Growth Strategy Development
Developing a Growth Strategy for Product Diversification
This prompt helps leadership design a growth strategy centered on product diversification. It focuses on identifying new opportunities, leveraging core strengths, and minimizing risks to expand the organization’s offerings and revenue streams.
Responsible:
Leadership
Accountable, Informed or Consulted:
Leadership, Strategy, Product, Marketing, Sales
THE PREP
Creating effective prompts involves tailoring them with detailed, relevant information and uploading documents that provide the best context. Prompts act as a framework to guide the response, but specificity and customization ensure the most accurate and helpful results. Use these prep tips to get the most out of this prompt:
Analyze current product performance, market trends, and customer needs to identify opportunities.
Collaborate with product, marketing, and sales teams to assess feasibility and alignment with business goals.
Review competitor offerings to identify potential gaps or areas for differentiation.
THE PROMPT
Help create a growth strategy for [specific organization or business unit] focused on product diversification. Focus on:
Opportunity Identification: Evaluating potential new products or services based on market demand, customer feedback, and competitive gaps.
Core Strengths: Leveraging the organization’s existing capabilities, resources, and expertise to build complementary offerings.
Risk Mitigation: Identifying potential challenges, such as resource strain or cannibalization, and proposing ways to minimize risks.
Go-to-Market Plan: Defining launch strategies for new products, including pricing, positioning, and promotion.
Measurement and Iteration: Establishing KPIs to evaluate success, such as adoption rates, revenue growth, or customer retention, and outlining a plan for continuous improvement.
Provide actionable recommendations for structuring the diversification strategy and ensuring alignment with overall business goals. If additional details about the organization’s resources or target audience are needed, ask clarifying questions to enhance the strategy.
Bonus Add-On Prompts
Propose techniques for identifying gaps in the current product portfolio that diversification can address.
Suggest strategies for balancing resource allocation between existing and new product lines.
Highlight methods for testing new product ideas with minimal risk through MVPs or pilot programs.
Use AI responsibly by verifying its outputs, as it may occasionally generate inaccurate or incomplete information. Treat AI as a tool to support your decision-making, ensuring human oversight and professional judgment for critical or sensitive use cases.
SUGGESTIONS TO IMPROVE
Focus the strategy on specific product categories, such as SaaS, hardware, or services.
Include methods for prioritizing high-impact diversification opportunities.
Propose ways to align diversification efforts with long-term customer loyalty strategies.
Highlight tools for modeling revenue potential and resource requirements for new offerings.
Add recommendations for integrating feedback from pilot programs into the full launch strategy.
WHEN TO USE
To expand the organization’s product portfolio and explore new revenue streams.
During leadership planning sessions focused on innovation and market differentiation.
When responding to customer demand or addressing gaps in the market.
WHEN NOT TO USE
If the organization’s resources are fully committed to existing product lines.
When diversification efforts lack alignment with the organization’s mission or long-term goals.