What is products strategy?
Product Strategy relates to product development policies and innovation generation as integral parts of the business strategy of a company. It is employed by companies that aspire to grow and lead their markets through innovation and development of outstanding products with strong added value. Products that succeed are inventive, exceed expectations of their target markets, are easy to use, and provide exceptional user experience.
We live in an age in which consumers no longer compromise on product quality and user experience. If in the not-so-distant past a mediocre product could be successful because of smart marketing or an aggressive advertising campaign, today’s situation is altogether different. High quality performance together with exceptional user experience are almost always the necessary conditions for achieving market leadership. From consumer to industrial products, from packaging weighing 20 grams to the most sophisticated of devices, users expect quality; ease of use; and total design and user experience.Superior and ground-breaking products do not come into being by chance; nor are they a consequence of the focused attention of an R&D department. Innovative and exceptional products are the result of product strategy adopted by a company during a methodical process, during which product policies are characterized and development directions are defined.
Innovation and inspiration for company products two to four years down the line are generated as an integral part of a company’s business strategy. The process of formulating product strategy can last anywhere from a few weeks to a few months. It involves research, analysis, characterization, and generating innovative concepts for the company’s subsequent products (or a specific category in the company). It also provides insights vis-à-vis existing company products.
The process includes:
Analysis of the company’s existing products
Market trends analysis
Analysis and definition of user experience;
Innovation and concept generation;
Development of new concepts for future products.