34 Types of Product Strategy
John Spacey, updated on March 19, 2021
A product strategy is a plan to develop a new product or improve results from an existing product. It is a marketing activity that often includes the following types of strategy:
Adoption LifecycleStrategies for achieving your first few customers for a new product and building momentum from there.
Backward InventionRemoving features from a product for introduction at a lower price point.
Brand ArchitectureBrand architecture is the practice of creating relationships between products such as a product line.
CostCosts, both fixed and variable, are an important product strategy element. In many cases, a firm may try to establish cost leadership for a particular product.
Customer ServiceCustomer services such as sales, delivery, customer experience, support, feedback and complaint handling.
Brand IdentityThe unique character of a brand in the eyes of customers.
Brand RecognitionThe visual symbols of your products and packaging that make them recognizable to customers.
Business ModelThe fundamental way that your product generates value.
DesignDesign such as architecture, functional design, user interfaces and aesthetics.
DistributionHow you will sell and deliver the product. A distribution strategy may include channels such as ecommerce, retail, wholesale, direct selling and partners.
DiversificationCreating diverse products to reduce the risk of concentrating on a particular industry, business model, product category or product.
Exit StrategyA plan that's designed to minimize impact if the product fails on the market.
FeaturesFeatures that add value to a new or existing product.
Feature ReductionA new product that avoids unpopular features that are common amongst the competition. In many cases, customers may find certain features cumbersome, intrusive or annoying.
Feature RemovalRemoving a feature from an existing product because it isn't profitable in some way. For example, a feature may be costly to maintain or represent a risk.
Figure Of MeritIt is common for product development to focus on improving a figure of merit that customers use to compare products such as the cost per watt of solar panels.
LaunchHow the product will be launched including initial distribution, price and promotion. In many cases, a product that is developed quickly is launched as a beta until it is considered fully stable.
Market ResearchGathering information about competing products and market trends. Important to industries such as fashion in which a particular style of garment, material and color may dominate a season.
Mass CustomizationA product strategy that allows customers to customize the product using interactive design tools.
NicheTargeting an identifiable group of customers who have unique preferences.
PositioningStrategies that consider the position of a product relative to the competition.
PricePrice strategies are commonly designed to find ways to charge price insensitive customers a higher price while still selling to price sensitive customers who may represent the bulk of your revenue.
Product-as-a-ServiceA strategy that sells an item as a service that was traditionally sold as a product. Potentially results in a closer relationship with customers and a steady stream of revenue from subscription fees and usage based charges.
Product DifferentiationStrategies to make a product stand out in a crowded market.
Product NameIn many cases, a great deal of thinking goes into finding a distinctive, memorable and meaningful name for a product.
Product QualityQuality is anything that gives a product or service value to the customer. It is a common mistake to think of quality in terms of durability alone. In fact there are endless factors that contribute to quality.
PromotionPromotion is any activity designed to communicate information about your product and brand.
Quality AssuranceMaking sure that delivered products and services conform to your specifications and design.
Risk TypesManaging the risks associated with products such as liability risk due to a faulty design.
Source Of SupplyHow the product or its materials and component parts will be procured.
SustainabilityProducing products and services using sustainable design techniques.
Target MarketIdentifying your target customers is a fundamental starting point for product development and product management.
Time To MarketStrategies to improve time to market such as fail often innovation.
Voice Of CustomersWorking with customers to gather ideas and feedback.
Product MarketingThis is the complete list of articles we have written about product marketing.
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The common types of premiumisation. A guide to product marketing. A definition of product focus with examples. A few types of marketing niche.
Three common ways to calculate market share.A definition of customer focus with examples.
A definition of product benefits with examples.The definition of product variety with examples.
Common examples of marketing.An overview of common pricing strategies.
A list of price discrimination strategies.
An overview of price wars.A list of price economics principles and theories.
A definition of premium pricing with examples.
A definition of penetration pricing with examples.
The definition of variable pricing with examples.
A definition of channel pricing with examples.An overview of supply and demand with examples.
The definition of value pricing with examples.
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