Product Strategy: Steps to a successful product (Part I)

I recently read a blog on Nielsen Wire, which discussed Nielsen’s recommendations from their research, which tracked 600 product launches and tested 20,000 concepts. According to Nielsen, products go through five distinct stages – salience, communication, attraction, point of purchase and endurance – and a product that’s successful in the long term will show success in most, if not all, of these spaces:

Salience:

  • The product should be innovative and have a distinct value proposition. It should be something that people want.
  • The product has to have the ability to catch the buyer’s attention. What’s the point of investing a ton in a product if people are not noticing?

Communication:

  • The product should be able to market itself in a way that makes it stand out from its competitors; in other words, not get lost. It should have a distinct and targeted message and should be able to clearly convey what it does.
  • Product messaging should be brief and clear. It shouldn’t include too much and should focus on the 2-3 things that matter, that portray the product’s personality.

Attraction:

  • The product should serve a specific customer need and/or want. According to Nielsen and some of the market research projects I have been involved in, ease of use and convenience almost always come up as top needs.
  • The product needs to say why it is better than its close counterparts. Make it apparent and inviting.

More on product strategy to come next week…

Faria Rahman
Faria Rahman
Co-Founder

Faria Rahman is the Co-Founder of Treemarc which, uses machine learning to make it easy for businesses to order custom packaging and product nesting in a few minutes. Previously, she was a Senior Associate at Northbridge Financial Corporation, a leading commercial property and casualty insurance management company offering a wide range of innovative solutions to Canadian businesses. Faria also worked at OpenView from 2010 to 2011 where she was part of the Market Research team.
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