Good product strategy: how to make your product stand out

what is a good product strategy: When launching any product or service, it’s important to keep your target audience in mind and cater to their needs and wants. Of course, you can’t satisfy everyone, but by finding out what they want most, you can tailor your product to meet those specific needs with little trouble. It may even be something you hadn’t thought of! The next time you plan to launch a new product or service, make sure to consider these tips on how to craft a  good product strategy.

Define Your Target Audience

The first thing you have to do is identify your target audience. You may be creating a product for yourself, but once you release it into the world, it’s no longer yours—it belongs to whomever buys it. So if you’re making a children’s book, are you writing it for kids? Or parents? Or both?

Know Your Competition

One of the biggest mistakes an entrepreneur can make is assuming there isn’t competition. It’s easy to say, Oh, it’s unique, no one else is doing it. Don’t fall into that trap. Even if you don’t have direct competitors in your niche, be sure you know who they are and what their marketing tactics are so you can improve upon them.

Identify Key Features of the Product

A great place to start is with a clear understanding of who you are building for. The following questions can help you develop a core value proposition that will resonate with your target audience. Who is your ideal customer? What problem(s) do they have? How will using our product help them solve those problems? Why would they choose our product over others like it? What key features and benefits do we offer?

Understand How The User Will Use the Product

A good product is always aware of its user, so it’s important that you understand where and how they will use your offering. For example, if you’re designing a home gadget that cooks food while it’s away from an outlet, you might want to think about ways that users can use your device even when they aren’t able to plug in. Maybe give them a choice of different attachments for different cooking styles or materials?

Define Achievable Goals For Sales, Distribution, Marketing and Development

First things first, you’ve got to define what success looks like. Why? Because if you don’t know what you want out of a new product, it’s unlikely that anyone else will either. If getting more sales is your goal, then clearly defining specific objectives around that goal will help you figure out where and how to spend time and money growing your business.