We help with overall strategy for your product that includes research, customer discovery, target audiences, devices etc. Not every application needs to be a mobile application, or a web application, or cloud-based.
We work with you, understand your problem, and guide you throughout the process, and come up with the right strategy specific to your business.
What is Product Strategy?
Maybe you want to create a killer mobile app or any innovative digital product, we’ll help translate that dream into a working product.
But behind all successful innovative products is a set of effective product strategies.
Product strategy is a high-level plan for developing products that will benefit the business in many ways:
- competitive advantage
- increased scalability
- skyrocketing sales and revenue
Product Development Process & Lifecycle
A successful product strategy entails strategic planning and requires robust processes to bring those creative ideas to life.
Most startups fail because they focus on fancy design and functionalities of the product, not the large-scale market problem. Professionals need to bring in more clients and are less interested in high-tech office designs.
A great strategy outlines the long-term purpose of your product and all of the customer pain points that it intends to solve.
Capturing the right product vision allows you to add more value to your customers.
Establishing a new market category may have worked for some businesses, but it doesn’t mean that it’s applicable to all business models. Knowing your target market will eliminate the ‘pipe dream’ and save you from overspending just to validate those assumptions.
There is nothing wrong with being a visionary, but our team will help you generate practical and feasible ideas that are aligned with the existing market or determine the opportunities that still exist:
- Who is your target audience?
- What’s your buyer’s journey?
- What are they willing to buy?
Customers will choose you over other competitors if they find your product the best fit to their needs or situation.
An effective product strategy must always consider the competitive landscape for better product positioning.
Our team will help conduct a competitive analysis to help you design product offerings that are way better or are more valuable than that of your competitors:
- Know the product’s strengths and weaknesses
- Implement strategies to discover new problems
- Keep up with the competition as it never ends
A product strategy surely requires strategic goals.
The product goals guide the development team in prioritizing features that the product requires to solve. Those goals also help the product owner to measure success once the product is released.
Our team utilizes SMART goal-setting to achieve a successful product for our clients. Time-based product goals bring more urgency and help guide in managing the product backlog.
Moreover, our team understands and considers product initiatives according to the value it will add to achieve those goals.
Defining Product Scope
Building a product with features that your target market really cares about is important. Otherwise, overwhelming users with features they find irrelevant and difficult to navigate is a waste of time, money and other business resources.
Product scope refers to all the features and characteristics of the product that are both tangible and intangible.
This stage of product development must address the following:
- How the product is made
- What resources are needed to build the product
- What types of future iterations are needed to improve the product offerings
Our team at Technology Rivers help businesses, particularly startups, to produce digital products that are resource-efficient. We utilize prioritization frameworks when dealing with the challenge of prioritizing features for the product especially on the initial version.
We establish the right product scope to help owners stay on top of their business goals.
At this stage of product scoping, our team prioritizes the most important or value-adding features of the app or software. It makes more sense to polish all crucial product features that satisfy your customers and the market that it’s meant to serve.
Once the product planning and all of the product goals have been laid out, our team will work out on the roadmap that should meet your business goals and, of course, timeline.
A product roadmap is essentially a high-level plan that defines both the short-term and long-term goals of the product. It’s often focused on the implementation to help the entire team to achieve the product goals and the overall vision.
The roadmaps often provide direction to the cross-functional teams throughout the product life cycle and keep the entire organization aligned with each other.
Our product team will help with visualizing and building your roadmap to help with the smooth implementation and also within time or budget constraints.
While some products move past the launch stage, the more challenging one is the growth stage in the product life cycle.
Your company may have launched innovative products that capture the interest of your target market. But the bigger question is its ability to sustain and pivot in the competitive market.
You will know that the product has reached the growth stage when there’s an increasing movement in terms of profits, competition, market share, and awareness.
A growth strategy outlines the following:
- What are your high-level goals?
- What future iterations will provide more value to your product?
- How can you improve the product that stays within a reasonable budget?
Mobile & Cloud Strategy
Mobile and cloud strategy are important to a successful product.
The cloud strategy may not be beneficial to some consumer products, but it’s crucial for service-based solutions. Knowing if cloud strategy is needed and which provider is important to figure out.
The mobile application strategy is crucial considering the user design and interface plus the overall features of the app. It also identifies the modules and services that are great for mobile apps. Choosing between native or hybrid and the platform to use is part of the mobile strategy.
Minimum Viable Product (MVP)
This allows the product development team to collect feedback about the product. Used effectively, the MVP will be a strategy for experimentation to find out if the product satisfies what the customers and the market need — with less effort and expense.
The information will help the team figure out what to improve or alter the product.
Product Development Strategy
You can rely on our team for establishing a product strategy that is not only laid out on a plan but can be built into scalable products.
Our software development team considers the product’s functionalities are aligned with the quality of code and design. Multiple versions of the software make it more challenging. However, our development team strives to create products that meet the needs and requirements of our clients.
We guide you on the most appropriate technologies, platforms and features for your software product. We value every money that you shell out for the development of the product that’s why you can expect a high productivity and efficiency level.
Comprehensive testing is also a critical part of our product development. Our software developers check for defects and any problems that may impact not just the product but also the entire organization.
We are Agile
The traditional way of developing product strategy can take months of market research and business analysis. But the agile product strategy has transformed the way it’s done to fulfil the vision that it is trying to accomplish.
We embrace the Agile principle that allows more flexibility in product development within short increments and is significantly faster than any traditional methods.
The iterative approach of Agile allows the development of product strategy based on empirical evidence, not on guesswork. There is no perfect product that’s why it encourages ‘fast failure’ to help the team identify the wrong strategies.
If there’s a product idea, we encourage the establishment of the vision and roadmaps without digging too much or too little on market research and documentation. The initial strategies are enforced, which can be changed and refined later on.
We’re after speed and scalability.
We Help with Research, Design and Development of New or Existing Software Products
Some software consulting and development companies focus on grandiose plans or proposals but can’t even move quickly to a successful product launch.
Our team aims at helping companies develop a product that exists with a purpose that is also aligned with the overall company’s vision and mission.
We Understand the Market
Many companies fail not because the product idea is bad but because they relied on gut feeling alone and that they tried to open a new market category without considering what the customer really needs.
Our team can help you determine the strongest need of customers and the market, which can serve as a guide to product strategy. There may be new ideas that could emerge on current technologies that we can also help identify.
We Focus on the Implementation
Product planning is important, but we don’t get stuck in analysis-paralysis. We focus more on how to get things done.
We devise product roadmaps and then shift strategic planning into execution.
Our team gets to know the long-term business strategy or goals and communicate everything to the key stakeholders.
We value transparency and accountability to the product development efforts.
Ready to have our expert team work on your product development strategy?
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