Shifting markets usually constitute a shift in product strategy for most organizations. For some, the current market climate presents a world of opportunity and for others it’s an exercise in survival. In either case, there are three key aspects of product strategy that matter most. The Playbook:
1. Target Market Focus
Your target markets drive every key decision in the organization. Consider the vertical market segments you serve and determine which ones are adopting or replacing products in your category the fastest, and then throw everything you have at the ones that will drive 80% of your revenue/growth.
Resist the temptation to be everything to everyone.
2. The A-List of Your Target Customers
When the market shifts, the strategic priorities of your target customers shift with it. Understand the top priorities of CEOs in your target markets and determine their impact on parts of the organization where your products play. Since most products and services address operational issues, it’s imperative you connect the dots between your products and the operational initiatives most closely linked to the CEOs’ top priorities. There’s always a connection.
3. Portfolio & Product Strategy
When the market experiences a sudden shift, the worst of all possible product strategies is a smattering of incremental enhancements across all products. Why? This approach offers no high-impact solutions to the most critical customer needs. Worse yet, it offers your company no chance to accelerate growth.
If you’re tired of strategy meetings that never result in clear-cut decisions, let Proficientz facilitate your next strategy meeting. We’ll help you see the obvious, drive the discussions to a few key decisions and create an action plan with clear objectives that everyone can understand and support. Contact us to facilitate your next strategy meeting.