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Businesses often overcomplicate their product strategy and end up navigating through a maze of competing objectives and needless requirements.
Product managers in any industry can implement a simple and adaptable framework to streamline their product process.
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211 reads
A product strategy requires three essential elements:
These three forces work together. Without reputation, the product is not trusted. Without market need, there is no demand. Without capabilities, the product cannot be made.
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A market need includes:
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To develop new product ideas, ask:
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Consider your current capabilities and those that could be acquired. The minimum capabilities are:
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Reputation impacts the success of your product in two ways:
The success of the sales, marketing, and distribution channels is based on your reputation with customers.
One way to improve your chances of success is to analyze your company's reputation from an outsider's point of you. Read press releases, listen to investors' feedback, gather data on complaints and requests with your marketing or customer teams, research online reviews, and invite customer responses to your new product idea.
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35 reads
A simple but effective product strategy framework that consists of three key elements.
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