Common Mistakes To Avoid When Building A Product Strategy

The product is the core of any business. The first and most important requirement for any business is a commercially successful product, and every entrepreneur wants a portfolio of such products.

A successful and well-liked product helps in drawing clients and increasing sales. Additionally, it aids in drawing in investors, which fuels growth, but having a successful product requires a good amount of planning, skills, and strategies.

I would be sharing some common mistakes entrepreneurs make when building a product strategy.

Sit tight and buckle up!

1. Thinking that your product strategy is "set in stone"

It is common for entrepreneurs to feel once their product strategy has been created and communicated to customers, employees, and investors it cannot be changed. On the contrary, your product strategy is always changing, it has to be a living breathing thing that continues to evolve as you get feedback, as your competitive landscape changes, and as your business grows.

2. Ignoring the MVP concept

The idea of a Minimum Viable Product (MVP) is so important, launching your product will be tricky if the MVP concept is skipped. Entrepreneurs by nature will try to perfect their product before putting it across to a customer, the product has to be great definitely but it doesn't have to be perfect. Don't ignore the MVP concept it's very important.

3. Avoid vagueness of Product Vision

You have to be very clear about your product plans and vision. Craft your product road map and timelines so it drives your entire organization forward. Whether you're a small organization or a large organization it is very important to have a clear roadmap as this gives clarity to your team working behind the scenes to push the product.

4. Be careful not to start ahead of the curve

You have to make sure that you under-promise and over-deliver, it is very important.
Always over-deliver, don't sell far above the curve that the customers are not going to get value, and they lose faith in the company and leave.

5. Don't forget about the customer

Don't forget about the customer and get so involved in what you think the customer wants and you forget to ask the customer what they want. You have to make sure your product serves what the customer wants, and make sure your goals are articulated in what will motivate the customer to make a purchase. That is what you're building, you're not building it for you, always remember you are building it for the customer.

Although a strong product strategy won't guarantee market success, it will give your product a much better chance. You can give your product and team the foundation they need to successfully launch into the market by avoiding the product strategy mistakes mentioned above.