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Product Strategy

What does it mean to have a good product strategy? 

“Product Strategy is a system of achievable goals and visions that work together to align the team around desirable outcomes for both the business and your customers.”

Product strategy isn’t a plan to build features and capabilities.

Some might think the following are product strategies: 

• To create a platform that allows music producers to upload and share their music.

• To create a backend system that will allow the sales team to manage their leads.

• To create a front-of-the-funnel website that markets to our target users and converts them.

These are plans, not strategies. Product strategies are plans that are focused on business goals rather than specific features.

“The problem is that when we treat a product strategy like a plan, it will almost always fail. Plans do not account for uncertainty or change. They give us a false sense of security.”

True product strategy comes from testing ideas towards a business goal. Strategy should come through experimentation and change as new findings are made.

Components

The following is needed for Product Strategy to be successful:

• Vision: This should be a long term qualitative thought based on what your organization is trying to achieve

• Challenge: This is your first business goal to help you achieve your longer term vision

• Target Condition: Achievable and measurable metrics that help you with your Challenge

• Current State: Quantifying where you are today compared to the Target Condition

Example of how you can use these 4 attributes for defining your strategy: 

This needs to touch all levels of the organizations to be effective. The executive and board need to set the vision for the company which influences the challenges product managers are tasked to solve.

“Product Management is the art of solving your customer’s problems to reach your business objectives.”

Link to the full article by Melissa Perri.

End Note

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Have a great day,

Nick