STEP
2
PRODUCT STRATEGY
Planning and Strategy
With a validated problem in hand, the next step is to strategically plan your product’s journey. This involves defining your product, developing a sustainable business model, and crafting a robust sales and distribution strategy. Effective planning and strategy are crucial for aligning your resources, setting clear objectives, and ensuring a smooth path to market entry.
During this phase, you'll prioritize the features, ensuring that it includes only the core functionalities necessary to solve the identified problem. You'll also outline your business model, detailing how your product will generate revenue and sustain itself financially. Additionally, you'll develop a comprehensive sales and distribution plan to maximize your market reach. By meticulously planning these aspects, you set a strong foundation for your product's development and market success.
Define MVP & Prioritize Features
Defining your Minimum Viable Product (MVP) and prioritizing features is a critical step in the product development process. The MVP is the simplest version of your product that can be released to users to test core functionalities and validate assumptions. This step involves determining the essential features that address the primary problem, ensuring that development resources are focused on delivering maximum value with minimum effort.
Develop Business Model
Developing a business model is crucial for understanding how your product will create, deliver, and capture value. This step involves defining your value proposition, identifying revenue streams, determining key partners and resources, and outlining your cost structure. A well-defined business model helps ensure the sustainability and profitability of your product.
Plan Sales & Distribution Strategy
Planning a sales and distribution strategy is essential to ensure your product reaches your target customers effectively. This step involves defining your sales approach, identifying distribution channels, setting sales goals, and developing tactics to convert prospects into customers. A well-crafted sales and distribution strategy helps maximize reach and revenue while maintaining customer satisfaction.