Ready to create a digital product? Awesome. Got questions? Of course, you have! But be warned: at icapps, our experience tells us that certain beliefs are clear signs you don’t have a digital product strategy in place. In this series of blog articles, we explore these signs and explain how the right strategy can set you on the path to success.
In our last blog we talked about your target audience and how to adapt to change. Today we'll explore how Product strategy is different from other business strategies
5. You believe a brand strategy and a marketing strategy suffice for the setup of your digital product.
What are your goals as a business? Perhaps you’re happy paying the bills. Maybe you’re looking to introduce new processes and technologies to revolutionize your industry. And of course, you might have your heart set on global domination. Whatever your aim, the path to fulfilling your business goals is set in your business strategy. Within it, there are other kinds of strategies, like your brand strategy, marketing strategy, and product strategies. If you’ve already got a brand and marketing strategy, we understand that you might feel like a product strategy—or a digital product strategy—isn’t necessary. But that’s a clear sign you haven’t discovered just how much this kind of strategy helps you. And when you’re pursuing your business goal, you probably need all the help you can get. Global domination isn’t easy.
Different types of strategies, different types of goals
First, a pat on the back. If you already have a brand strategy and a marketing strategy in place, you’re on the right track. In fact, they’ve probably given you a clear idea of what you want to do with your digital product. And no wonder. These strategies partly overlap with what goes into a digital product strategy.
Although they overlap, they don’t actually cover every base. That would just be too convenient.
By looking at how the various strategies do and don’t work together, you’ll see that all three examine different aspects of your target group. A quick example: while your brand strategy delves into how you want your company or organization to be seen by your target group, your marketing strategy specifies how you reach them. And your digital product strategy looks at how your digital product relates to your target group. How? By answering all kinds of important questions.
Time to reflect
What needs will your digital product fulfill? What needs are there that nothing else on the market meets? Is your digital product going to be used by technicians and sales staff on tablets and phones, or by office staff working with desktop computers? Will everyone using the product need access to all features? What are the plans for digital security? What programs will your digital product need to be compatible with? These are the sorts of questions your digital product strategy will answer.
Of course, just like your other strategies, your digital product strategy investigates things other than just the target group. It asks questions about every facet of what you want to accomplish and how you can best accomplish it. Unlike your other strategies, all the questions you ask as part of your digital product strategy relate to your digital product.
When all these questions are answered, you have plenty of insight into your digital product and how it relates to your business goals. You use this knowledge to create a roadmap that sums up what you’re doing with your digital product, why you’re doing it, when you’re doing it and how you’re doing it.
It’s part of a long-term vision you follow even after you’ve launched your product. Why? Because after it’s launched, your digital product will have an impact on your business, your brand, and even your marketing. And as long as your digital product is helping you achieve your goals, you’ll want to keep your digital product strategy up to date. Do this and you’ll keep meeting your clients’ needs and expectations while doing what you have to do to achieve your business goals.
You might also find that changes to your marketing or brand strategies influence your digital product strategy. And vice-versa. For this reason, you’ll want everyone associated with your project to be involved when you’re creating, updating, or adapting your digital product research. That will help you to develop a shared vision. One where everyone understands what you’re doing, why you’re doing it, when you’re doing it and how you’re doing it. Just as you’ll understand the factors that influence everything from the brand and marketing aspect. And knowing this means you’ll work much better and far more efficiently than you would ever do otherwise.
Would you like to know more about digital product strategy? Or to gain insights into your target group? Wondering what tomorrow will bring for you? Get in touch with icapps. We don’t have a crystal ball to tell you what the future will bring. But we have top-notch coffee. More importantly, we have the experience and insight into digital product strategy that will make a world of difference to your business.