How To Create A Successful Product Strategy For Your Startup.
A Successful Product Strategy is one of the most important things in all startups. It is the way to make sure your company grows. The first thing you need for a successful product strategy is an answer to the question “Why?” Why do we need this product? For what reasons? You should know that it’s not enough to have a good idea, because if you do not tell people why they need it, then there will be no demand.
A product strategy is what tells you if your startup will succeed or not. Your Product Strategy must focus on three areas:
1. What value are you providing to your customers?
2. How are you going to get this value to your customers?
3. Who are your competitors and how do you beat them? Here’s an example of a bad product strategy for a startup: “I’m building a dating app that lets people help each other find love.”
This is what I might hear if I’ve started talking with someone about launching their first startup, and they don’t know how else to describe what they’re planning on building until it gets further along in development (which isn’t a good sign of a solid product strategy).
Here are some better ways to phrase the same concept for new or early stage startups, that might give us a few clues as to how their Product Strategy will play out:
1. “Our app is going to be marketed towards people looking for love who want help finding friends with common interests.”
2. “We’re building an app that’s focused on people who are already in relationships and want to make new friends; they’ll need help finding activities they can do with each other.”
3. “Our app is focused specifically on college students trying to make new friends, where they can find nearby venues by location, search through profiles of nearby users by shared interest, and chat privately with other users to find people they have things in common with.”
4. “We’re making an app for stay at home moms to meet other moms around them, so that they can do fun activities without having to leave their neighborhood.”
5. “Our app is focused specifically on entrepreneurs who would like to meet up with others in the same industry and talk shop.”
6. “Our app is going to be marketed towards outdoorsy individuals looking for hiking buddies, where they can match with similar interests, chat privately about potential plans to go hiking together, and keep track of friends they’ve made in the past via a characteristic profile picture.”
Do any of these descriptions sound familiar? The biggest thing I notice here is how broad each fits into the market they are trying to fill. Let’s consider all the possibilities that could come out of these products, and then choose what one we want to make.
7. “Our product is going to be targeted towards people who really enjoy outdoor activities, particularly hiking.”
8. “We’ve found that there are a lot of opportunities for people who enjoy hiking with others in their neighborhood, but sometimes they may not know where to meet up or how many other people share their interests.”
9. “From our research we found that as much as 80% of the population will take an interest in at least one type of group activity such as sports, hikes, etc… So now we’re making a program so those individuals can find other people to do those things with.”
10. “If you were looking for someone to go hiking with, what would be your biggest obstacle?”
11. “We will make sure that people who are planning these activities stay accountable by keeping them posted on the website as well as keeping track of all hikes and where they have been so individuals can see how much a person is participating in a community of hikers.”
12. “Our program is going to use a quiz so users can measure their own knowledge about certain outdoor activity skills such as making a fire or identifying certain animals. Then, they’ll enter those scores into our app which along with photos will give them digital badges that appear on the map, providing proof of completion.”
13. “In addition to the outdoor skills, we’ll ask users about their interest in learning more about sustainability and environmental issues.”
14. “We want people to be able to see how many of their friends have completed a certain skill or activity, as well as connect with them for future events or meet ups outdoors.”
15. “Our app will incorporate social media tools such as hashtags and user profiles so they can share photos from their excursions with family and friends online as well as store those digital badges acquired through our program.”
Thus A Successful Product Strategy Is useful for a startup or an existing company to increase their revenue & sales, to formulate the products better and also to create more brand equity. If you want to know more about how to develop a great product strategy, or want an experienced Product Manager & Strategist to assist you and your team. A successful startup must have a great product strategy before launching it into the marketplace, which will help to attract the right audience, bring more sales and increase brand equity.


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By Adam

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