Product Manager manual-product strategy

1. First, you must understand (or decide) The overall strategy or vision of the enterprise.

The product vision should be consistent with the company's strategy.
(1) Describe your enterprise vision, strategy, and core competitiveness that may affect your product plans
(2) list the enterprise strengths and weaknesses that may affect products
(3) describe the role of your product in the strategic implementation of the enterprise.

Calm down and draw out your vision for the product in paper.
Before describing the product vision, you must be clear or clear about the following issues:
(1) What products can do
(2) What is the product?
(3) who will the product serve?
(4) Significance of products in the hearts of customers (characteristics, personality, and image)

*
Remember to follow market changes and prepare for changes.
*

2. trend prediction, research and Customer Segmentation

The product manager must have a clear understanding of the market of the products he is responsible.

Because different customers have different requirements and expectations, product managers must be clear about the differences, which are important for product planning.

Establish analysis teams to help monitor the development of trends and collect random ideas and experiences. The archive content is all-encompassing: articles, customer data, channels and sales insights, various downloaded files

And sudden inspiration. Periodically analyze the information.

Product managers should keep up with the latest trends that may affect their products, competitors, and technologies, and can be prioritized.

Customer Segmentation: first, determine the market segmentation factors of the product. For example, demographic variables, psychological characteristics, product applications/usage, etc.

Customer analysis:
Different market segments are differentiated in the most detailed classification mode, and market segments are scored by factors. And then determine that these segments have their own distinctive needs.

The evaluation results of field attractiveness and service capability are summarized to determine the priority of each market segment and customers.

Find out the definitions of "good" customers: taking into account factors such as profitability, market scale and growth rate, reference value to other customers, and price sensitivity.

Evaluate the ability of competitors to meet customer needs.

After analyzing the target market, we need to "increase" the customer value. Increase profitability of existing customers, attract new customers in the future, and "expel" low-potential customers.
*
Brands cannot create wealth, so customers can.
*

3. Competitive Intelligence and competitive strategy

A very important task for product managers is to objectively define the "advantages and disadvantages of products perceived by the market compared with competitors" and use this knowledge to successfully execute competitive strategies.

Competition Analysis: from the customer's perspective, region, price, core competitiveness, market awareness of the product, analysis of the characteristics of the "Best of the same kind" competing products, etc. Emphasize the comparison between competitors and establish an analysis table (price range, advantages, and disadvantages) between competing products and the product ). Apply competitive intelligence to the creation and updating of the Strategy.

Establish a good relationship with sales personnel to encourage them to contribute to intelligence collection.

Competition type: direct competition, category competition, alternative competition, budget competition, and organizational competition.

4. Brand Strategy

Brand Identity can simplify customers' purchase decisions because it represents an identification form that implies specific quality, price, or value and product support.

A brand is a product that adds some dimensions and meets the same requirements in a differentiated manner. The brand provides consumers with the means to select and identify from chaotic markets.

Basic brand questions:

What should the product manager do?

Brand Image customer perception determines rational and emotional image cues
The correlation and importance of brand equity clarify the reasons that customers care about
Comparison between brand positioning and competitors defines your differentiated advantages
Continuously develop future plans for brand management strategies

Five factors for evaluating a brand: memorability (meaningfulness) transferability (adaptability)

Protectability ).

Carefully assess risks and benefits before brand extension.

Maintain brand consistency in marketing plans.