4 Steps to Better Product Portfolio Planning
Markets and Customers continually change, and so does economic conditions. Thus, proper product portfolio planning requires regular assessments of your current markets, market segment differences, and unmet customer needs and wants that allow you to refocus your efforts to better drive profitable growth.
Fortunately, there is a four-step process that will let you do this quickly and accurately.
Step 1 – Know Your Goals and How to Reach Them
The first step in any planning is always knowing where you want to go and the metrics that go with it. You want something clear and to the point. Something you can update as needed.
Step 2 – Completely Analyze Your Customers, You Competition, and Yourself
This seems obvious, but you want to know your customers and competition like the back of your hand. However, this is not enough. You need to know your own strength and weaknesses to deal with the changing market as well.
Step 3 – Develop Winning Strategies
Many companies lose opportunities by not spending enough time to develop workable strategies They end up reacting to market pressures rather than lead them. You can prevent this outcome by identifying what drives your customers’ needs and plan around it.
Step 4 – Establish and Implement Your Plan
Now that you have a strategy, you have to use it. If you completed all the other steps, you should have everything you need to know exactly what you are doing, how your product serve your customers’ needs, and the payouts that come with them.
These four steps should kick start your product portfolio planning. Since the right planning can take your business to new heights, you want to make sure your product plans will work. To do this, you should seek the advice of a professional business planner.
If you are a planner yourself, and would like to have a similar article like this one on your block, contact me and I will write one for you.