Product Strategy and Planning: A Comprehensive Guide
Strategy
What are the business goals -> what is the direction of the product -> how to prioritize requirements for the product -> how to plan smooth release for a product
The value proposition is a clear statement of tangible results a customer gets from using the product. Value proposition canvas
Elevator pitch – We design and build [PRODUCT/SERVICE] for [TARGET CUSTOMER] that allows them to [YOUR VALUE PROPOSITION]. We have [EXPERIENCE] and, unlike [COMPETITOR], we [DIFFERENCES]. [CALL TO ACTION].
Market analysis – Evaluate market opportunity for product in target market based on market trends, segments, challenges and unmet needs.
Opportunity algorithm – opportunity = importance + (importance – satisfaction)
Market factors – urgency, cost of delivery, cost of customer acquisition, market size, pricing potential
Market segments – who(demographic) where(geographic) why(psychographic) how(behavioural)
Competitor analysis – SWOT analysis, what product, target customers, market share
Product life cycle stages – product advocacy, product growth, customer retention, product extension
Financial assessment – ROI, NPV, payback period, breakeven analysis
Risk assessment – impact/probability matrix
Risk resolution techniques – avoid, transfer to third party, mitigate, accept(have contingency reserve)
Product positioning – value proposition canvas to determine product fit(gain creators, gains, pains, customer jobs), perception mapping (XY axis), centrality vs distinctiveness
Product positioning strategies – price, demographic, differentiation, quality, category, competition
Drivers of successful tech products – monetisation, engagement(lifetime value, advocacy), growth
Pricing strategies – value-based. freemium, cost-plus, economy, premium, price skimming, penetration
Planning
Product planning – user stories with estimates, velocity, burndown chart, release backlog
Requirements management – Prioritisation using risk vs value, Kano model, effort vs value
Product lifecycle management – advocacy(demand generation, identity, differentiation), growth(pricing, roadmap), maturity(customer support, churn), decline(pivot, new solution, loyalty programmes)
Customer validation – MVP, alpha/beta test, field test, crowdfunding, wizard of oz
Design thinking – empathize, define, ideate, prototype, test, implement, find the √intersection of desirability, viability and feasibility
Agile – iterative and incremental, rapid and flexible, timeboxed, prioritise cost and time over scope, deliver value early and often
User interface design – simplicity, clarity, familiarity, responsiveness, consistency, flexibility, reusability
MVP – validate assumptions first, only minimum features shipped to early adopters and get feedback
Product stack considerations – cost(open source vs commercial), developer community(strong active), time-to-market, scalability
Summary – use personas to understand customer needs > validate user wants to create correct features > use customer journey map to identify highlights and lowlights, create memorable experiences, deploy functional increments, choose right product stack to empower product building.
Marketing
7ps – product(functionality, appearance, quality) , price, promotion, place(distribution channels, logistics), people(customer service, employee), process(service delivery, procedures), physical evidence
Marketing campaign – marcom(release dates and product differentiation), sales(how will product help clients), support(what training documentation is needed)
Product-channel fit – acquisition, activation, retention, referral, growth
Distribution channel considerations – value-added services, customer service, technical support, reach, market insight, cost, CRM, reach
Pre-launch checklist – metrics for launch success, generate hype and awareness, mitigate risks, release announcements, press release, website updates, pricing established and approved
Feedback into next release – RFM(recency, frequency, monetary), nice-to-have or must-have, will improve KPIs, align with priorities
Sales channels plan – sales channel, budgeted cost, target sales, distribution strategy(influencers, blogs), KPIs, target date
Support
Omnichannel vs multichannel
Micro-moments – be there(identify moments like i want to know/ i want to do), be useful, be quick(eliminate steps), connect the dots.
Customer lifecycle – need > research > select > buy> receive > use > maintain > recommend
Technical support goals – fast problem resolution, efficiency and effectiveness, cost-effectiveness
5 levels of tech support – search engine > FAQs, knowledgebase, helpdesk, product support/technical support, product experts, vendor/developers
Key reasons for product maintenance – correct faults, adapt to changes, future proof, improve performance
Product maintenance process – identification > analysis > design > implement > system test > acceptance test > delivery
Customer experience KPIs – net promoter score(promoter% – detractor%),customer satisfaction(total satisfied customer / total response * 100), customer effort score