Product Strategy Made Simple
Teams have little to no chances of success without a solid product strategy
I hear a lot of people saying about the importance of Product Vision and clear objectives. I wouldn’t downplay any of them because they are indeed important. Yet, I often miss a sharp product strategy.
Why does that happen?
Everyone has a kind of strategy in mind, sometimes unspoken, or it lives in our subconscious. Either way, that’s a problem because people will make decisions differently, and confusion will be the ultimate result.
On the other hand, a sound product strategy will accelerate decision-making and ensure teams focus on what matters most.
A solid strategy clarifies where to invest your energy and where not.
What Can You Do Today For a Better Tomorrow?
You may think that creating a strategy is time-consuming. I’d say not having one is a time-wasting. The sooner you have a strategy in place, the less confusion you face.
The question is, how do you start with a product strategy? You’ll find hundreds if not thousands of possibilities if you google that. Let me try boiling down some options that worked for me.
Blue Ocean Strategy
This is one of the most straightforward frameworks you can imagine, yet it’s powerful. I love using that because it sparkles creativity and points the team in a differentiation direction.
You simply need to do a competitor analysis and define the following:
Eliminate: What are you not doing in comparison to your competitors?
Reduce: What are you doing less than your competition?
Raise: Which aspects will you raise the quality of?
Create: What unique aspect do you have and your competitors don’t?
Lean Canvas
I love this canvas because it gives you a strong business overview. It helps you understand your value proposition, the problems you solve, the customers you serve, how to measure success, and what unfair advantage you bring.
Having a lean canvas available will help you reflect on the whole spectrum of your business. Then, you can focus on which aspects to explore and how to play the game based on the cards you have.
Simplicity is your best ally.
The beauty of a solid product strategy isn’t in its complexity but in its simplicity. The easier it is for you to memorize, the more relevant your strategy becomes.
A Question for You
What’s blocking you from stepping back, getting together with business people, and crafting a product strategy?