Product Strategy Development for Fast Business Growth

This year’s focus is on the Cloud Native era – a new era where technology and business are more interconnected than This article, selected from the 2023 TechRadar by Devoteam, focuses on product strategy development in today’s rapidly evolving industry. As technology and business become more connected, companies must prepare for disruptive, cloud-driven models. The Cloud Native era demands strategies that drive both innovation and competitiveness.

Establishing a winning product strategy

A clear product strategy defines the ambition, direction, and evolution of a company’s offerings. Yet, many organisations face challenges in implementing effective strategies. So, how can companies ensure their product strategy succeeds?

More large companies now manage internal functions as products to boost innovation and responsiveness. Redefining the product strategy is critical for unlocking upsell and cross-sell potential, ultimately strengthening market positioning.

While businesses recognise the importance of adopting new technologies, they often lack a focused strategy. With pressures from digitalisation, shifting consumer behaviour, and technological change, companies need a structured approach. Without it, they risk following a limited roadmap, driven by immediate user demands, which can affect product quality and growth.

The impact of product strategy on competition

Product strategy now plays an essential role in enhancing competitiveness. It influences various business strategies, such as diversification, market penetration, and product development. An effective strategy guides each stage of the product lifecycle, helping organisations adapt and sustain growth.

Devoteam’s approach to product strategy development

To address new challenges, Devoteam recommends shaping products and services to support a sustainable business model. This involves a comprehensive ecosystem analysis, fostering a product-driven culture, and managing risks through validated learning.

Despite progress in product culture, many businesses remain at early maturity stages. Although most claim to prioritise customer needs, few genuinely centre their strategies around these concerns. To show the value of product strategy development, organisations should use an end-to-end approach combining strategy, design, and build:

• Strategy: Define a vision and path while considering operational and factual aspects. Actions include segmenting the market, selecting target audiences, and setting priorities.
• Design: Convert strategy into concrete elements for informed decision-making. This includes outlining customer experiences, developing business plans, creating a product backlog, and testing.
• Build: Manage the entire product lifecycle through strategic partnerships and continuous development.

Taking practical steps in product strategy

Launching a successful product strategy often begins with a single product or service focus. This approach demonstrates the strategy’s effectiveness, setting the foundation for broader application. Regardless of the company’s maturity level, an effective approach should involve:

• Assessing the current offering and competitive landscape.
• Understanding customer needs and defining the product’s vision.
• Designing products, services, and experiences.
• Testing these solutions with customers to refine and improve.

By following these steps, organisations can align their product strategy with long-term goals, ensuring adaptability and sustained growth in a dynamic market.