Clear product vision
Identify target audience
Understand competitive landscape
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Product strategy refers to the approach a company takes to developing, positioning, and marketing its products. It includes decisions about product features, design, pricing, and distribution, as well as the target market and overall business goals. A clear product strategy can help a company stay competitive, meet customer needs, and achieve long-term success.
The product strategy template is a tool that helps organizations plan and execute their product development. It provides a framework for understanding the customer, the market, and the product's competitive landscape. By using this template, organizations can create a product strategy that outlines goals and objectives, identifies target markets and customers, and develops a roadmap for product and feature development.
This template is designed to guide companies through key aspects of the product development process. It includes seven categories: understanding the customer, assessing the product and company, conducting competitive analysis, analyzing the market, establishing goals, determining the Go-To-Market plan, and revisiting the product strategy.
Overall, this template provides a comprehensive framework to help companies plan and execute their product development, taking into account all important aspects and aligning them with business goals.
Below are the seven sections of the product vision template:
The first category, "Understand your customer" helps you understand your customers and their needs. Among the many customers you have, you need to determine the target customer that you are catering to. This category also helps you understand how your product can benefit your customers.
The "Assess your product and company" category helps you to better understand your product and evaluate whether it aligns with your company's strategy.
The "Competitive analysis" category helps to understand the competitive environment in which the product will be launched.
The "Analyze the market" category helps you identify potential challenges or opportunities that may arise in the market, allowing you to adjust your product strategy accordingly.
The "Establish goals" category helps to align the product strategy with the company's overall business objectives. By identifying key goals and establishing a timeline for success, your product strategy can be designed to meet these goals and contribute to the company's success
The "Determine your Go-To-Market Plan" category helps you to understand your plan of how your company is going to release your product after it has been developed and how it will be sold and promoted within the marketplace. With this, you should determine your target segments, pricing, and Go-To-Market channels.
The final category, "Revisit your product strategy" helps you evaluate whether your product strategy is bringing you closer to your product vision or not.
There are questions to be answered in each category to help you understand your product, business, and the market. By providing relevant answers to each question, you can create your product strategy.