Is creating a product strategy worth the effort and how does it fit into the big picture? In-between launches and sprints, feature requests and readiness, product managers are expected to come up with a product strategy. It’s difficult to flip the switch when most of your time is spent in the weeds taking care of the day-to-day product needs. Furthermore, executives rarely think that the requested enhancements to a product are strategic, meaning they won’t drive significant revenue. The Playbook:
Make your product strategy more about the customer than the product and it becomes a pretty simple exercise, plus the value will be unquestionable. Nothing bad comes from doing your job through the eyes of the customer, and executives understand the business of the customer when explained in plain English. In fact, it’s all good.
Here’s another tip. Partner with your fellow product managers and come up with a strategy that solves problems beyond each product’s users, and the value to the market will be even more apparent. Customer insights are invaluable in every sense of the word. Make it a routine business practice and product strategies and plans will be a (relative) cinch to create and get funded.