To be a successful SaaS company today that sets an example for the rest of your competitions, you will need a product that sells for itself. And in order to build a product that sells for itself, you need to back that up with a strong product strategy framework. Here comes the question, what exactly is a product strategy and how do you develop the right one for your brand? In this blog, we will walk you through some of the best strategies and ways of building a strong product strategy framework that does all the talking. Without any further ado, let’s get started with the list. But first, let us brush up on some of the basics.
Table of Contents
- What is a Product Strategy?
- How to build a Product Strategy Framework?
- Define the Vision of your Product
- Ascertain the needs and demands of your customers
- Set Goals and Objectives early on the Clock
- Track your KPIs
- Analyze and Research your Competitors
What is a Product Strategy?
In simple words, product strategy is the bridge that connects your product’s roadmap to your product vision. It is all about bringing your product to life and giving it to the hands of the end-users. In order to build a successful product, you need to back that up with a successful product strategy. A stellar product strategy serves as a north star and makes sure that you continue moving in the right direction when met with the inevitable twists and turns of building a SaaS business present themselves. Creating a strong product strategy doesn’t just render clarity for your product team, but also for your development, sales, and marketing teams who all need to work together to ensure a successful product in the market.
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How to build a Product Strategy Framework?
Define the Vision of your Product
The vision of your product needs to be a high-level statement that explains the ‘Why’ of your product. Know that the gap here is to know the difference between the ‘why’ and the ‘what’ of your product. Your vision should entail the pointers that enhance the user’s personal lives. How will they be benefitted from it? How will it impact their business? On that note, make sure that your vision is not something too easy as well because that would not make a big impact or as a differentiator from your competitors.
Ascertain the needs and demands of your customers
Know who your target audience is and develop a deeper understanding of your target customers. Start to ascertain who is your customer, what is the measurement of success for them, know what are their pain points and are they willing to pay for your solutions? As and when you have answers to these questions, you stand a chance to understand the fitment of your product better. With that, you will have complete knowledge on the value that it will provide and how it can actually enhance the lives of the end-users. For this, you can research and read a ton of material available on the internet. That will regale you with substantial knowledge on dealing with your target audience’s needs.
Set Goals and Objectives early on the Clock
The second you start to clearly state your product’s goals and objectives, you will be in a better position to evaluate whether or not you are executing your product strategy over time. Let’s take an example of the time, in the beginning of the relationship, where you were focused on logo growth and engagement. As you mature, goals like revenue per account, cost of acquisition, or customer lifetime value may become more important. And hence, without any further delay, set your goals and objectives right and early on so that you and your customers both stay on the same page, at all times.
Track your KPIs
KPIs or key performance indicators are requisite for you in order to achieve your set goals. This is what will help you track whether or not you are successfully executing your product strategy. These KPIs might include points like usage metrics, adoption metrics, growth goals, and possibly roadmap velocity. It’s important to develop these metrics at this stage so that you don’t change your definition of success as you execute your strategy. These KPIs should help give you an honest assessment of how successfully you’re executing your strategy.
Analyze and Research your Competitors
Refer to the sites of your competitions to know what is it that they are doing and you are not. When you do that, try to find out if you have competitors who are solving the same issue that you are too? If that is a yes, you will have to come up with ways that make you stand out from the rest. You will have to give your customers a reason as to why they should be picking you over the rest. In simpler words, you will have to find and trace that opportunity space in line with your competitions and craft in your product strategy to capture it as and when required.10
Finally, at every step in the product strategy framework, take the feedback you’re gaining from users and measure it against your existing strategy. If your product is resonating with potential customers, then keep going. If users are sending you signals that they’d be more interested in different functionality or roadmap prioritization, then take this data and use it to find another way to achieve your product’s mission. Follow the five given rules as mentioned here and you are assured to see success kiss your feet in the near future.
Simran hails from the content marketing backdrop with extensive knowledge in blogs, articles, and technical whitepapers in the non-fictional domain. She uses her ‘gift of the gab’ to explore new possibilities on her way and to make an exquisite impact on her readers. In her spare time, she likes to read journals on artificial intelligence or play with her cute kittens.
Published September 23, 2021, Updated September 23, 2021