Product Strategy to Grow Your Business
Introduction
Your Product Strategy to Grow Your Business should be all about the customer and what they want.
NOT you, and what you think they want.
Step 1. Start by asking yourself these questions
“Why am I in this business?” What is my purpose for being here?
It’s not about you, and not about making money. It’s about what you can do for your customers.
Who are the people you are serving? Will they be willing to pay for your product?
Have you adequately researched your niche or new product category before launching it?
Is there a market for your niche and do you have “Proof of Concept” i.e. that your product offer and marketing message will result in sales?
Once you are satisfied that there is a market and that people will be willing to pay for it, the next step is to confirm your “Proof of Concept” by taking your specific Niche Offer and your sales letter or message to the market and prove it to be true, with a real-world application that will result in sales.
Confidence and belief are key attributes in business, without either, you’ll never survive the Inevitable set-backs that line the path to success, nor have the courage to go out and secure new funding, or new clients.
One of the biggest mistakes that people starting out in business make is thinking that they’ve got a great idea. You need to do your research to establish that there is, in fact, a market for your niche product or service, and will people be willing to pay for it?
To do that you will need to be very clear:
- Exactly who is your perfect customer?
- What problem are you solving for them, and
- Why will they be willing to pay for your solution?
How you go about these 3 crucial steps will depend on the type of business and niche you are targetting.
- Is the business online?
- If the business is not online, i.e. it’s a “Bricks and Mortar” business ?
Is your target customer selling “business to business” (b2b), or “business to consumer” (b2c) i.e. the end customer for the product)?
This is important because the selling process and pricing strategy for b2b and b2c will usually be totally different.
Is the business selling to a defined local area (usually a City or Region), or a National business possibly even International as well?
For instance, Harvey Norman has around 280 large homemaker stores in 8 countries, of which 194 are in Australia. As you can imagine, selling to these different types of business and local versus national businesses will be totally different, which is why research and getting proof of your concept is crucial if you are to succeed.
The Business Growth Plan program provides an in-depth explanation of how to go about this process.
Step 2. Do you fully understand the marketplace in which your Niche or New Product does business?
Who are your main competitors, their strengths, and weaknesses, are there alternative products that people might buy that solves the same problem?
Are there any trends (positive or negative) that could have an impact on your business or product?
So, where is the Australian market is going? It’s going to be a tough couple of years. The macroeconomic signs aren’t good at the moment. The ongoing trade situation between the 2 world superpowers, the ongoing impact of Covid 19 and the war in Ukraine are creating a high level of uncertainty which is reflected in a high level of volatility in the markets.
Step 3. Is your Niche or Product “Boutique” or “Scalable”?
Creating a Boutique business, as opposed to a scalable business is a conscious strategic decision and commitment to emphasize quality over quantity in every aspect of the customer experience.
A boutique business focuses on a tiny segment of a niche –with a relatively small number of clients who want a personalised experience and who want to know that they are getting the very best products or services.
As a boutique business owner, you’re the expert and trusted advisor that your clients are seeking and for which they are willing to pay a premium.
At the other end of the scale, if your product is scalable, once you have established a firm customer base, and systems and processes that are scalable, you can scale up.
In Conclusion
In my training programs I have combined the Product Strategy to Grow Your Business and Pricing Strategy to Maximise Sustainable Profits as they are closely interrelated.
If you believe that the Product and Pricing Strategy Program might be right for you at this time, you can book a free 20-30 -minute discovery call with me personally, so we can explore whether it is a good fit for you and your business at this time.
If you believe I might add significant value by working with you in an advisory role, and you would like to learn more,:
Click on the button below to book your Free Strategy Call in my calendar and to receive additional information about How to Create a Product Strategy to Grow Your Business:
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My mobile number in Australia is 0418 277 137.
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I look forward to talking with you. You can