Product Strategy: Key Steps to Grow Your Business

Shaping your product or service strategy doesn't require perfection; in fact, it can be counterintuitive. While you may have the desire to launch only when everything is flawless, focusing on elements that address the core customer need is crucial for generating sales. It's important to build a vision and a development plan that tests your concept in the marketplace at the earliest opportunity.

This course provides guidance on crafting a customer-focused product or service vision and developing effective strategies.

Overview of Product Strategy

What does your offering entail and how will customers discover and benefit from it? Your product strategy provides answers to these questions and serves as the culmination of how you define your product or service. This overview delves into the process of defining your product vision, the significance of having a product roadmap, and provides tips for executing your plan. The aim is to launch your Minimum Viable Product (MVP) as quickly as possible, while ensuring it's not released prematurely.

Discover the essential components you need when constructing your product strategy. Uncover the crucial elements you must consider when crafting your product or service strategy.

Investors want to see a clearly defined product strategy that is easy to comprehend. They invest in ideas they understand and can relate to.

Using Dropbox as an example, this course explains how to outline the "what" of your product at a high level, determine its place in the development timeline, set a release date, and develop a step-by-step plan to bring your product or service to market.

We will explore this fascinating case study on Voss Water to gain insights into the evolution of their product strategy. Discover the surprising journey they took to achieve success.

Distinguishing Product Vision from Company Vision

There is often confusion among entrepreneurs regarding the distinction between product vision and company vision. It is crucial to have a clear understanding of both, as they are essential components of your overall plan.

We'll examine some common errors entrepreneurs make when defending their product or service strategy. By being aware of these mistakes, you can prevent them from occurring in your own approach.

Acquire the knowledge of best practices for defending your product or service strategy. Investors frequently request this information, so it is important to have it readily available.

In this dynamic course, we will explore the depths of your product strategy. Initially, we will focus on establishing a precise definition of your product or service through a series of thought-provoking questions. Additionally, this course will offer valuable insights on engaging your customers or potential customers, an essential factor for achieving success.

While many entrepreneurs solely concentrate on their core offering, our approach broadens the scope to encompass what we refer to as the "Whole Product," encompassing your entire solution.

Refine Your Product or Service Definition

In isolation, your product or service represents just a fraction of what you offer. Your complete offering extends beyond the core product or service and encompasses supplementary features, enhancements, packaging, assistance, educational resources, warranties or customer support, and additional value-added services. By addressing four crucial inquiries, you can establish a compelling product definition that appeals to investors, employees, and customers alike:

• Who is the target audience for my product?
• What benefits does the customer derive from my entire product?
• Where can customers access my product?
• When will my product, upgrades, or supplementary items be available?

Your customers' desires should not be ignored. We urge you to take action to prevent that from happening. In this course, we will equip you with the skills to effectively defend your entire product strategy. You may wonder why this is necessary. Well, if you want to secure funding for your product or service idea, whether it's from your company or external investors, you must be able to defend it against competitors. Investors will demand this level of assurance!

Explaining the Minimum Viable Product

One of the crucial aspects of your product strategy is determining your minimum viable product or service (MVP or MVS). We will guide you through a step-by-step process to identify the essential qualities that make up your MVP or MVS. Once you establish the minimum offering that satisfies your customers' needs, you can position your business for a successful launch.

We will examine several companies and their MVPs during their early stages.

This section is a must-watch as I provide a range of helpful guidelines that will greatly facilitate the development of your MVP.

Here, I also present strategies for evaluating your MVP to ensure its feasibility and appeal to investors

To gain a better understanding of how you approach your product strategy and MVP, I have developed an assessment to determine your entrepreneurial personality type. This will provide valuable insights into your strategic thinking.

The Importance of Defending Your Product or Service Strategy

Defending your product strategy is a crucial yet often overlooked aspect of an entrepreneur's strategy. You must be prepared to address investors' most pressing question: What prevents competitors from replicating your idea? In this section, I will explain how to strengthen the defensibility of your product or service. The stronger your defense, the more confidence and preparedness you will have to navigate competitive challenges in the business world.

Both customers and investors are interested in knowing that you have plans to offer new and unique products, services, and improvements in the future. This is where your product roadmap comes into play. It serves as a guide detailing the 1 to 2-year plan, outlining short-term and long-term product goals, and taking you from the initial product launch to the future evolution of your product or service.

Discover why your product roadmap is not only a tool for business planning but also a blueprint for your product rollout. It is crucial to focus on the benefits it brings to the customer rather than just the features it offers.

Understanding Your Product Roadmap

Let's take a closer look at what a product roadmap is and why it holds significance within your organization. The roadmap serves not only as an internal document but also as an external one. It is important to involve your customers in the process to ensure their input is considered. Additionally, your roadmap can be a valuable tool for sales, allowing you to effectively communicate the future of your business.

We'll explore various ways to present your product roadmap and identify the format that works best for your business.

Course Guide

I recommend that you download this handy course guide to aid your journey through the course as well as great reference materials for the future.

1. Entrepreneurs
2. Start-Up Founders
3. C-Suite Executives
4. Product Managers

No course requirements.

1. I'm not graduate from economic bachelor and English is not my mother tongue. But this course and how Mr. Ken explained the content is really easy to understand for beginner like me. Thanks to Mr. Ken for answered all of my question with a fast and easy understandable answer! ~ Diantini S
2. Perfect timing and the insights till now are those that I was exactly looking for.... Excited to learn more ~ Yogen P
3. Such an amazing course. You'll be able to understand and create your own business plan and you'll get a lot of valuable advices ~ A Cerimagic
4. Lot’s of info in this course. Ken really takes you from A to Z . Just what I needed for my business to take off. Thanks ~ Hugo M
5. I'm new to the business world and have been looking for courses with practical guidance. This course definitely provides that and so much more ~ S Slawinski
6. So far so good! A lot of challenges I'm facing in my work place Ken has highlighted the root course, which I was not expecting. He is clear, very engaging and breaks down the jargon. He is straight talking, right down to business attitude. I've just completed the first chapter and he's restoring a little faith in me so quite excited to keep learning (I know, I sound like a nerd) ~ Harrie T
7. This course is the right match for me as I know some about business but believe in always improving. I also want to make sure I have a solid foundation for my business so I'm positioned right for the new year, and growth ~ E Jollymore