The Only Product Strategy Guide You'll Ever Need

If you’re struggling to come up with product strategy, you don’t have to wonder anymore! We’ve got all the information you need here in this handy product strategy guide, and it will help you master the core principles of effective product strategy creation and management.

What is your goal?

Every product is created with a goal in mind. The better you understand your goal, and how your product can achieve it, the easier it will be to make smart decisions along the way. This guide will help you think through all of these questions so that you develop a clear vision for what your product should be. Most importantly, by following these steps you’ll learn to recognize if something isn’t working before it's too late – something that every successful entrepreneur learns to do quickly.

Do you want to scale, maintain or market with your plan?

The roadmap of your product must always be based on your company's goals. Every road will eventually lead to a dead end, so you need to adjust accordingly. Below is a summary of each type of plan and how you can determine which one fits best with your goals.

Ask yourself if there is demand for what you are selling

One of the most important things you need to do when creating a new product is to ask yourself if there is even demand for what you’re making. Look at what your target customers want and see if they are willing to pay for it. Otherwise, you might spend thousands of dollars on a product that doesn’t sell at all.

Is there a gap in the market?

First, we need to ask ourselves if there’s a gap in the market for our product. Is anyone else already providing a similar service or product? How does your idea compare and what are you offering that's different from everyone else? Look at competitors’ products and think about how you can improve on them. Ask yourself why consumers would choose your products over others and what benefits it has over its competition. In short, think like your customers: Why should they buy yours over someone else’s?

What is your competition doing?

Starting a company isn’t easy. Why not use what you know about your competitors to determine if there is already a market for your product? Try entering a few competitor URLs into Similar Web or SpyFu to get some information about how much traffic and advertising revenue they receive, how much search volume they have, and what their estimated monthly revenue is.