The dynamics in the businesses are changing at unprecedented rate in 2023, we are seeing rise of many new businesses ( ex. ai driven content) and downfall of few renowned businesses and business models(ex. 10 minute delivery) . This is an era of product led growth (PLG) and to get make product led growth your DNA, you need to get your product strategy right.

One important thing to keep in mind is that App Fatigue is a real thing, and users are reducing the number of apps on phone which are offering very less value. Also, in more and more super apps are coming in the picture which are able to serve multiple needs of the customers and creating the barrier even higher.

Creating a successful product strategy requires careful planning and consideration of various factors affecting the business. Here are some key things to keep in mind:

1. Understand your target audience: Knowing your target audience is the most crucial to creating a product that meets their needs and desires. Conducting market research, analyzing customer data, and creating buyer personas can help you gain insights into your audience’s behavior and preferences.
2. Define your unique value proposition: In 2023, Your product should offer a unique value proposition that sets it apart from the competition or it will just be a ‘Me Too’ product which will find it very difficult to find space on user’s devices. This can be achieved by identifying what makes your product different, better, or more desirable than other options on the market.
3. Consider the market and competitive landscape: It’s essential to understand the market and competitive landscape in which your product will be competing. This includes analyzing competitors’ strengths and weaknesses, identifying market trends, and assessing potential barriers to entry.
4. Define your product roadmap: A product roadmap outlines the key stages and milestones in the product development process. This includes planning for research and development, prototyping, testing, launch, and ongoing updates and improvements. Your product roadmap should be agile and determined to solve users problems and should go through iterations as you get user feedback.
5. Consider pricing and revenue models: Developing a pricing strategy and revenue model is an important part of your product strategy. This includes analyzing customer willingness to pay, determining pricing tiers, and deciding on revenue streams such as subscriptions or one-time purchases. These are just to be considered, you need not to create a robust pricing and revenue models in the initial stages, just be aware, investors are not giving away money as easily as they were giving away in 2020-2022, so better have a sustainable revenue model which can turn profitable.
6. Set measurable goals and metrics: It’s essential to set specific, measurable goals and metrics to track the success of your product strategy. This includes defining key performance indicators (KPIs) such as revenue, customer acquisition, retention, and satisfaction. There are multiple different frameworks to help you to set the metrics like PIRATE metric and AARRR metric.
7. Remain agile and adaptable: The market and customer needs can change quickly, so it’s important to remain agile and adaptable. Continuously gathering feedback, conducting research, and analyzing data can help you adjust your product strategy as needed to stay competitive and meet customer needs.

Hope this blog was bit helpful for you, gave a slight amount of direction on how to make a product strategy. Tell me about your opinion on the content and ask your doubts in the comment section.