Having covered Product Vision and Mission in previous posts, the next logical topic is the Product Strategy. A well-crafted product strategy can propel a product to new heights.
What is Product Strategy?
Product Strategy is the complete action plan to achieve the Product’s Vision & Product Mission. It is the guiding blueprint that directs product-related decisions and actions toward success.
It answers the three vital questions:
- What is the purpose of your product?
- Who is the Product for?
- What will drive consumers to your product?
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Linking Product Strategy with Product Vision and Mission
Product strategy is intrinsically connected to product vision and mission. Product vision acts as the beacon that illuminates the future the product aspires to create. Product mission outlines the purpose behind the product – the problem it aims to solve, the value it delivers, and the impact it seeks to make.
A well-crafted strategy ensures that every action, inaction, and decision aligns with Product’s vision and mission.
The Three Key Elements of a Successful Product Strategy
- Users: Focus on understanding and serving the needs of the people your product solves problems for.
- Features: Identify and emphasize unique differentiators that set your product apart from competitors.
- Organization Goals: Align your product’s benefits with the overall objectives of your company.
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Example of Product Strategy Definition
Assume a fitness product targetting busy working professionals.
Product Vision:
Our product vision is to empower users to achieve a healthy lifestyle through personalized fitness routines.
Product Mission:
To provide accessible and time-efficient workouts to help individuals prioritize their well-being.
To define the strategy, we follow these steps:
a. Market Research: Understand the target user’s preferences, pain points, and existing solutions.
b. Differentiators: Competitive advantage lies in offering quick, high-intensity workouts integrated into daily routines.
c. Organization goals: Be the market leader in revenue numbers in personalized fitness space for busy professionals.
By combining these elements, we can create a strategy that focuses on developing a library of 10-minute intense workouts, leveraging technology to personalize recommendations, and integrating with wearables for data tracking.
So, a well-crafted strategy sets the stage for Product Success. With a clear vision, a purposeful mission, and a well-defined strategy, you can steer your product toward growth and innovation.
As Michael Porter said, “Strategy is about making choices, it’s about deliberately choosing to be different.”