In today’s dynamic and competitive business landscape, business’s carry out various Strategies with a vision to Unlocking Success of their Goals and navigate challenges in the market. Some of the key types of Strategies include: Corporate Strategies, Business Strategies, Competitive Strategies, Digital Strategies, Innovative Strategies, Sustainable Strategies and so on. They are combined or adaptable based on company goals, industry dynamics and market stake.

One such strategy that outlines company’s Products and Services that meets customer needs, acts as a roadmap that guides decision-making and execution to deliver value to customers and drive business success is the Product Strategy.

At the initiation of Journeling product idea – Achieve it, we laid the Product Idea – Vision, Purpose & Goals. Segmenting from the Product Vision, we will be drafting our Product Strategy.

But first – What is a Product Strategy and Why is it necessary?

On basis of Company vision and its objectives, it invests in making products and services that are focused on customer needs and outcomes that contributes towards company’s success. Product strategy is a set of product objectives that outlines how products or services will achieve its business objectives to meet customer demands.

Defining a Product Strategy is necessary for several reasons.

Customer Focus: Driving a Customer-Centric approach helps you design and develop products that meet customer expections thereby enhancing customer satisfaction and quality.
Competitive Differenciation: A well-defined product strategy will always set your products unique from your competitors that will attract new and returning customers.
Market Opportunities: Product strategy will enables companies to capitalize on market opportunities, trends and new technologies through Market research.
Resource Allocation: Executing new direction requires allocation of resources, budget, talent and technology. Product strategy acts as a guide to plan and mitigate forthcoming risks
Long-Term Sustainability: If plan A works, it can be a foundation for rest 25 alphabets. A smaller execution strategy is easy to iterate and innovate to evolve large efforts of meeting changing customer needs and market dynamics

Defining Product Strategy for AchieveIt

AchieveIt’s vision focuses on Creating an application that gives customer ability to consistantly write thoughts to overcome their feelings and track their emotions. Powered with AI, it aims at capturing recurring activities of the customer and encourages them to complete them thereby maintaining a regular entries to make customer feel accomplished.

To lay down a clear and defined Product Strategy, it is necessary to have a roadmap that will guide the team to develop, meet product timelines and customer expectations.