If you’re running a new business, you may not have heard of product strategy before, or you may have been told it’s an important part of your business, but not exactly sure what it means or why it’s so important. Product strategy is a key aspect of the way your company should be run and how it should grow in the future. It determines everything from the way you should hire to the types of products and services you should offer to your customers. If you’re looking to develop an effective product strategy definition in your business, here are some guidelines that will help you get started.
Product strategy vs. product roadmap
So you know what a product strategy is, but do you have one? If not, what are you actually working from when developing your products? A product roadmap , which lays out goals for upcoming products or versions. While it’s important to have one of these in place, don’t be fooled into thinking they’re an adequate substitute for a product strategy.
The core ingredients of a great product strategy
There are three fundamental ingredients of any good product strategy. In order for a product strategy to be successful, it must be built upon these three core principles: Know your customer Get their feedback Create a product that meets their needs and solves their problems The first ingredient is perhaps self-explanatory; as marketers, we need to know who our audience is.
The second ingredient of a great product strategy is getting your audience’s feedback. The best way to achieve this is by using surveys, polls, or even interviews. By asking users what they like, dislike, or want from your product you can create something that solves their problems. A strong product strategy relies on getting customer input.
10 best practices for writing a winning product strategy
Every company wants to produce a great product strategy. You need one, your team needs one, your customers need one. But so many companies struggle with how exactly to create one of these important documents—and what it should look like. To help you get started, here are ten best practices for writing a winning product strategy.
Final thoughts
After all, what is a strategy but a plan of action designed to achieve an objective? This is why many confuse product strategy with business strategy, which is understandable. However, they are different. Product strategy identifies what you’re going to create; how you’re going to create it; where it will fit in your current or new markets; and how you plan on positioning it within those markets.
