Develop a Vision of the Product:
First of all, we develop a vision of the product before we actually develop the product. Under this vision development phase, we define the final output of the product. It helps us keep on track while designing and developing the product.
We answer three key questions when formulating the product vision. They are 1. Who will be the end client of the item? 2. What problems in real life will it solve? 3. What is the success index of the product.
Market Research & Customer Understanding:
Market research involves collecting and processing market information to analyze different aspects of a product. Sometimes it compares existing products, seeks to find the viability of a product, judge people’s interest in similar products, analyze features of existing products, etc. However, the core objective is to understand the potential users of the product.
The success of a product largely depends on the accuracy of market research. If the market research shows faulty results, the product will not be able to serve its purpose to the expected level. We have an expert market research team who are capable of extensive research.
Develop Winning Strategy:
At this stage, we develop a winning strategy. We consider a lot of things while developing a product strategy. We prepare the strategy with a focus on the final outcome of the project. In doing so, we seek to achieve the core objectives of the product through the strategy.
The strategy reflects on a number of factors including competitors, market demands, key features, and differentiators, business objectives, total development time, the future potential of the product, etc.
A Product Management consultant generally works on a project that is well-defined by the client. This might include market analysis and validation, developing a business case or defining product strategy and building a strategic road map. Work is done offsite, with occasional visits to the client site if necessary, to gather data or present findings and deliverable.