Product strategy is the foundation for the entire product life cycle, helping to define the direction of the product and what you want to achieve.
A product strategy is typically comprised of 3 main parts:
Vision: overview of the existing market, target customers, positioning, competitive analysis, and the go-to-market plan
Goals: measurable aims and objectives that define the success of the project, such as:
- 35% increase in revenue
- Global expansion
- Increase in mobile use
- Reduction in the number of support clicks
Initiatives: key elements that need to be implemented in order to meet your objectives, including:
- Improved performance
- UI improvements
- Enhanced reporting
We can help you define your strategy and create a clear product plan that explains how customer and market forces shape the product’s direction, primarily through:
- Customers: who the customers are, what they need, and how you plan to deliver the unique offering
- Competitors: overview of your main competitors, their USPs, and how your product can be positioned against them
- Business: review of how the product will make money and achieve the business goals
- Macro environment: future-proofing the product against the potential impact of economic, technological, and political influences
For more information, please take a look at our Happiness Lab case study.