Pablita by Natasha Remarchuk

How To Create A Good Product Strategy

What is a Product Strategy, and Why is it Important? Here are the 5 Steps to a Booming Product Strategy for your Startup

What is a Product Strategy, and Why is it Important?

Product strategy represents the set of actions and processes you define in order to achieve your goals — ideally, using a customer-centric approach guided by both your business expectations and users’ needs.

To put it bluntly, a good product strategy is your plan, in a given time range, to align the business goals and audience/market needs with scalable product features & functionalities. This helps you grow revenue, user base and have a stunning customer experience.

5 Steps to a Booming Product Strategy for a Startup

1. Define the product before it’s created and identify your competitive advantage
   — once you identified a pain point in the market, make sure to do a thorough competition analysis (yes, there is always a competitor or an alternative) and to run a review mining. It will give you a lot of insight into what is the market currently lacking and what are the customers' expectations and feelings.
2. Get started with data-driven…