Product Strategies are really important. They help your business brain remain focused, help you niche to your potential market and, many times, even keep you focused on where to expend your marketing dollars and when.
Anyone serious about creating and releasing a new product, regardless of industry, will have (or will be working on) a Product Strategy. Certainly anyone who has ever become successful in business will have a Product Strategy in place. Or at the very least be working on one.
This is even more true for creators of Information Products.
A Product Strategy Guides Your Success
Think about creating your own Information Products... It might be a study kit, an ebook or possibly even a continuity program delivered via a combination of autoresponder series and teleseminars. And as you think about these, turn your attention to some of the existing products you have around you.
Chances are, those products were either created through "natural" talent, with marketers having stumbled upon success without really knowing "How" they achieved that success. Or, the products were successful because of certain foundations that were laid beforehand. Furthermore, those product will most likely play a crucial role in the future, through a well thought out Product Strategy.
Product Strategies are vital to any Information Products Marketer! Regardless of how you look at it, if your Information Product relies on the Internet at all then it will help taking a lesson or two from some of the leading high-technology companies and adopting a high-tech approach to your Product Strategy.
Benefits of a High-Technology Product Strategy
- A High-Technology Product Strategy focuses everyone's attention on what's important.
If you have other members in your team (real or virtual), having a Product Strategy keeps everyone focused on the same common goal.
- A High-Technology Product Strategy enables products to be developed and available to the market quickly and consistently.
Instead of viewing each successive product as a completely new product, try viewing successive products as an evolution of previous ones. When you're building on previous processes and content, they become less expensive to produce.
- A High-Technology Product Strategy encourages a longer term view of the business.
When you get that longer term view of your business, all laid out step-by-step, and you talk to your customers about your plans, you'll find that many of them will be eager to want to buy from you.
In a fast-moving market, a comprehensive and well thought out Product Strategy is critical if you want any certainty in your business' success.
Similarities Between Information Marketing and High-Technology Companies
Unlike many of the more traditional businesses, which involved making "things", both Information Marketing and the High-Tech style of businesses are allowed to exist only because of our ability to do clever things with zeros and ones.
Given that there is a pretty sizable overlap between these two types of businesses, it would seem logical then that if you were to create an Information Product, it might just pay to look at the likes of HP, Microsoft, Apple and Cisco to see how they went about creating products. And, when you break it right down, maximising your Information Products chances of success can be captured in the answer to one simple question...
What will your customer desire after they've received the benefits of the first product they bought from you?
Try it out with one of your own product ideas. What will your customers be wanting once they've got all the good things your products helps them with? And when they got that, what will they want next after that?
Repeat the question three or four times. You'll find quite an interesting array of potential future product ideas that could create a number of income generators in a systematic and planned way.
Do you think that this information might be valuable to have before you start. That way your only decision is "when" to release the next product and not "what" to release because the "what" has already been taken care of. It basically means that you get control over how fast you grow and how long you want to be in the business.
It has been said that close to 70% of businesses will fail in the first three years of operation. When it comes to Internet businesses, it wouldn't surprise me to find that number to be more like 18 months instead of 36 months. You owe it to yourself and your customers to give yourself every chance of surviving more than that and that means putting in place a Product Strategy.
If you're thinking about creating your own Information Products and being in control over how your business evolves, then we'd be recommending that you develop a product strategy. When you already know what needs to be done, and all you have to do is control the accelerator, it makes "working" so much more enjoyable.
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