Product Strategy

So what can you do to help ensure that your new product will be a winner? The answer is simple: make sure that you are creating the right product for the right customer at the right time and for the right price. Market Progress International can help you understand your market and your opportunities, and help you create products that will delight customers and force competitors to play catch-up. Our services include:

  • Market research and planning
  • Business analysis
  • Competitive audit
  • Customer assessment
  • Pricing analysis
  • Sales tools and training
  • Promotion planning
  • Customer acquisition and retention

Customers

  • How many of them are there?
  • What are they buying?
  • What practical problems do they try to solve?
  • What emotional problems do they try to solve?
  • What is the size of your market?
  • What is your customer’s price point and other economics?
  • Exactly what does it take to win an order?
  • How long does it take to win an order?
  • Exactly how do customers use competitive products?
  • What’s the current satisfaction with competitors?

Market Segmentation

  • Group customers (needs, industry, distribution, geography).
  • Narrow the targets.
  • Select targets.
  • Label the segments.
  • Consider the similarities and differences. Anything missing?

Competitors

  • What are they doing now?
  • Where do competitors advertise, and how often?
  • What is their sales pitch?
  • How do competitors price?
  • How do they distribute?
  • How do competitors position themselves?
  • How do competitors react to threats?
  • How do successful competitors differ from the lesser?
  • What are their market shares?

Compare competitors to your organization in terms of your:

  • Strengths
  • Weaknesses
  • Opportunities
  • Threats

Product Position

  • Differentiate your product and your service.
  • Find the opportunity.
  • Describe your products.
  • Describe your customer’s pain.

If Possible, Do Market Testing

  • Show product and promotional concepts to customers.
  • Double check.

Make Strategic Decisions

  • Decide on new revenue growth and profits.
  • Decide on new product development.
  • Decide on price.
  • Decide on sales force, distribution, service.
  • Decide on customer psychological factors, not features and benefits.
  • Decide on product promotion.

Write an Action Plan

  • Pert chart on product development.
  • Calendar of planned media.
  • Budget

Implement Your Plan

  • Hold routine meetings to review progress on sales leads. Provide a lead tracking system. Leave nothing to chance. Revisit your plan and update.
 

Comments are closed.