Product planning involves all of the internally focused decisions, steps and tasks that will be necessary to develop a successful product. In other words, it involves everything you’ll need to do or decide that will affect the product itself.
Go-to-market planning involves all of the external-facing steps, the things you’ll do to introduce and market your product to the public.
Here are a few examples
1. product planning and
2. Go-to-market planning
In this post, we will talk about product planning.
- What features should we prioritize for the product’s development?
- How will we determine the price points for our product?
- Which vendors will we work with for manufacturing?
- What will be our revenue targets, our goals for new-customer adoption and other metrics that we can track to determine the product’s level of success?
Go to market planning:
- What email campaigns will we develop to inform prospects about our new product?
- Which pieces of marketing collateral should we create for this product launch?
- How and when will we train our sales force on selling the new product?
- Should we create limited-time promotions to boost early purchases?
- What PR campaigns will we roll out to increase industry awareness prior to launch?
Product Planning is a continuous process:
Product planning is not something we do in the early stage of a product development. It starts with a first meeting with the stakeholders to decide first phase or the basement of the product of a new product development, for example:
– What major features to prioritize
– Who’s our target customers
-.Pricing structure for the product etc.
From there, we jump straight into execution mode and we revisit product plan whenever we get new findings.
At any stage after developing our product the realities on the ground might change.
It depends on our customers, our competitors and our market. This is why it is so important to view product planning not as a one-time step in the process but as a major strategic component of the process itself.
Let’s say at various stages of your product’s development you gain new demographic data about your primary user persona, or your customer surveys reveal new and information about which features to prioritize in your next release, or you bring in a new stakeholder who has insights your team hasn’t considered before. All of these scenarios might demand that you revisit the decisions you and your team made in your early-stage product planning sessions.
Below are a few steps to help you craft your own product planning:
1. Create a team culture that views product planning as an ongoing process. Of course you don’t want to change your core mission every other week. But you also shouldn’t feel struck to a set of strategic plans that came out of a meeting months earlier with the present situation.
2. Don’t data dump. summarize your research with conclusions and key takeaways. It helps a lot when you share the plan with your team and stakeholders. First page of the report should have summary about what’s inside that report, usually just a few bullets that any layperson can understand.
Q3, 2018, 4% decrease in sales compared to last quarter.
– Change in subscription section
– Competitor offerings.
Developing a successful product plan is not a one time task, its a canvas which shares insights about our past product plans, present implementations, user feedback and steps to be taken for the next market situation.