Clients often come to our offices with problems managing their Product lines. And they don't have one. product strategy adequate. The most tangible symptoms of this poor management are the inefficiency in selling them, the lack of value perceived by the market, and the feeling of uselessly wasting economic and human efforts.
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What is a product strategy?
Product strategy is an essential part of any company. It determines the direction of product development, how to market and position it, and how to allocate resources to optimize profitability. Whether you are a new company or an established business, having a clear product strategy is essential for success. It requires understanding the market, analyzing customer needs, and developing a strategy to satisfy them.
A well-executed product strategy can translate into increased customer satisfaction, increased sales, and increased market share. On the other hand, a poorly executed product strategy can lead to wasted resources, financial losses, and a damaged reputation. By understanding the competition, developing a competitive advantage, and continually evaluating product performance, organizations can ensure the success of their product strategy.
Uzink Product Strategy
One of the pillars of product strategy of Uzink is to "zoom out" in the market. We carry out micro and macroeconomic studies based on primary and secondary sources, in order to know what you have to market. Trends, consumer tastes, purchasing habits, perceived quality of your product vs. your competitors... and of course, we also ask your customers and suppliers directly.
Based on the information generated, Uzink defines a product strategy with a guarantee, to compete in a real (and not fictitious) market and with arguments of differentiation and quality perceived by your users.
What does the Uzink product strategy consist of?
The first thing to take into account are the particularities of each client, the sector in which they compete, the trends, and the opportunities that may exist in it.
Taking this into account, we can say that Uzink sticks to the following roadmap:
- Secondary source analysis: We look for trends, published studies, consumption habits, … Any information that can give us a macroeconomic view of where and how we compete.
- Analysis of primary sources: We ask your clients, real or potential, what real needs they have regarding the market where you compete. We put your clients before real purchase situations, to certify that, truly, there is a need for consumption.
- Analysis of the positioning of your product: If you are already competing in the market, but you feel that it is ineffective, we analyze your brand and your products to assess possible improvements in their positioning and competitiveness.
- Internal analysis of your company: Basically, we check if the internal management of the business is carried out correctly, both economically and procedurally. Perhaps here we will find additional reasons that allow us to create additional value propositions for the market, compared to your competitors.
- SWOT analysis and generation of value proposals: Based on all the information we already have, we create a product strategy consistent with the needs and opportunities of the market, your ability to compete in it and your strengths as a brand.
- Repositioning of products and lines of business: We eliminate those products with low profitability or low sales volume, and promote products with greater projection capacity. In addition, we create procedures and strategies for your dealings with suppliers and customers, in order to optimize the strategy that we have defined.
- Relaunch of existing products and launch of new products: We launch products on the market with new promises for consumers, which we have previously defined in our strategy.
- We measure results, improve products that work and pivot to less effective products. Spending time reviewing the results and making any necessary changes can help ensure that the company is making the most of its potential and staying ahead of the competition.
La product strategy Uzink is a coherent and competitive system, with which you will be able to optimize the results of your business and generate a competitive and differentiated brand. If you need more information about our product strategy, or want us to propose a customized product strategy, contact us.