2018 is just around the corner, and if you haven’t already got a strategy in mind for how you plan to evolve and grow in the coming years, then now’s the time to start brainstorming. In the world of business, the easiest way to outshine your competitors, get ahead in the marketplace, and embrace new opportunities, is to establish a solid strategy. The right business plan for 2018 could help you to expand your product offerings, enter new marketplaces, and take advantage of potential profits in niches you never considered before.
Product planning is a difficult term to understand for many businesses because it’s so painfully vague. For a product manager, product planning can take up a great deal of your time and focus. After all, it’s key to making sure that you’re putting the right features on the market, at the right time. From figuring out how internally-focused decisions should be made, to managing the tasks that are necessary to create a more successful product, there’s a lot more involved in product planning than you might think.
Transforming a small start-up into a big business, or a mid-size enterprise into a huge company, is no simple feat. The statistics, for one, don’t look good, as research suggests that only about a 0.10% of companies will ever reach the lofty goal of $250 million or above in revenue. In other words, a lot of businesses simply stay small. However, just because other companies might have tried and failed to take the next step towards success, doesn’t necessarily mean that you need to give up.
When it comes to developing a new product, feature prioritization will always be a topic that’s at the front of mind for product teams. No matter how much experience you might have in your industry, even the most impeccable product managers can struggle with figuring out which features they need to include on the product prioritization roadmap, and which are simply not appropriate for their brand. Whether you’re looking for a way to enhance the value of your existing product, or you’re creating something new from scratch, the good news is that there are solutions available for almost every industry.
Let’s face it, we all have our strengths and weaknesses in life. Just because you’re exceptional at product development, doesn’t mean that you’ll be any good at dealing with the priority matrix in your business, or designing marketing materials. One of the simplest ways to bridge the gap between your talents, and the areas where you struggle most, is to perform a personal “SWOT” analysis. SWOT (Strengths, weaknesses, opportunities, and threats) analysis is often a strategy that companies use to formulate a strategy for success.