Product Strategy Template

Why Choose a Product Strategy Template?

• Clarity and Alignment: Ensure every team member is on the same page with a clear strategy that promotes a unified direction.
• Efficiency: Save precious time by adopting a structured approach to planning and executing your product strategy.
• Focus: Concentrate on initiatives that align with your business goals and meet customer needs, ensuring maximum impact.

Steps to a new product development strategy

Your NPD strategy should be systemic, customer-driven and sales-goal oriented. Here are the basic steps:

• Idea generation. Idea generation is a continuous, meticulous search for new, viable product development opportunities. Often, companies employ basic internal and external SWOT (strengths, weaknesses, opportunities and threats) analyses and examine market trends to generate hundreds, or even thousands of potential product ideas. Internal ideas can be sourced through R&D and employee brainstorming, while external ideas tend to come from studying and communicating with distributors, suppliers, customers and competitors.
• Idea screening. This second step of new product development involves screening all newly-generated ideas to sift the good ones from the not-so-good ones – and discarding the latter.
• Concept development. All ideas passing the screening stage are developed into concepts, which will subsequently be tested for real-world viability.
• Concept testing. Once concepts have been developed, each one is tested with sample target consumer groups. The feedback these focus groups provide is used to further develop the concept to better meet customers’ needs and demands.
• Business strategy analysis & development. Once a promising concept has been selected, it is time to put together an initial business and marketing strategy. This requires an in-depth analysis of the methods your product management, marketing and sales teams will ultimately use to create and sell the product to your target audience.
• Product development. A physical prototype or limited production model is built and branding (and other strategies) are tested and applied.
• Test marketing. Placing an actual finished product for sale in one or multiple sample market settings and observing how well (or how poorly) it sells under the pre-determined marketing plan.

Commercialization. Our product and all associated marketing strategies are ready for launch.

Congratulations! You made it to the commercialization stage of new product development. Your product and all associated marketing strategies are ready for launch. Now it’s time to implement a full marketing plan and production process.

Advantages of Using Craft.io’s Product Strategy Framework

• User-Friendly Interface: Easily navigate and customize the template with its intuitive design.
• Collaboration Tools: Seamlessly work with your team to develop a cohesive strategy, leveraging features like real-time editing and comment threads.
• Integration Capabilities: Connect with other tools and platforms, such as Jira or Trello, to streamline your workflow and enhance productivity.

Download a Product Strategy template example for free

Get this free example at PDF, DOC or PPTX formats. These templates are also available online for Craft` users, so sign up and get all samples for free!

Transform your product management process with Craft.io’s all-inclusive product strategy template. Download now and take the first step towards a more organized, effective, and impactful product strategy. Harness the power of strategic planning and watch your product thrive in the competitive market landscape.

FAQ

What is product strategy?

A product strategy is a high-level plan that defines what a product aims to achieve, who it serves, and how it will succeed in the market.

What is a product strategy template?

A product strategy template is a structured guide that helps teams outline product goals, target users, key features, and success metrics.

What are the 4 P’s of product strategy?

The 4 P’s, Product, Price, Place, and Promotion, are the core elements used to position and market a product effectively.