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Product strategy: Give your users exactly what they are looking for

Product Strategy is one of the most crucial steps in designing, developing, and delivering a product to clients. It helps bring in clarity, set achievable goals and objectives and deliver product on time.

Product strategy is the process of studying user needs, ideating a product based upon this research thereafter. It lays down business’s vision and overarching goal/aim for a product. Through product strategy, businesses attempt to discover the gap between user needs and offerings and tries to provide a solution in form of a product.

Product strategy is basically a plan that intends to answer the ‘why’ of a product and guides the course of a its development.

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Steps Involved in Product Strategy

Identify and Understand User Needs

Studying the marketplace for user’s need and identifying the underlying gap between what is required and what is being offered, should always be the first step in product strategy development. Discover the problem to come up with a suitable solution.

Target the Pain Points

The second step into the product strategy framework is to target the pain points identified through marketplace research. Developing products based on what you learn after conducting extensive user research would help you deliver what is being required, a validated solution.

Introduce Your Product

The next step in developing product strategies is to state problems that the buyer faces which can be solved using your product. Win user confidence by promulgating your product utility, suitability and how it can increase user ROI, or enhance user experience in the marketplace. Ideate user need and replicate into a perfect product.

Why Your Product?

This is a crucial step in product strategy development. Users visit the marketplace and compare the products based upon their features, quality, functions and pricing. Therefore, using differentiation strategy and highlight the features and functionality that set your product apart in the competitive marketplace.

Strategize to start right

Points to Consider in Product Strategy

Always Start With Research

The most important phase of product strategy development is to conduct a proper research into user needs, attitudes, behavior, etc. An appropriate product could only be developed if it has user-centric research to discover needs as its fundamentals. The most typical approaches to user requirement research and understanding are customer interviews, focus groups, and validating any user experience insights from product analytics data.

Problem and Solution Oriented Approach

The research that you undertake should be with an aim to nail down the existing user problems/needs and come up with a viable solution/product. This would allow you to ideate a product that is actually being demanded in the marketplace.

Competitive Analysis

To create an idea of a product that bridges the gap between what is and what is required, you need to run competitive analysis to avoid repetitive solutions. This type of research and analysis provides insights into your position in the current marketplace and the most valuable opportunities for your customers and the business.

Clearly Define

A product vision is basically defining what the product idea is, target audience of the product, how it’ll improve user lives, and the rationale behind its existence. It lays down the desired outcomes of your product.

Strategize to start right

Product Strategy for an Appropriate User Product

Product strategy development helps businesses to create a product that increase user utility and enhance user experience. With clear communication of a product’s vision, objectives and goals, business tend to work in syn and achieve desired outcomes.

Advantages of a Product Strategy Framework

User Centric Product

Product strategy helps you to identify what’s missing in the user market and provide users with an appropriate product to fill the void. It helps businesses fulfill a user requirement, hence benefitting from the enhanced user experience.

Better Communication

As important as it is to define user need, ideate a validated solution with vision, goals and initiatives, it is equally imperative to communicate these product components to your team to be in synch. Every department at your company would be a helping hand in delivering the final product and ensuring its visibility. Formulating product strategy facilitates better and clear communication.

Defines Your Product’s Niche

A product strategy development process lets you define your product’s niche in the market, backed by in depth user market research. The know of what sets your product apart in the market would help your team make decisions that serve customers better throughout the process of product development.

Creates a Detailed Product Roadmap

Through product strategy framework you get a detailed product roadmap that presents your entire product portfolio. It communicates high-level goals related to your product's development trajectory. It also details how to achieve those goals.

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Product Strategy FAQs

What are the steps of product strategy?

Here are the following steps for developing a product strategy:

Identify the requirements needed for developing the MVP phase of the product.
Figure out and concrete your MVP product functional requirement.
Conduct a market research and understand the User persona of both the primary and secondary users.
Develop your MVP product backlog.
Try to launch the product within 2.5 months of start of the development.

Does Big Oh Tech offer full-service product strategy support?

Yes, we do offer full - service product strategy support as well.

How do you handle project scope changes or unexpected challenges during the project?

We understand that the Product development process can involve lot of ongoing feedbacks, Therefore we do keep a window of 20 % change request to be handled during the development without any cost. Anything covering this scope, we usually do it on the scope basis, You can define the scope and we can accommodate that up in any of the upcoming sprint and plan the product accordingly.

What are the most important factors to consider when selecting a product development company?

Here are the few factors that you should take into account while choosing a product development company:

Expertise and experience: One should ensure that the company do have necessary experience and expertise to deliver your project. You should be sure about the resource size as well, As the company should have a dedicated development bandwidth for your project.

Past Credentials: Always visit the past credentials of the company, Look for the key figures such as DAU and MAU to validate the type of project undertaken. App store and Play store reviews speaks the most volume about the credentials of the company, One can easily judge by looking at the review posted about the app on these stores.

Quality and Testing: Have a look around for there QA team as well, They should have a QA team who do understand the business requirement and can judge the product on behalf of your end consumers.

Support and Maintenance: Ensure that the company is offering Ongoing support and maintenance services to ensure that the app works fine and adhere to the new changes in the application domain.

Cost and Budget: Consider both the cost and the allocated budget for the product, Ensure that the company is providing a transparency in there pricing module and are in line with the rate being offered by other companies in the market.