Product Strategy

What is product strategy?

Your company’s product strategy represents the high-level plan of what the business is aiming to achieve through each of your products and services. This plan will include what stage the product is at in its lifecycle, your key target markets and the routes to them, and a justification of how it will help your business achieve its goals.

A well-developed product strategy will give you commercial clarity on each of your product lines, with key metrics including average order value, gross profit percentage current revenue levels, and give you and your team revenue targets to focus on. Lastly, your product strategy should reference the associated sales, marketing and delivery strategies for each of your products, and identify the critical actions for each product that will enable you to reach your business goals for it.

What are the benefits of having a product strategy?

A well-articulated product strategy will give you and your team absolute clarity on what your business is trying to achieve, and provide a series of focal points to direct their activity towards. This will lead to:

A clear understanding of how your business is going to deliver its financial goals through the different products and services it sells.

Better internal communications and collaboration, as every member of your team will understand what they are collectively trying to achieve.

Focused marketing, sales and delivery planning, as your business priorities and delivery timescales will be better understood.

Clear, effective product positioning in your marketplace(s), with well-informed, impact marketing campaigns and fully-featured sales toolkits.

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Clarity and direction

Provides a clear direction for the business to follow.

Helps to allocate resources effectively

Ensures resources are allocated to important initiatives.

Increases customer satisfaction

Helps the business to create products that meet the needs and desires of its target customers.

Facilitates innovation

Encourages exploring new ideas and technologies.

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Data-driven decision-making

Provides data-driven insights for decision-making and improving your product range.

Firestarter’s approach to developing product strategies

Our team of marketing and sales experts are hugely experienced in the delivery of successful product strategies across a broad range of sectors and for business to business and business to consumer markets. While our specific approach will vary from client, by working with us on your product strategy you should typically expect:

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A crystal-clear, simple summary of your organisation’s strategic intent – this will focus not just on your products, but also your finances, team, processes and systems, and your leadership. The output of this process will be a document that gives you clarity on what needs to happen in each of these areas to achieve your business objectives.

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A high-level strategy for your organization, which will summarize your business’ component parts, their individual goals in respect of your overall strategy, where good progress is already being made, and where it isn’t – and what the critical actions to achieve progress in the next year are that need to happen.

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A clear, robust product strategy, created in collaboration with key stakeholders from across your organization, which can be used as a point of reference by everyone the business.

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Definitive actions and timescales that will ensure you make progress towards achieving your strategic goals.

What are the advantages of working with Firestarter?

By working with us on your product strategy, you will benefit from the advice, guidance and insight of unbiased, independent sales and marketing experts, who will deliver powerful tools and tactics that will serve as a guiding light for your business.

What’s more, not only will you benefit from the creation of your ideal product strategy, we will plug our team of experts directly into your business to work alongside your existing team and make it come to life. We’ll work alongside you to deliver the tactical actions needed across sales, marketing, business development and processes to deliver on your business objectives.

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October 12, 2022

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What is product strategy?