Learn more about business with this collection
Mindfulness
Prioritization
Personal growth and development
Reputation
Reputation impacts the success of your product in two ways:
- In the ethical and moral behaviour of the company.
- In the company's expertise in a particular area.
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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Market need
A market need includes:
- Better serving an existing need. For example, Uber took the taxi-service industry and found a better way to meet driver and customer requirements.
- Uncovering an unknown need. For example, developing a product no one imag...
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Capabilities
Consider your current capabilities and those that could be acquired. The minimum capabilities are:
- Technical. Without this capability, your team will be unable to create the product. It may seem obvious but is often overlooked.
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How to develop new product ideas
To develop new product ideas, ask:
- If you decided to end your current product line in six months, what impact would that have on your customer? If there would be little impact, consider not expanding this product line.
- Is your new product going to disru...
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A product strategy doesn't need to be complex
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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Three driving forces of product strategy
A product strategy requires three essential elements:
- Reputation
- Capabilities
- Market need
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 m...
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A simple but effective product strategy framework that consists of three key elements.
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