How to come up with a product strategy that will wow your customers

For any business to succeed, it needs to be able to get its customers to come back again and again. How do you do that? By ensuring that your product or service delivers value to your customers in a unique way, and also makes them feel appreciated as valued customers. And if your products are consistently great, that’s how you achieve repeat business and market share success in the long run! Here’s how to come up with a product strategy that will wow your customers.

Know your Customers

You’re going to create products for consumers. To do so, you need to understand who they are and what motivates them to spend money on your offering. What does it mean for you? Develop an understanding of market size, competition, customer needs and behaviors—all from real data. Use these insights as building blocks for every strategic decision you make along the way. A solid foundation is critical when you’re building a strong business foundation for future success.

Know Your Competition

How many products are out there already? Can you identify any gaps in existing offerings? Your first step is figuring out who’s already in your space, what they’re doing, and how you can differentiate yourself. Once you know where others have gone before, it’s easier to plot your own course. Knowing what works for others is a great starting point for designing something new—but knowing why it works will help keep you from following blindly in their footsteps.

What about your competitors’ products do people love or hate? Why? What do you know about them personally, and what can you infer from their marketing channels? You might even consider taking some of their competitor-survey tools for a spin. Get real answers from real people by jumping into an existing survey or conducting one of your own.

Define Your Key Target Market

Before you develop a product or service, it is important to define which group of people or customer base is most likely to purchase your item. While you may want everyone in the world as potential customers, realistically, most businesses can only expect around 15 percent of their market to actually buy from them. Identifying who those people are and why they’re more likely than other groups of people to spend money on what you’re selling is vital information.

Identify the Gap in the Market

Before you build, you need to do research on what’s out there in terms of products or services. What has been tried? What hasn’t? Figure out where there are gaps, and then go and fill them. If no one is doing what you want to do, chances are high that someone wants it done. Always start with these three questions: 1) Does something like [this] exist? 2) Would people like it if they could have it?

 3) If not, how could it be done better?

The answers to these questions should help you determine what you are going to build. You’re looking for an insight into something people are likely not getting or something they want or need but aren’t receiving.