Introduction
Hi, I'm Amy, a product strategist for online business owners. In this blog post, I want to explain what product strategy is and how it can benefit you as an online entrepreneur. Product strategy encompasses four key areas: finding your unique selling point, conducting market research, developing great products, and effective planning and tracking. Drawing from my background in product design, retail buying, and product development, I believe these areas can significantly assist online business owners in achieving growth and success.
1. Finding Your Unique Selling Point (USP)
Your unique value proposition is the foundation of your business. Many people overlook this crucial step and rush into offering services without figuring out what makes them stand out from the crowd. Taking the time to discover your USP will help you differentiate yourself in an increasingly competitive market. While coaches often provide prompts and workbooks, my creative approach, influenced by my design background, utilises fun, creative exercises. You can find out more about this process here.
2. Market Research
Conducting market research is vital for understanding both your competitors and your target customers. In my previous work in retail buying, we extensively engaged in competitive shopping to gain insights into what products our competitors sold. This allowed us to understand different customer nuances, evaluate pricing strategies, and ensure our offerings aligned with our particular target customer. Similarly, for your online business, understanding the overall market landscape and customer preferences is essential for developing successful offers and setting appropriate pricing.
3. Developing Great Products
To develop exceptional products, you must first understand what sets you apart from others and identify your customers' needs. This knowledge forms the basis for innovation and creating unique solutions. Avoid simply copying what others are doing – instead, embrace a creative mindset that encourages exploring new ideas and approaches. This stage is an opportunity to have fun and experiment with your own distinct methods. It's my favourite part of the process!
4. Planning and Tracking
Effective planning and tracking are critical, especially for solo businesses. Drawing from my experience in retail buying, where we meticulously planned and tracked product ranges, I understand the importance of understanding what is working and what is not. Which is what planning and tracking allows. It enables you to allocate time and resources efficiently, particularly important if your business is just you.
While I personally use Notion for its flexibility, you can choose a tool that suits your preferences. Even if you struggle with following plans, it's worth documenting your actions and evaluating their outcomes. This allows you to adjust your strategies and ensure you're investing your efforts in the right areas.
Conclusion
Product strategy plays a vital role in the growth of your online business. By finding your unique selling point, conducting thorough market research, developing innovative products, and implementing effective planning and tracking, you can set yourself apart in a crowded market and achieve success.
If you're interested in learning more about these strategies and how I can assist you, visit my everything page.
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