Product Strategy is the key to building Great Products.
The truth is every Business is a War and the primary objective of the product strategy is to deliver superior customer value than your competitors can.
Do you know Why did Amazon enter India in 2013 and not before that?
In 2007, Flipkart pioneered online selling in India. The customers had no habit of online buying. The Internet penetration rate in India was only 4% in 2007. Online Buying was adopted only by the Early Adopter category of customers and the habit of online buying was in the seed stage.
Flipkart had to offer Cash on Delivery to form the habit of online buying.
Flipkart did the groundwork of ploughing the field by giving discounts, offering cash on delivery and made the Indian market fertile.
Flipkart removed the fear from the minds of Indian consumers about online buying.
In 2010, Snapdeal was launched and contributed to forming the habit of online buying in India and the Internet penetration rate was only 7.5% at that time.
In 2013, the Internet penetration rate in India was 15.1%.
The market was ripe enough in 2013 for Amazon to enter.
Amazon entered the market in 2013 and is now a leader in India.
Though Amazon was found in 1994 in the US, it decided to enter the Indian market in 2013.
Amazon waited for 6 years and watched Flipkart and Snapdeal priming the market and as the market got ripe enough, it entered in 2013.
Learning:
- Market priming takes time
- A successful Product Manager decides the right timing to enter the market.
- Timing is an important element of any product strategy.
- Patience is a virtue and one needs to wait till the market is ripe enough for revenue generation.
The Product strategy of Bezos was very clear to let Flipkart develop the habit of online shopping in Indians and once, the habit is formed and once the market is ready, Bezos will jump in and grab the market share.
At Rebel Learning House, We have designed our product Management course to uplift your product strategy skills. We cover the following topics in Product Strategy:
- Identifying and Spotting the Opportunity
- Customer Value Proposition Definition
- Consumer Behaviour Analysis
- Competition Analysis and Competition Strategies based on the book – Marketing Warfare
- Environmental Analysis – PESTLE Analysis
- Market Research: Primary and Secondary
- Disruptive Innovation
- Product Discovery – Double Diamond Model
- How to achieve Product Market Fit?
- Product Analytics
- Product Portfolio Planning
- Ansoff’s Matrix
- BCG
- Product Life Cycle
- Product Monetization and Pricing strategies
- Go To Market strategy
- New Product Launch
- Product Promotion strategies
- Application of Behavioural Economics in Product Design.
- Product Roadmap.
Want to learn Product Strategy skills, Join us
If you want us to uplift product strategy skills for your product management and product delivery teams, contact us @ rahul.vtc@gmail.com
Uplift Product Strategy skills with us because:
- The Product Management Universe is very vast and Technical aspects are only 20% of it.
- The Product strategy is about 60 % of the Product Management Universe.
- Product Managers must spend 65 to 70% of their time on Product Strategy
- A Successful Product Manager is a Business Strategist first and then Technologist next.
