Blog 31: Having a product strategy is not optional; its a must

We may feel that we developed a sophisticated tech product and that will make us industry leaders. But NO!

Without a well-thought out product strategy (and execution), we may miss out on addressing users' real pain points.

What is product strategy?

• The key to connecting business objectives with the product.

• Hence, a high level plan that defines the product goals and…

• …how the product supports the organisations goals.

• Acts as a guiding force while preparing the product roadmap, a guide for developers.

Why do we need a product strategy?

• Provide stakeholders a guiding path.

• Multiple stakeholders remain on the same page.

• Provides a long term view of the product.

• Supports close alignment with organisation’s goals.

Characteristics of a good product strategy:

1. Documents how the product solves a user's pain point.

2. Mentions who the users are and how they will benefit.

3. Incorporates the voice of real users.

4. Must bridge the gap between what customers say and what they need.

5. As user needs evolve so must the product and its strategy.

6. Highlights how the product fits into the ecosystem and where it adds value.

7. Underlines the friction points and their remedies.

8. An educated long term view into the future’s positive or negative disruptions.

9. Mitigation strategies to manage the above mentioned disruptions.

10. Metrics/KPIs to track progress and offer warning signs.

What are the preceding and succeeding steps to a product strategy?

• Vision

  • It is the highest level view of what the company wants to achieve.

  • It motivates employees, and excites consumers.

  • For example,

    • Google vision: “To provide access to the world’s information in one click”.

    • LinkedIn wants “to create economic opportunity for every member of the global workforce”.

• Mission

  • Mission is tactical in nature.

  • Highlights how the company aims to turn a vision to reality.

  • From a mission statement one can create a strategy.

  • For example,

    • Google mission: “to organise the world’s information and make it universally accessible and useful”.

    • LinkedIn mission: “connect the world’s professionals to make them more productive and successful”.

  • It usually comes before in-depth customer research and user persona development.  

• Product Strategy

  • Once the vision and mission is in place, product strategy comes into picture.

  • Earlier in this blog, we covered the characteristics of a good product strategy.      

• Product Plan

  • Plans for the product.

  • More granular and specific. This is where:

    • resources get allocated

    • budgets defined

    • schedules set and etc.

  • Plans are all about actual execution
    

• Roadmap

  • Transforms theory to reality.

  • Lays out how the product will evolve to achieve its key goals.

  • Communicates product priorities to all stakeholders.

  • Acts as a guide for developers, business analysts (i.e. development team).

If you would like to learn more, you can refer to the source (https://www.productplan.com/learn/guide-to-product-strategy/#what-is-a-product-strategy)

Jump to blog 100 to refer to the overall product management mind map.

All the best! 😊