How to Develop a Winning Strategy: The Elevator Pitch Framework
The Ultimate Guide for Product Managers
Introduction
As a product manager, developing a winning strategy is critical to the success of your product. But with so many variables to consider, it can be challenging to know where to start. Fortunately, there is a simple and effective tool that can help you develop a clear and concise strategy: the Elevator Pitch Framework. In this guide, I'll walk you through the steps to create a winning strategy using this powerful tool.
The Elevator Pitch Framework
For (target customer), who (customer needs), (product name) is a (market category), that (one key benefit). Unlike (competitor), the product (unique differentiator).
Target Customer
The first step in developing a product strategy is identifying your target customer. Demographics such as age, gender, geolocation, and income are crucial in defining your target customer. By knowing who your target customer is, you can tailor your product to meet their specific needs and preferences.
Customer Needs
The next step is to identify the needs of your target customer. Instead of focusing on solutions, focus on the problems your customer is facing. By understanding their problems, you can create a product that solves their pain points and fulfills their needs.
Market Category
Once you have identified your target customer and their needs, it's time to define the market category. The market category is the industry or niches your product belongs to. Defining your market category helps you understand your competition and market trends better.
Key Benefit
The key benefit is the main value proposition of your product. It is what sets your product apart from the competition. Clearly defining your key benefit helps you effectively communicate your product's value proposition to your target customer.
Competitor or Alternatives
It's essential to identify your competition and alternatives in the market. By knowing your competition, you can find ways to differentiate your product from theirs. Understanding your alternatives can help you identify gaps in the market and fill them with your product.
Product Differentiator
Finally, it's important to highlight what sets your product or service apart from competitors and alternative solutions. What unique features or benefits does your offering provide? What could you do better than your competitors or alternatives? By focusing on what sets your product or service apart, you can create a clear and compelling message communicating its value to potential customers.
Conclusion
In conclusion, developing a product strategy is crucial for the success of your business. The Elevator Pitch Framework is an effective tool for creating a concise and compelling product strategy. I learned this concept from TegGrenager and Eldad Persky on LinkedIn Learning, and it has helped me create successful product strategies for my clients. So, what are you waiting for? Start using the Elevator Pitch Framework to create a winning product strategy today!