June 16, 2021 - 4 min
Why Is Product Strategy the Key Step When Launching Digital Products?
You don’t have to work in the IT industry to be aware of the global digitization trends. We are living them. As users, we choose products based on how well the product answers our needs and how great the overall experience while using it is – you will most likely leave the website if it takes more than 3 seconds to open, or check mobile applications look & feel when considering a new bank.
To stay competitive, companies are moving fast to launch their new digital products. However, wanting to shorten the time to market, many oversee the key step in the digital product journey prior to jumping to development – Product Strategy.
I never thought about approaching it this way. – Client Feedback
Product Strategy is the first step in the digital product journey and the one that will ensure their product’s success with users. It is a very creative yet structured process during which we work with clients from the idea and translate it into a viable product.
If we want to compare it to building a house, the Product Strategy is creating the house’s layout, look & feel, and a plan for later development stages, so you do not waste any extra time or money in the later phases. In this blog we’ll focus on sharing more about how Q approaches Product Strategy and why it is one of our most demanded services.
Solving the right problems for the right people
Product Strategy framework is nothing new in the market. However, as with everything you do, it is about how you are applying its principles to your daily work that makes a dierence.
One of the key elements to product strategy success is having the right team working on it. A team that understands it isn’t about focusing on what to build, but which problem to solve and for whom. It is about seeing the big picture and connecting the dots to create actionable steps relevant to this specific product.
Usually, our team consists of strategists, researchers, designers, business analysts, and solution architects. A team with versatile knowledge, experiences, and backgrounds allows us to look at the problem from dierent sides, and deliver holistic, future-proof digital product strategy and build a great product.
Building holistic digital product strategy
Step 1 – Setting the right foundation
Shifting from digital features to human needs is the only way to make innovative products loved by the users. This is why user research is usually the first stage of every Product Strategy project. User research helps the shift from tech-focused products to those that meet users’ needs and enhance user experiences.
It provides the user insights that will, together with business goals, provide the basis – opportunity areas and data-backed insights – for the ideation phase that follows.
During this step, our team recommends the right research method(s), conducts the research, synthesizes the findings, and presents actionable recommendations on value proposition and UX improvement to the Client. Check this blog to find full info on how we do user research.
The insights we got are fantastic and are definitely making us rethink our product. We especially liked how everything was categorized per impact and complexity and backed with quotes, numbers, and actions. – Client Feedback
Step 2 – Framing the problem and ideation
By identifying those opportunity areas relevant for this specific product – the ones where your product will answer user needs but also dierentiate you from competitors – research has provided a foundation for the ideation phase. This phase is one of the most interesting and dynamic for our Clients as it is eye-opening, creative, and full of new ideas.
We will define what to do, but also what not to do, define the value proposition, measures of success, and priorities, uncover monetization areas and talk about the look and feel of the product.
It was challenging, but really interesting and fun, especially brainstorming workshops – I learned a lot. If we would create another product, we would do product strategy again with you. – Client Feedback
From here we’ll set together the right approach to make the product vision (north star) a reality, in a way that will bring long-term value.
Step 3 – Product validation and definition
Once we have answered the what and why, we are moving to how – building the infrastructure to bring the opportunities to life. During this phase, the product is getting its shape as we are mapping out the user flows, creating wireframes and mockups, and building prototypes. It is very visual, which makes it one of the stages our Clients love the most as they are beginning to see their product come to life.
At the end of this phase the full digital product overview, including user research report, product definition through user flow and stories, solution architecture, wireframes and look & feel roadmap, and the go-to-market plan are delivered. Product Strategy is then followed by MVP design and development, leading to product launch and further product growth and scaling up.
Creating a better digital product
So far we have completed a number of Product Strategy projects – from improving customer experience in the company of 2000+ employees, introducing new startups and their digital products in the US or Germany markets, to repositioning existing market leaders through digital product innovation.
I am really happy with the product. It is a better product now than our original idea. – Client Feedback
But what makes us proud is knowing we not only helped in building successful digital products, but also that our approach is recognized by our Clients who found our thinking, guidance, and results deeply valuable for growing their business.
For us, this underlines the importance of building partnerships with our clients not only by sharing our knowledge from dierent markets, industries, and digitization projects but also by sharing our passion for what we do.
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