Here’s the Only Product Strategy Definition You Need

Here’s the only product strategy definition you need. Read on to learn more.

Product Strategy Definition

What is a product strategy?

It’s the end-to-end strategy for your product, the overarching plan that defines how your product will execute against its singular vision.

Your product strategy definition should consist of five components:

1. Vision
2. Strategy
3. Roadmap
4. Plan
5. Content

Here’s how these five elements come together to form your product strategy definition.

To create a successful product, you need to answer four key questions: 

What problem will my product solve? Who are you solving that problem for? What features/functions will it have? How will you measure success?

When you’ve answered these questions, you have the information necessary to create your product strategy definition. The next step is to organize your information so you can communicate it to your team and stakeholders.

Your product strategy definition is the single source of truth that informs every aspect of your product’s creation and iteration.

Types of Product Strategies

Cost Strategy

Cost strategies define how your product will be delivered to the market. They are based on the cost of the product’s development, tooling, engineering, materials, packaging, delivery, and even customer support.

Marketing Strategy

It defines how your product will be distributed and sold to your audience. Marketing strategies are based on your audience’s demographics, psychographics, and behaviors.

Quality Strategy

Quality strategies define how your product will be created. They are based on the type of manufacturing processes you use, the people who create it, and the materials with which it is made.

Create a Product Strategy in 5 Steps

Talk with your clients

Talk to the people who are using your product. Interview potential users. Learn about their current struggles, frustrations, and issues. 

If you’re selling to businesses, talk with the decision-makers and influencers who might use your product.

Develop a quality statement

Write down what you believe to be true about your product and what it will be able to do and deliver. 

For example: “My product will help my target market easily create and maintain a healthy lifestyle.”

Develop a solution statement

Based on the quality statement, create a solution statement that outlines how you will deliver on that promise. 

For example: “My product will be an online platform that offers nutritionists, registered dieticians, and licensed nutritionists to help my target

Define your goals

Based on the solution statement, create goals that align with how you will achieve your quality statement. 

For example: “My product will help my target market easily create and maintain a healthy lifestyle by providing them with the tools they need to do so.”

Create a roadmap based on this information

Based on these statements, create a roadmap that outlines which features and functions you will develop and when and includes the KPIs you plan to use to measure success. 

The roadmap should also include visual representations of each feature and function (i.e., wireframes or mockups).

Summary

By creating a product strategy definition, you’ll be able to better measure your product’s success, set realistic expectations for your team, and clearly communicate your product vision to stakeholders. 

By doing so, you’ll be able to save time and money by focusing on what matters most. And because it’s a single source of truth, everyone will know where the product is headed and how to get there.