persons are familiar, Just in time is an inventory management method for materials and goods to be available “On Demand” or be replenished as required in the production process.

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The general perception is that this method is most suitable for companies and industries where repetitive manufacturing functions are involved and are beneficial when the tasks involved are on an assembly plant or a job floor. However, with the rise of Information Technology and the advent of service-based businesses in the last one and a half decades, this has become an established practice in the IT circles too.

With a growing industry but season based demand for example in case of service businesses, it is highly time-consuming to build, maintain and manage the turnover of developers inventory through the traditional candidate pipelines. Moreover, despite the time and efforts put in it is not always as value adding for either the firm or the client since many software developers remain as Bench Resources in wait for a project and are a preventable cost to the company.

“Benched Resources” by definition are software developers who are waiting to get the project(s) to work upon. While these are important assets for the firm, it is also crucial to note that Benched Resources do not bring in revenues till such time that they get a project and hence remain more of a cost to the company. On the one hand, in situations or seasons where there are no or limited projects with the firm, it considers trimming down resources on the bench and on the other, the fact that he/she is waiting on the bench and a trim-down possibility can be demoralizers for the resource. Bench Resources were considered as the key strength of the Indian IT industry for a long time. However, with the increasing popularity and relevance of Developers being available on demand for short and fixed-term contracts, the environment is different. Added to this is the rise in automation and all these factors have reduced the average bench strength from 8% to 4% in recent years.

“Great vision without great people is irrelevant.”Jim Collins, Author of Good to Great

How can IT companies then maximize the value for both the software developers as well as the company with appropriate planning and work allocation?

This is where Developers on-demand model comes into the picture.  Traditionally, firms build and maintain candidate pipelines without an actual need but with developers on-demand model, IT companies are able to hire candidates that exactly match the needs or requirements of the project, at the time when they want them, in the appropriate number and at a mutually agreed cost or fees. Albeit, this does not provide the safety of the traditional candidate pipeline approach yet it is more targeted and rewarding. Also, with the advent of gig economy, business models where services are traded on the basis of access rather than ownership are picking up.

In some cases, many companies consider outsourcing projects for a specific duration when they want to focus on their core businesses. Many IT companies today send their benched resources to other companies for a project.  In this way, the companies are able to leverage expertise from multiple talents for specific projects and also better utilize the available resources by sending them for specific projects outside.

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Given below are some benefits of Developers On demand method.

  1. This is a pull system where the resource is pulled or utilized based on a need or demand. This permits IT companies to cover the staff requirement without having excess human inventory.
  2. Developer on Demand faster resource replenishment and lesser burden on the human resource department of the company.
  3. Developer on Demand model gives companies flexibility and convenience to get access to different talents which are existing across the industry. Moreover, since resources can be found quickly (usually within 24 hours) there is increased productivity and less slack time.
  4. This approach reduces the overall cost to the company, increases efficiency, productivity and saves on crucial organization time.

“The smartest business decision you can make is to hire qualified people. Bringing the right people on board saves you thousands, and your business will run smoothly and efficiently.”  – Brian Tracy

With so many advantages on the table, still one cannot nullify the importance of having some benched resources in this industry. Resources which specialize in certain skills and are high on performance are contracted so that they can be called upon as needed

The Developers on-demand model is beneficial as it makes underused software developers, both tangible and intangible. If companies come together and start sharing their underused resources or services, this will decrease cost and also will make sure that every resource is rightly utilized.

Team iView

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