Product strategy is a key success factor of most global brand strategy. A good product will make customers fall in love and connect with the Brand, but finding the right balance between all facets of marketing is increasingly becoming a challenge for Brands and strategists.
To determine the role of product strategy, Brands should start from the Brand purpose and define how they want to keep connection with customers. The CEO or president should set the clear goal for the product development team to achieve and inspire them to create something new and innovative.
Steve Jobs has shown the power of a good product marketing for the growth of a Brand. When he took over as CEO of Apple in 1997, the company was close to bankruptcy. He turned it around by making some bold decisions, including killing off some of Apple’s best-selling products, such as the Newton MessagePad. He also invested heavily in R&D to create new products like the iPod and iTunes. As a result, Apple’s share price soared and it became one of the most valuable companies in the world.
What do you think is the most important factor for a successful product strategy? Leave a comment below.
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