The Best Tips in Defining a Product Strategy

In this post, let us consider some tips in defining a product strategy. Read on to learn more.

Tips in Defining a Product Strategy

Define the current state

Start with defining the current condition of your product. 

What are the pain points your product is solving? Are there any gaps between what you have now and what your customers want?

This step will inform you about the current state of your product. Aside from just identifying the problems, also list down the features that are being used by your customers.

Define the target condition

After knowing the current state of your product, you have to define the target condition that you want to achieve. 

You have to set a goal that will guide you in moving forward. The target condition may be considered as a desired future state, but it is not a vision because it is more concrete than a vision, thus it can be achieved. 

It presents a direction that you want to go, but not the whole picture.

Define the gap

After defining the current and target conditions, you have to define the gap between these two conditions. 

This will help you determine the priorities in your product strategy. 

You must know if you are moving towards your target condition or not. 

What would you do if your product is not improving? This gap analysis will surely help.

Define the product vision statement

Your product vision statement is what your company wants to achieve regarding your product. This statement should be understandable to everyone on your team. 

It should also be short that will guide everyone in building a great product. 

The product vision statement should be written in the present tense, as the future condition is yet to be determined, thus it will sound different from what you want to achieve. 

The vision statement can be defined as a statement that describes what you have now and the direction where you are heading towards. 

It is also a statement that links everyone together in building a great product that benefits their customers as well as your business as a whole.

Stay focused

A product strategy should be focused on achieving the target condition. 

When you are creating your product strategy, you must make sure that it is aligned to the vision and the target condition. 

It should not be complicated for everyone involved in creating a new product or improving a current one. 

You must keep the development of a new product or improvement of an existing one simple. 

If your strategy is too complicated, it will only confuse everyone in your team. 

You have to ensure that everyone knows what to do and why they are doing it at all times. For this, you have to define specific goals that will help you achieve your vision and target condition. 

This will also help you determine if your strategy is aligned with your vision and target condition. If not, then you have to change it accordingly.

Summary

A product strategy is important in creating a product or improving an existing one. 

It defines the current condition of your product, your vision, and your target condition. 

The definition of these three things will help you determine the gap between what you have now and what you want to achieve.

After knowing this gap, you can then push towards your target condition by making sure that everyone is aligned with the value that you want to deliver to your customers.