Let’s ask the question in a different way: Do you have a strategy for your product? More questions to follow: What‘s in it? Who created it? Who reviewed it? Who approved it? Is it up-to-date? Does it match with the actual product? Is it reflected in the roadmap? Probably, several of you will have some doubts now and admit that certain things could be improved.

Enough of the questions. Here are clarifications. To begin with let me explain what a product strategy is: A product strategy is a framework which defines measures for achieving the goals where the product shall end up. Meaning that you need a vision and goals for your product complemented by a tailored route towards the goals with the route being formed by dedicated strategic actions.

The following picture shows the contents of a product strategy:

Picture 1: Contents of a product strategy

It is obvious that the creation of a product strategy is a demanding and complex challenge. It has to be short and to the point with wording in bizz-talk rather than tech-talk.

A product strategy has to be coherent. The vision comes first. Goals are derived from the vision. The numerous dependencies need to be considered and appropriate strategic actions need to be defined.

Understanding all those relationships and dependencies is already a remarkable accomplishment. Defining the actions in such a way that the goals can be achieved and that the peculiarities of the enterprise and the market are accurately taken into account, is a masterpiece.

The gain is splendid if the job is well done:

• Sustainability: Due to an effective product strategy, the focus of development activities are put on long-term value creation rather than short-term problem solving and hasty campaigns.
• Customer loyalty: Due to consistent product enhancements, the product gets an own, distinctive flavor, an “image”. Customers gain confidence in the product and the enterprise. Words spread around increasing business and resulting in loyal customers.
• Success: Due to singularity, the product is able to cope with competition. High margins can be achieved. Price fights are prevented.
• Excitement: Due to convincing goals, R&D teams and every single developer get orientation and guidance. It is clear where the venture is heading to. Thus, you create positive energy with team spirit, high motivation and commitment.

It’s a good thing to have Product Managers. Because they are responsible for product strategies. It’s also a good thing to have this blog. Because it should have convinced you that product strategies are an essential pillar for successful business. Finally, it’s a good thing to have RealSkills. Because Realskills can assist you with creating product strategies which comply with your entrepreneurial ambition.

Here my recommendation:

Update your product strategies. RealSkills can support you with special classroom training, inhouse training and consulting.

What is your view on product strategies? What are your experiences? I look forward to your feedback- ressenig@realskills.de