How to set a product strategy for your business

Once you’ve established the vision and mission of your business, it’s time to set goals and make decisions about the direction your business will go in the future. This is your product strategy, and while it’s not necessarily easy to do, it doesn’t have to be difficult either. Read on to learn how to set a product strategy that will help you lead your business in the right direction.

Who is going to use the product?

The most important question you can ask yourself when developing any new technology, product or service is who is going to use it? If you know who will buy your new item, it becomes much easier to get it into their hands and test whether they are able and willing to use it. In order to answer that question, brainstorm who might be interested in buying what you’re offering. Think about how many potential users there could be.

What do they want from it?

Identify what you want your customers to get out of using your products. Is it increased productivity? Joy? A specific outcome they want in their lives? Write down what you'd ideally like them to think, feel, and do after interacting with your products. This will help you figure out how to market those products effectively later on.

What differentiates our solution from others on the market?

To be competitive, companies must stand out from other brands in their space. This can be done by highlighting key differentiators and competitive advantages in a company’s solution. Competitive advantage is gained by addressing a market need better than competitors do, or being able to charge premium prices because of it. When assessing competitive advantage, it’s important to not only consider what you offer but also how you sell it and deliver it.

Where are we trying to reach?

Every great business has an audience, whether it’s one consumer or thousands. When you’re trying to sell something, knowing who you’re trying to reach—and why they should want what you have—is more important than any individual product details. Ask yourself: Who are we selling products or services to? What is their biggest pain point? How can we address that need better than anyone else? Your answers will inform every part of your plan.