Ultimate Guide To Product Strategy| Proven Tips

How can you build the product strategy?


If you are facing problems regarding stagnation in sales, no customer, no retention, discounts, schemes, credit period, no new customer and new startup then definitely this post is going to help you a lot. Invention strategy is the main concern for startups, startups literally don’t know how to build the product strategy. Creation strategy is an initial phase of any business. Most of the startups do mistake while the product strategy due to lack of experience in the business. Lack of product strategy means a lack of sales. Sale of a creation has a direct connection with product strategy. The creation is like a foundation of any business.

Before making any product you should work on following questions:

Q1. Who is your perfect customer | target audience?

Q2. What is my right product mix?

Q3. What is your value proposition?

Now we are going to explain answers to these above question. Let’s get started with the first question.

Q1. Who is your perfect customer | target audience?  

Make a template on your audience and not your audience. It is important to mention who is not your audience along with my audience. Most of the businessmen don’t mention not target audience, mention not target audience in the template as important as the target audience. Entrepreneurs want to target every audience, this mindset creates too many implications in a business. Not target audience is that audience who will waste your time, irritate you. Choosing the wrong audience, it happens in a startup. Working for not target audience is always challenging. This how you can make a product strategy.

Q2. What is my right product mix?

In this, you have to categorize your invention. Try to make a perfect invention mix. For example, make a template on high focus product, low focus product, no focus invention. As earlier, you get to know about your target consumer then make product or service as per your target customer requirement. Again you should understand make a product or service for target consumer not for all customers.

  1.  High focus product – Identify your high focus creation. High focus invention is that invention where we generate more sales and maximum profit. Identify the needs of your target customer and make high focus invention as per customer requirement.
  2.  Low focus product – Along with high focus creation you have to focus on the low focus product. It is like a supporting item of a high focus product. You should make this invention otherwise your high focused customer will go somewhere else.
  3.  No focus product – Should quit it from your portfolio otherwise it will become dead stock, dead manpower, non-contributing invention. It will make an effect on your profit.

This how you can make a product strategy.

Q3. What is your value proposition?

Look you don’t grow when you focus is only on money, when you start giving value to your target customer then it becomes the value proposition and you start growing. There are many values through them you can sell your product to the target customer. Following are the values:

  • Performance value
  • Financial value
  • Emotional value
  • Relational value

Know your customer!

  1. Demographic
  2. Psychographic
  3. Family background
  4. Cater
  5. Honour; prestige and pride.

This how you can make a product strategy.

Now your both product and customer are get selected:

After the selection of a creation or service and customer, you should know how to sell the invention through Marketing communication strategy and value packaging and positioning.

 

 

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