Many times when I ask product managers or founders this question they draw a blank.
This seems to be true for many startups and sometimes even bigger companies.
“What is your product strategy?”
Maybe the word strategy gets a bad rap because of management consultants. 🙂
For startups it may seem to indicate something far out when many are struggling with operational issues.
There is a simple way to look at it.
If you don’t know where you are going, how will you get there?
Simply put, it’s a statement of how you will stand out in the market and how will you get there and what is the underlying business goal.
What are key elements of a product strategy?
– What do you want to achieve – business goals for product and company
– Whom will you serve – target customers and how – by doing what for them
– Why are you better – USP, differentiators, etc.
What do you use it for?
– To guide your decisions for roadmap
– To allocate resources across development, marketing and sales
– To break the high level into tasks with timelines
What it should NOT be or do?
– Just a vision statement
– Ignore competition and customer needs
– Set in stone (it should be flexible if it’s not working or the market changes)
Can you articulate your product strategy?