Product strategy defines that who your customers are, how your product can fulfill the needs of market and how you can achieve business goals. Only the product strategy makes it possible for team members to be more attentive on what will have most significant impact on customers and business also. Simply a product strategy is sketch of what your product is, how it relates to current industry & your business. Many factors can be part of your business product strategy however, some are listed below;
- The need that your product meets
- Existing competitors, similar products or comparable services
- Target market/customer segments
- A manufacturing and distribution plan (if there is a physical component to your product)
- A plan for marketing your product and how your business will profit
- A defined measurement of success.
Role of Technology in Business Strategy
Technology in business helps organizations to improve overall effectiveness of products, performance, services system, which enables businesses to expand quickly and competently. Effect of technology always result in improving the management, impacting positively on operations, sustainability, profitability and productivity of an organization. Advance technology offers numerous tools and applications such as electronic email and chatbot system, that help managers effectively communicate with staff and keeping eye on projects. Technology like electronic files speeds up the workflow procedure and can save space & stationary costs. Business technology improves accounting procedures, improves inventory management and recording of financial documents. Technology in workplace also improves screening, the efficiency of recruiting, and hiring potential candidates.
Importance of Project Roadmap
The project roadmap is a pictorial, high level overview of the project's goals and presenting deliverables on a timeline. Unlike the project plan where essentials are expositing, the roadmap should be simple and free of details.
At the beginning of the product strategy, technology can be used to come up with a solution product that meets the demands & desires of their targeted market. Mostly companies utilize tools like Natural Language Processing (NLP) to identify real time trends and the keywords that are the part of social media discussion. By tapping into the discussion and connecting with their customer sector, businesses will be able to develop and as well as improve a product that is customized for a specific need. Moreover, NLP can also be used to analyze customer discussions or reviews about the product to collect recommendations for updates, determine customer sentiment, improvements or subsequent products.
Internal Product Development Strategy
Custom software can serve many purposes, as it is customized towards the unique needs of the business. Some businesses choose enterprise resource planning to develop a solution. ERP programming can house your business’ digital tools and resources, help you manage your digital operations, empower investigation, information stockpiling and even robotize undertakings. Manufacturing companies utilize custom software solutions for distribution optimization and warehouse production. This could include asset tracking, order management, equipment monitoring and reporting as well.
Product Differentiation Technology
Few organizations decide to use technology to make their item stand apart from their rivals. This can take an assortment of structures. For example, the inventive methodology could be with the product itself, how the product is made accessible, or administration offering. The three main components that came with innovative ideas are;
- Product Availability
- Companion Service Offering
Product Positioning Strategy
Positioning strategy of your product is one of the central marketing initiatives you will deal with when, introducing or re-branding goods and services. In a shell, product positioning refers to the inherent qualities that distinguish the item you’re selling from comparable items marketed by your competitors.
An effective and well-planned product positioning strategy achieves three key objectives:
- It differentiates your product from analogous products in the market.
- It speaks to important values and criteria customers use to make buying decisions.
- It creates the unique characteristics of the product or the company that makes it.
Developing a Tech-Supported Product Strategy
As we are aware, technology, software and versatile apps are becoming a fundamental part of business’ product strategies, whether the technology solution is implemented upstream, downstream, or affects the entire product and customer lifecycle.
If you are interested in starting a digital transformation for your product strategy, the team at SubHayYahan is ready to help. We are specialized in tailoring the unique and considerable solutions for businesses, whether they are in the form of ERP or CRM platform, system integrations, a custom mobile app, cloud integrations, software consulting or data lake creation.