Develop a Digital Product Strategy
To define product strategy in the simplest terms possible, we could say that it’s all about ‘envisionsing your product’s future.’
Creating a product strategy is exciting because you can imagine what kind of product it will become, who will benefit from it, and in what way it will create value for the users and for business. The most important part is documenting all those ideas to describe the following in detail:
I always start with developing, understanding or studying the existing product strategy, whether it be traditional or digital. This is important because it helps you focus the launch of the product and minimising risk and achieve a product-market-business fit.
Business has strategic plans for the future and so a digital product must also have its own strategy and destination. To do this we work to create a solid product strategy.
Research & Discovery – Start by defining the vision and goals for your product as well as figuring out customer challenges and validating possible solutions. This process involves doing some qualitative research to understand how many people are facing those challenges and how big of an impact you can make by solving them through your digital product. This will influence your design and development decisions.
Product value proposition – What are the specific challenges your product is going to solve. Your unique value proposition is not so much about what problems you solve, but how you solve them and how you can do it differently form the present.
Benchmarking and competitive analysis – Evaluate and benchmark available products and understand your competitor’s strategies for achieving their objectives with what they are offering. Assess strengths and weaknesses and design a strategy that positions your product within the market.
It’s all about the Users – Learn everything you can about the users. Who they are, what drives them, and what they look for in digital products. Creating user personas helps you visualize and communicate who your users are and their needs before setting a long-term product roadmap and strategic vision.
Define your product’s goals. This is an extremely important step as we want to understand the benefits this product will bring to both the end user and the business. Once you’re clear about the goals we need to peg the right key performance indicators (KPIs) to measure the product’s performance.
Product concept – Conceptualization planning includes the creation of User Journeys, User Stories, User Scenarios, and Use Cases. As a result, you can ensure that you’re reaching the right audiences – and give them the right digital paths that will guide them.
Product pricing – Your documented product strategy should describe how you will price the product, including its perceived value and a price model.
Expectations – Research the needs of the users in order to align the digital product and technology with users’ expectations.
A documented digital product strategy is necessary to make a well-researched product that people will want to use. Immediate value is always business critical but expanding the business in respect of the digital product strategy will continue to create value for business and users.