What is the best way to develop a successful product strategy? Our guide outlines the approaches and factors to implement this for your business.
The path to a successful product strategy is not always easy – and certainly not its implementation in practice. In this article we outline how new, innovative products are created, which fundamentals are important for international success and how companies can master current challenges.
Factors to develop a successful product strategy
1. Seize the opportunity to innovate
We use many products every day. But how do these products come about and how are they developed?
The principle applies here: “Market creates opportunity”. If there is a market need, there will always be opportunities and developments to satisfy this need with suitable products and services.
Therefore, as an innovative company, it is always important to keep your eyes open and keep your finger on the pulse of market developments. This is the only way to identify trends in good time and transfer them to suitable products and services.
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2. Leave the comfort zone
Which bases are important for national or international success?
It is particularly important to adjust to the so-called “cultural differences”. Here it is important to leave your own comfort zone. The translation of your own product documents and descriptions is by no means sufficient as a basis for international success. Rather, it is important to adapt to market conditions and, above all, different cultural challenges. Language is just the beginning.
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3. View the projects holistically
Think about what challenges you are currently facing in product management and how are new projects approached in your company.
The challenges, especially in the international connection technology market, are very diverse. From the product side, electromobility, lightweight construction and autonomous driving are probably some of the greatest challenges to be faced.
When marketing our products, the issue of legal security, by which I mean copyright, trademark and patent protection, is increasingly coming into our field of consideration, especially in international markets.
When realizing new projects in product management, we attach great importance to a holistic view of the projects. This means that you can try to use tools such as Porter’s 5-Forces or PESTLE analysis to identify influencing factors as early as possible that can influence our project from outside – both positively and negatively.
Then there is of course the internal consideration. What options you we have to implement the project and where could bottlenecks and obstacles arise? In workshopping those questions, you can find the answers to develop a successful product strategy.
