Ready to revamp your product management strategy? Follow these rules for better customer alignment, increased business impact, and enhanced product value.
If you’re like most product teams, your objective is to solve more real problems, make better strategic decisions, and create more value for your customers and business, yet again. Do you agree? If so, it’s time to reassess what’s been working for you and determine what new tactics you can incorporate into your product management approach in 2023.
Refining your product management strategy is crucial with the ever-increasing complexity of customer demands and the competitive market landscape. Here are five rules to help you deliver better products this year.
- Focus on what generates impact :
Before you revamp your 2023 product strategy, pause and audit your results from previous years to identify your high-impact points. Your product insights paint a clear picture of:
- The type of features that resonate with customers
- The problems that are worth solving
- The metrics that truly measure the impact
Use the feedback from your customers and business stakeholders to build more of what they want. Measuring outcomes allows you to improve them in the new year.
2. Validate your customer cohorts again :
Many companies acquire a surge of new customers during promotional periods. However, these customers might not always reflect your primary user base. Just as you don’t want to start the year with irrelevant emails, you don’t want to start with misaligned product initiatives. To ensure your product serves your actual customers and delivers business value, re-validate your customer cohorts and align your product strategy accordingly.
3. Weed out low-impact features :
As dormant contacts can sabotage your email deliverability, low-impact features undermine your product value. They might signal to your customers that your product is not evolving as per their needs.
It’s a good practice to periodically reassess your product features and prune those that no longer serve your customers or business. This improves your product’s usability and ensures your team’s focus is on high-impact initiatives.
4. Find cross-promotion partners :
Collaborating with other businesses for mutual growth is a powerful yet often overlooked strategy. Start making a list of potential partners with whom you can cross-promote. For example, at Zeda.io, we collaborate with:
- Other tech companies whose services integrate with our product intelligence tool
- Companies offering complementary services and features
- Businesses with similar audiences we can target and benefit from
Cross-promotions help to expose your product to new users, grow your customer base, and increase your business impact.
5. Build your customer insights correctly :
Every business is continuously seeking effective ways to understand its customers better. However, in product management, quality insights trump quantity. When building your customer insights, ensure that all the feedback you gather is genuine, relevant, and actionable.
Leveraging a tool like Zeda.io 2.0 can help. Its AI-powered system transforms customer signals into actionable product insights, enabling you to make more informed decisions. By focusing on the problems that truly matter to your customers and aligning them with your business goals, you’ll create more value and foster customer-led product innovation.
