5 factors to consider while creating a product strategy
According to Jobs Theory, people do not purchase goods and services. Instead, the theory holds that people “hire” products and services to achieve a well-done job. here know about 5 factors to consider while creating a product strategy
The notion that customers “hire” products aid us in understanding buyer decisions and preferences. It is directly related to outcome measures.
But here’s what makes it so valuable. New products with characteristics that match these outcomes succeed more than those that do not. And as Jobs Theory is executed into everyday practice, the claim of increased success grows stronger by the day.
If you allow this, your competitor may gain a dominant market position at your expense. If you want to implement the Jobs Theory in practice, you don’t want to wait until the last minute.
But the message here isn’t that Jobs’ Theory is important for admired success. Jobs’ initial level of thinking Not just single products, but entire product lines also fall short of theory. The same error is made frequently by professionals.
Most management teams believe that to take benefit; their company must do more and do it faster. A problem arises because speed to market is constantly stressed. Do we include Jobs Theory in our toolbox for quick market entry? Yes, that is how businesses begin to develop Jobs-to-Be-Done awareness and thinking. The important advantage, however, comes from making Jobs Theory a key element of a product line’s strategy and roadmap.
What is product Strategy?
A broad strategy for achieving one or more long-term or overall goals in the face of uncertainty.” That’s reasonable, but it’s also ambiguous and ultimately ineffective. To be honest, It makes me stuck there for a while. When I looked up definitions of product strategy, I found them to be generic and unhelpful.
A product strategy is a broad plan that outlines the goals and methods a company has for achieving those goals through its product. This kind of strategy should cover important issues including the personas the product will serve, how it will help those personas, and what the company’s long-term objectives are for the product.
Also Read: How Will Marketing Automation Benefit Your Business?
Factors for building product strategy
Product Vision and Mission
A product vision is your company’s big-picture “why.”
Why is this product required?
With your product, what problem are you attempting to solve?
What kind of value do you offer?
It should motivate your team to work toward a brighter future. On the other hand, a product mission is what your company is attempting to accomplish—it should inspire your team and provide clarity on your goal. When your teams are united around a common goal, it becomes the driving force behind making your product vision a reality.
Your company wishes to create and describe your product vision. It shows where your team intends to take your company and product in the future. It paints an admirable and inspiring picture of an end-state you want to achieve, rather than how you reach there—that is the responsibility of your product strategy. Your product strategy provides an answer to the question, “How will we achieve our vision?” To achieve that vision, you can use more than one strategy simultaneously.
Business goals
Long-term business goals are the main focus of a product strategy(emphasis on “long-term”). Avoid trying to “hack” your product in the short term to increase sales temporarily but in the long run they will be unsustainable.
Long-term bets, on the other hand, can take time to pay off. Take, for example, Amazon. For many years, Amazon’s strategy has prioritized increasing market share over revenue. Margins were thin at first and in the short term, but it is now highly profitable. According to Amazon CEO Jeff Bezos, the company’s long-term strategy is what has led to its current successes.
Market Landscape
which describes five aspects of competition: landscape, purpose, leadership, doctrine, and climate, inspired by Simon Wardley, the inventor and former CEO of Wardley Mapping. Wardley defines landscape as “a description of the environment in which you compete.” It includes troop positions, landscape features, and obstacles in your path.” The business landscape should be taken into account in your product strategy, just as the physical terrain—open fields or dense woods, desert sand, or mountaintop—influences how a general sends her troops into battle.
The market landscape includes factors such as competitors, technological advancements, changes in consumer behavior, or consumer technology adoption (such as the digital disruption brought on by COVID-19).
Product analytics
You may have to start your strategy with gut instinct and personal experience if you don’t have a user. However, once gain users, insights from product analytics should be used to inform and measure your product strategy. According to studies, data-informed businesses are 30% more profitable.
Product analytics can help you to identify the most valuable experiences to customers, and what features of your products distinguish you from your rivals?.
Also Read: 5 Marketing Tips for Promoting your Brand on a Large Scale
Customer Insights
Every great product strategy revolves around the customer. According to a recent Zendesk report, 76% of customers expect personalized experiences. But how do you implement it? Using customer insights. You can better understand your target customers’ motivations, behaviours, and personas with the help of customer insights. These data ought to guide your strategy by showing you how to benefit different user types. A successful product strategy is based on delivering more value to your customers.
Cohort analysis, a type of customer analysis that divides customers into different groups (cohorts) based on shared behaviors and characteristics, is one method for gaining customer insights. Cohort analysis can identify different user segments and test strategies on each group. You can then prioritize your plan based on your most valuable users.
Conclusion
Building a product is a team sport that requires collaboration to succeed. Start a discussion with your team about these five factors and see what emerges. Everyone in your company is accountable for the customer experience and for adding value to it. Talk to cross-functional teams to get a variety of viewpoints. The best strategies will take into account multiple factors at the same time. When the plan helps you set priorities and decide what not to do as much as it tells you what to do next, you’ve hit on something good.
Most importantly, remember that strategies should evolve as you gain more users. Be adaptable, test your hypotheses, and pay attention to your customers.
