1) Identifying the Audience:
What is the most common reason for the failure of products in the market? The biggest reason is that the product was created without a complete understanding of the target audience.
Therefore, it is vital that the needs of the target audience are clearly understood. This is done by conducting market research, analyzing data and conducting interviews with potential customers. The product strategy team then creates a set of personas that represent different customer types and their needs.
Define customer personas based on the research to see if the personas fit the kind of product created.
2) Clear Problem Definition:
Most product decisions are based on bringing value to your customers. Another crucial factor in creating an efficient product strategy is the problem definition.
Once a set of personas are developed, the team needs to define the problems that these personas have, the pain points they experience and what they need to be successful in their daily lives. This information can then be used to determine which features are essential for the product to succeed in its market segment and which features can be eliminated as unnecessary or too expensive to implement.
The product you create must target a specific problem and solve it for the customers.
The Data Product Framework for Startups
This is a framework for any entrepreneur or startup that is thinking about how to productise their data, and increase their valuation through data products. It presents a simple 3-step process that can help you clarify how to make the most out of your data strategy and your product strategy.
You can find it here.
Product strategy is the art and science of understanding customer problems and aligning the organization around creating desirable outcomes for customers and your business.
In a world full of tech, building tech products that can challenge and win competition has become more and more difficult and requires a strong and sound strategy in order to create impact on the market.
Are you an entrepreneur or a startup founder?
Are you a CEO or a decision maker?
Are you planning to ideate, develop and bring new tech products to market?
Or increase the impact that your existing tech products have?
If yes, this check out the recording below from the Tech Product Strategy 101 event which we held on 2nd March 2022.
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Free Upcoming Events:
- The open data science/AI Q&A: An event for leaders and decision makers (16th March 2022)
- Lean project management and AI (13th April 2022)
- AI/data science for decision makers: A short introduction