Stay on top of your game by taking the time to reassess your goals.

While summer is a great time to take a vacation, soak up the sun and let go, one thing you shouldn’t ‘let go’ of is your product strategy. A lot can change over the course of a year in an ever-evolving market. June is also the middle of the fiscal year and a great time to take another look at your financial plan and ensure you have the capital to continue moving forward.

If you want to make a splash in the market, you’ll benefit by doing a little research on the latest market trends and new competition for your product category. Naturally, your product strategy is critical to continue understanding your audience. The key to long-term success to adjust your plan to make sure you are solving your buyer problems.

To empower you, SnS Design suggests asking:

Are you still selling to the same audience?

If the market has changed, how will you change your brand message to address your new audience?

Is your product still one-of-a-kind?

Has a new product similar to yours come out on the market? If so, how will this change the messaging and perception of your product? Can you still seek patent protection?

Are you still providing value?

What problems are you still solving and what new problems should you try to address? Does your value proposition still hold weight in your particular market?

Does your product’s price equal perceived value?

What has changed in the market that may cause you to change your pricing model? Consider changes to your production costs, vendor services and advertising budget to see if your profit might grow or shrink.

Do you need a different distribution method?

Have any new trends in shopper preferences created a need to change how and where you sell your product?

Stay cool with this SnS Design success story for Haier USA:

SnS Design partnered with Haier to stay on top of today’s competitive marketplace by developing innovative features for their portable air conditioner unit. Senior Product Manager of Product Innovation and Engineering, Andrew Ziegler, testified that.“SnS Design helped us realize our vision for developing barrier free, high performance consumer products.”

New features included:

– Ergonomic EasyClean control panel

– MagnaClik™ magnetic remote control storage

– Braille enhanced remote control

– Sophisticated piano black designs that blend harmoniously with today’s interiors

Learn how you can keep your product
strategy on track.