Like a lot of things that aren’t practiced on a regular basis can be forgotten, so can your product if you have no product strategy. Consider product strategy the blood throughout the cycle of your product’s life. It determines how your product stays in the minds and ears of potential customers and fans of the brand. No matter what it is, whether it be physical or not, every product goes through product planning and a product development strategy. During that process developers might ask themselves, “What is the product market?” To answer that question they will certainly have to conduct some research and begin the product strategy.
Eventually the product launches. Now what? What do you do? How do you keep your product relevant? What is the product strategy?
A strategy needs to have a vision, with goals and initiatives. Having a vision means figuring out who your customers are and how you will target them. It’s collecting data and analyzing it to determine how to best serve those customers. Setting goals is part of every product strategy because it’s where key performance indicators are determined and measured. For the most part, however, it will be effort and determination that will make your product strategy succeed.
Assuming your product is a character in a story (the hero), you might want to share the hero’s successes throughout the story (product life) on social media, particularly Facebook. It has the most users but it’s not the only channel to tell meaningful stories on. The use of social media in general plays an important role in your product strategy. Every good story starts with an idea and as long as that idea is carried throughout the story and told in an engaging way, then there will be a happy ending. The product will have a good life.