Product strategy for technology companies is a unique challenge because:
- Trends like globalization, commoditization, innovation, and personalization have made technology product life cycles shorter.
- Individual customers need to be engaged, their sentiments monitored, their feedback captured – in real-time.
- Emerging technologies need to be constantly monitored, managed, and leveraged properly.
- New markets must be explored and declining markets must exited.
This Technology Multipliers video summarizes the eight steps for success with product strategy for technology product companies. Check out the details in our Product Strategy Webinars and the Product Strategy e-book.
Here are the 8 keys to Technology Multipliers success with Product Strategy:
- Establish a clear strategic vision and define current business strategy.
- Product strategy cannot be a personality driven process. Manage and improve product strategy like any other business process.
- Assign process ownership to an individual with technical marketing skills.
- Define platform strategy first and product-line strategy next.
- Link the product line-strategy with the product development plan and process.
- Consider time, risk, and sustainability for selecting and evolving differentiation strategies.
- Reconcile the unlimited opportunities implied in the strategic vision with reality.
- Evaluate project mix and rebalance the trade-offs on a regular basis.
Michael McGrath’s book titled Product Strategy for High Technology Companies is an excellent reference on the topic.