A good “Product Strategy.”
2 min readMay 1, 2020
Let’s talk about what is a Product Strategy and what it entails? A Product Strategy is nothing but how you are going to get to your “vision”.
A strategy is all about how you are going to turn your vision into reality, and when you are building strategy, there are many factors that you need to take into account such as:
User Needs:
- Who is your target user?
- What are their needs?
Key Features:
- What are the primary features that solve the user’s needs?
- Will these features result in people using the product?
- Will these features convince people to buy the product?
Competitor & Differentiation:
- How does your product compare to others in the market?
- How is your product different from those competitors?
Business Goals:
- What are the business goals for this product?
- What KPI you can use to measure these goals?
Trends:
- How is the market changing over time?
- How are user behaviour and needs changing over time?
Tips — Now that you know what a strategy is, It’s essential to find the right balance between features, user and market needs, and business goals. Here are a few things to follow:
- While building strategy, you will come up with many exciting ideas, but few of them will be very costly. They won’t add any immediate value to the customer, making such trade-off will always be imperative.
- You are creating building blocks for how to get to your vision. Think about breaking your strategy out in 3–5 smaller components that you need to realize your vision.
- High level, but with a little more detail.
- Goal-oriented, and preferably measurable.
Keep above cheat sheet handy for you to remind yourself about a product strategy basics. Thanks for reading. I will see you in my next blog!
