Product leadership is one of the three value strategies in Wiersema and Treacy’s business strategy model. The model comprises three different value strategies: operational excellence, product leadership and customer intimacy. If your company focuses on one of these values, you create unique added value and distinguish yourself from the competition.
What is product leadership?
Product leadership focuses on the product. A company that excels in this area clearly states and shows that it offers ‘the best’ product or service on the market. The consumer can expect:
- Innovative products of the highest quality
- Products that keep up with trends
- Companies that put innovation and product renewal at the centre
How to implement product leadership in your company
In order to apply product leadership as a value strategy, it is necessary to conduct continuous research into the latest trends and developments. Be the first in the market to respond to these and meet the characteristics of product leadership.
Product leadership as a competitive strategy focuses on building a culture in which your company continuously delivers superior products to the market. This strategy enables your company to achieve premium market prices through the unique experience you create for consumers. Excellence in creativity, problem solving and teamwork are crucial factors for success in this strategy.
Most companies that focus on this target a relatively young market. They are often found in consumer electronics, fund management, automotive and pharmaceutical sectors. Examples are Apple, Fidelity Investments, BMW, Pfizer but also Philips.
Philips, a product leadership champion
Philips focuses on consumer needs in their approach to innovation. At the same time, it profiles itself as an all-round technology company. Philips aims to improve the customer’s quality of life through innovations that make life easier. The company is comparable to the American brand Apple in terms of product leadership.
Apple is globally the strongest player in product leadership. Apple is often first to market with innovative products, products of consistently high quality, with which the company responds to the latest trends and developments. As such, they fulfil the (sometimes unconscious) needs of the consumer by continuously implementing product improvements. Typically, Apple brings out a new iPhone every year with the latest technical gadgets.
Are innovation and quality the drivers of your business? Are you always eager to bring new products to market that blow consumers away? Check with comma, brand strategist whether the value strategy of product leadership is the right fit for your company and achieve market leader position. Fly high & enjoy the ride!
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