Product Strategy is a critical success factor for any product, I am sure I don’t have to explain why we need to have a product strategy in this article, we rather focus more on the best ways to address the problems in defining the best product strategy and executing it.
The best product strategy is not a one-time defined practice, it always carries an iterative process that integrates all the stakeholders in the product lifecycle and improves as it goes along, the process is Called the Product Strategy Cycle. The Product Strategy Cycle help to evolve the strategy based on the insights gained from the execution, it improves every time.
- Building the Product Strategy: The first step is to build a product strategy , it can be either for a new product or an existing product. The Product strategy should ideally contain the taget groups, benificiaries of the product, user of the product, customers, value proposition, need of the product, problems faced by the consumers, the primary benifit that the product should create, the stand out features of the product apartfro the existing offering(compared with your product and competetion) and the business goals that the product should create for the organization.
- Validating the Product Strategy: Validation the stratgy is as important as building the product stragegy, becasue it contains lot of assumptions(sometimes they are hiden) and risks involved, for example you would have assumed a wrong target grou or not understood the proper value proposition, it can have any assumption, hence Validating the strategy is essential to mazimizing the chances of relesing successful product, this phase helps you to Identifyign the risks involved in executing the product strategy too.
- Building Product Roadmap: Product road map helps to align product strategy with th eorganizational goals and ensure that the entire team is aligned with continuous stratgy and improvements .Product road map will creates a sense of purpose and excitement about the overall direction abotu the product. You will be listing down all the product functionalities, befinits/outcomes, efforts required with deadlines for each feature based on the business goals mentioned in the product strategy. Each outcome is called a product goal, product goal can be a a long-term objective or future state of the product .
- Building Product Backlogs: Building the product back log starts with choosign the next product goal from your product roadmap items – Here you wll be determing the required features and functionalities to meet the objectives of choosen product goal and capture theose features and functionalities in the Product Backlogs, Product Back log will ahve the list of everything that you need to build so thta it can be added to the upcoming sprint plan so that it can be moved to the developemnt phase .
- Start the Development Phase: this this phase we break the product backlog items into smaller ones. All the stakeholders involved in the Product Management cycle will have a clear understanding of what is to be done, which is called Definition of Done. PBI item is considered ot be done only when it meets the Definition of Done requirements, which is ideally is testable .
- Measurement the Development Progress: Itis alreaso important to measure the progress of actual development that is happening, you can use the Burndown charts.
- Regular Interactions: It is very critical to interact with the stake holders identify the improvement opporunities, challenges faced during the development, new features that are found during the development which can be added to Future development (PBI),etc – these will help the entire team involved inthe product development and align everyon together and come with ideas to improve the overall product stratgy cycle when the you move into the next sprint and makes product strategy iterative.
- Mesure the Product success: You must measure the performance of the product as soon as it is launched with defined KPIs(which are measureble) so that you can mange improvemets to the products basedon the performance against the KPI’s.
The above 8 step approach makes it a winning product strategy as it involves everything starting from the planning to measuring the KPI’s after the product delivery and coming up with improvement opportunities in the product.
Credit to roman: