Saidhem follows a product strategy with our clients to align together on the
product development by considering the current state, vision, challenge, and target of clients to get the desired outcomes in a win-win business environment.
Why we request a client to build a product strategy?
Because through our journey since 2013, we experience with many companies who buy their product from SAIDHEM. We find that an average of 78% of successful businesses cooperating with Saidhem follows the proposed way of drafting a product strategy. It helps us understand your product destination more clearly.
Building a product requires a high-level plan as it should describe the purpose of the product and the plans need to achieve such. The product strategy should define the product will serve and how it will benefit the market and its goals throughout the life cycle.
Product strategy is a crucial part of a business, as many companies take this part just in brief and jump to manufacturing without looking deeply at how it serves the growth of the business.
Let’s consider the three main steps of product planning:
- It provides clarity in your business
Knowing every product’s features before going on the production line helps your marketing and sales team clarify the product benefits and find a unique selling proposition that can boost your revenue and ultimately keep the warehouse busy always.
- It helps prioritize the main functions of the product during the manufacturing
Having complete control of your product will help you cross-checking with your production line at every stage to ensure that all aspects are taken into consideration, bring improvement and innovation and lower the risk of getting a defective product.
- It assists decision-makers in acting promptly.
While we all know that all planning often needs to be adjusted to fit the ever-changing market, follow the rules of a good product strategy that may improve your manager’s promptness when changes appear and make smarter decisions.
How Saidhem examine an effective product strategy?
The three key components of product strategy
- Product Vision
The vision can be a descriptive achievement that your product will perform for the market or user. It can also be a statement that reflects the scope and hope of your product.
For example, SAIDHEM’s vision statement “Making Trade Possible in the new industrial order by guiding businesses to adjust and adapt.”
- Goals
Setting goals is the best approach to win the market, mainly when specific, attainable, measurable, and relevant.
For example, you may proceed with your goals as follows:
- Increase market shares by 1% in 12 months
- Improve customer satisfaction by 1star
- Generate $ xx M in revenue within 12 months
- Increase profit margin by 1%
- Maintaining a qualified product to serve future business
- To add a new related product to the series
- Initiatives
After the blueprint is ready, the next step is to initiate our plan by breaking it down into actionable tasks.
The part that goes to manufacturing is our responsibility to follow as per the client’s decision. We also occasionally bring along suggestions where we feel it can help maintain the product’s quality.