How to create a product strategy

Why should I care?

Your product’s strategy and vision sets the stage for the journey your team and customers will buy into.

What is a product strategy?

A product strategy is a high-level vision of what your product will try to accomplish over the next few years.

This document does not focus on goals or features. Rather, it is a philosophical piece on how your product will make a dent in the universe.

A product roadmap will pull its goals and features by relating them to the product strategy.

The essence of strategy is choosing what not to do

 Michael Porter

There are two major sections to a product strategy:

  • Vision
  • Strategy

How to create a product strategy

1

Create a document

Transparency is key, make it shareable with the whole company

2

Detail your product’s vision

What problem are you solving for people and how will you help their lives? (e.g. Helping people efficiently manage their projects and waste less time)

3

Detail your product’s strategy

What key milestones will help you fulfill your vision? (e.g. Reaching 100,000 users)

4

Review periodically

Make sure to update your product strategy as it will naturally evolve over time

What to watch out for

  • Not sharing the product strategy
  • Infrequently updated product strategy
  • Solely focusing on generating revenue

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