As a product manager, you have the potential to increase profits for your company by up to 34%.1 Adopting an innovative mindset and using a strategic framework for your decision-making is critical to take advantage of this opportunity. A purposeful approach to product development empowers you to optimize revenue and ultimately create a better product and experience for your customers.
Additionally, by regularly assessing your product strategy with the seven thoughtful prompts below, you can maximize your opportunities to better connect with your customers and drive revenue through innovation and an enhanced customer experience.
1. Produce a Strategic Roadmap That’s Flexible
If you want your products to keep up with industry trends and consumer expectations, you must build flexibility into your product roadmap. Develop a structured framework that also considers the need for adaptability and continuous change.
Taking a flexible approach to your product development makes it easier to prioritize innovation by accommodating two critical elements:
- Customer feedback
- Technological developments
By optimizing your product strategy based on these external factors, you can ensure that your products directly respond to your customers’ pain points, wants, and needs.
For instance, Name.com and Identity Digital created domain reselling solutions as a response to the growing need for customers to access personalized domain names through the platforms they already use. By incorporating domain services into your platform, you can offer in-demand products that complement your core offerings.
Leveraging Name.com’s infrastructure within your platform also means that you can instantly refine and customize your domain name portfolio based on market demands.
When addressing this prompt, ask yourself:
- What feedback or suggestions have we received from users, and how can we incorporate them into our product development?
- How can we enhance the user journey to provide a more seamless experience?
- What pain points can domain reselling solve for our customers?
2. Tap into Unexplored Opportunities
Even when your products are thriving, you can still unlock opportunities for growth by exploring underutilized aspects of your product strategy. Keep an eye on your competitors to identify upcoming trends, and consider what add-on products and services could enrich your primary offering.
Investing resources in undervalued aspects of your product portfolio can provide exponential returns while ensuring your products remain competitive. So, when crafting your domain reselling strategy, focus on creating a domain portfolio responsive to trends in the digital marketplace.
For instance, consider emphasizing domain extensions for particular niches, like Beacons did to drive value for their creator audience. This was done by a custom-integrated API, allowing customers to secure a personalized domain seamlessly within the checkout sprocess.
To successfully leverage this prompt, ask yourself:
- What domains in our portfolio have been consistently underperforming, and why?
- How can we reposition underperforming domains to target emerging markets or evolving customer needs?
- Are there specific marketing, design, or development strategies that can breathe new life into these domains?
For example, Identity Digital successfully tapped into the growing creator and influencer community by providing .BIO domains, enabling this emerging market to establish a strong centralized online presence for their digital community.
3. Prioritize Content Marketing
Effective content marketing is vital for showcasing your product's value to customers. It educates them on features and benefits while introducing new aspects of your platform. It also pushes you to assess your product's appeal and customer service critically. Align your product development with your brand story, creating awareness and interest in your domain services.
Overall, comprehensive content marketing can:
- Help your customers understand the true value of purchasing unique domain names
- Position you as an authority in your field
Questions to Ask
When addressing this prompt, ask yourself the following:
- What types of content, such as blog posts, videos, or infographics, resonate most with our target audience regarding domain reselling?
- How can we measure the effectiveness of our content marketing efforts to optimize our domain reselling strategy, and what adjustments can be made to continue to improve strategy?
- What key messages or information should our content convey to potential customers about domain reselling?
For example, Identity Digital has forged meaningful connections with domain resellers by consistently delivering educational and helpful content such as white papers, guides, and blog posts to position themselves as thought leaders in the domain reselling industry. This commitment to informative and solution-oriented content has earned its audience's trust and solidified Identity Digital's reputation as a go-to resource, fostering a loyal and engaged community of resellers who actively participate in discussions and share their content within their networks.
4. Advocate for Your Product Vision
Use your product vision to inspire innovation instead of limiting your product's bounds. Be prepared to consider new applications of your vision to remain agile and provide your customers with a novel experience.
Trusting in the core vision of your product empowers you to embrace unconventional ideas and take risks with your product development that keep you on the cutting edge of your industry. Think about how domain reselling and other add-on products can fit into your product vision and evolve alongside your product strategy.
Questions to Ask
For this prompt, consider the following:
- How can we align our current initiatives with the long-term vision for domain reselling?
- How can we foster a culture of innovation around our domain reselling vision?
- How does our product vision for domain reselling anticipate and address emerging trends and technologies in the domain industry, fostering innovation to stay ahead of the competition?
For instance, a platform can optimize how domain reselling is presented on its platform by seamlessly integrating domain reselling into its checkout process. This product development innovation improves the customer experience while increasing the chance of users signing up. Ultimately, this enriches their core service and overall business strategy.
5. Rethink Your Pricing Strategy
Pricing strategy is critical in product management because it allows you to maximize revenue, meet customer expectations, and maintain a competitive edge in the market. To that end, consider reworking your pricing strategy or offering pricing tiers to appeal to more buyers. Domains are a great incentive to convert free users to paid customers. For instance, you can bundle your domain name services with other high-value products to incentivize conversions.
When rethinking your pricing strategy, start with these questions:
- What pricing strategy makes the most sense for our platform? For domain reselling, is it a subscription pricing, tiered price, or one-time purchase?
- Can bundling domain reselling with other services or features create customer value and drive additional revenue?
- Can domain reselling be positioned as a premium service to convert freemium customers to paid customers?
For example, by offering custom domains as a premium feature, platforms can encourage freemium users to convert to paid subscriptions, leveraging the appeal of a more professional website and memorable domain name. This strategic pricing approach can boost revenue and customer value.
6. Focus on Innovation Initiatives
An innovative product cultivates customer loyalty and drives revenue by adapting to evolving market demands. Explore creative opportunities like domain reselling, trend-focused domain portfolios, and value-added products to stay competitive.
When focusing on innovation initiatives, ask yourself:
- How can we foster a culture of creativity and collaboration within the team to generate and implement innovative domain reselling ideas consistently?
- How can our domain portfolio be strategically expanded or optimized to align with current market trends and customer demands?
For example, Identity Digital’s partner Beacons quickly launched custom domains alongside their link-in-bio platform, leveraging Identity Digital's products for a two-week launch. Embracing risks and prioritizing innovation can invigorate your product development and boost profitability.
7. Remove Barriers and Limitations
Think critically about what aspects of your product strategy and development environment are slowing down or limiting your product development. Allow your team to make improvements and reach their full potential by:
- Removing barriers to communication
- Encouraging experimentation
- Providing them with the resources they need to innovate
Our Idea Management Guide provides you with the tools you need to embrace new ideas from your team and eliminate roadblocks to success.
Additionally, using an idea management strategy to introduce domain reselling to your product line can help ensure that your team understands the value of domain services, allowing you to align domain reselling with your core mission more effectively.
For this prompt, ask yourself the following questions:
- How can we cultivate a culture that encourages open communication and the sharing of innovative ideas among team members, breaking down silos and fostering collaboration?
- What specific challenges or limitations exist in our current processes that may hinder innovation in our domain reselling services, and how can we address them?
Leveling Up Your Product Development
Constantly interrogating your product strategy allows you to identify and embrace new opportunities to help your product thrive in a competitive market—domain reselling is one of those opportunities. Domain reselling provides a way to level up your product innovation, enhance your customer experience, and drive revenue.
Reach out to the Identity Digital team today to learn how to strategically incorporate domain services into your platform to accelerate product development.
1UXCam Blog. Product Management Statistics: 20+ Eye-Opening Insights. https://uxcam.com/blog/product-management-statistics/