What is the Product Strategy? The product strategy is made of two parts:
- Strategic statement
- Support to the statement.
The strategic statement describes what the product is supposed to do, now and in the long-term, it satisfies an important need of consumers, and it is created upon three core elements:
- Technical performance: What the product does under a given usage condition.
- Design: How the product looks like and works.
- Acceptance: The preference of customers.
For instance, the product strategy of an icon brand most of us know was:
[BRAND X] should support its positioning by a product which provides performance superiority over major competition for the most important boilwash. At washing temperatures of 60°C and below at least equal performance should be achieved vs. specialist brands.
The support to the statement proves, with reliable facts and data (gathered with professional marketing research), the reasonableness of the strategic direction. It explains the strategic logic answering questions like Why superior performance?, and Why at 60° and below?