Brands Product Strategy

We all know how dynamic the Mobile market is getting & we have many new players entering the game. The new game changers in this space are Mi & Motorola.

So what makes a product succeed in a new market?

How brands can make a comeback?

How Engaging with Customers is becoming a must for Brands?

I will try answering to these questions in this post.

It’s well said - “Have no fear of perfection – you’ll never reach it”.

In today’s diverse market you can’t have a product for all. So be very clear with your Target Group & Market them the products with a strong message. Remember – Customers are Smart, so win their heart first the mind will be automatic taken care.

A product has 5 characteristics that engage a Buyer

1. PRICE

2. SERVICE

3. ACCESS

4. QUALITY

5. EXPERIENCE

PRICE:

There is only one price – Honest Price & that is the price a buyer things is right

SERVICE:

Basic level of service is expected. The question is how farther would you go?

ACCESS:

How easy should it be to access and navigate both offline & online?

Quality:

Consistently good or one off best ? Good enough is good enough for most


EXPERIENCE:
Intimacy matters. Buyers demand respect and being cared for

Three customer relationships levels – that define the depth of a buyer engagement:

(LEVEL 1):
Be considered little effort to maintain loyalty

(LEVEL 2):

Be favored – Deeper Engagement – Favored over Competition

(LEVEL 3):

Be desired. An Ideal state – Favoured + Desired

“Together they define an Engagement Plan & hence the Product Strategy”

Look at the below 2 charting a Product Strategy

 

So go back & have a look at your product strategy – Don’t try to perfect it as a product with all its imperfections can just be as perfect.