Practical Product Strategy should highlight the following steps
So what is Practical Product Strategy?
Strategy is a big word, huge… sometimes a little intimidating.
Think about it, what is your strategy? Do you know what it means?
I’d like to think of strategy from a practical perspective – Practical Strategy! Practical strategy is the guideline for the Product Manager.
Strategy is the grand plan… The Master Plan … the way you achieve your ultimate goals. To do that you have to know what is your ultimate goal – that is also part of the strategy.
If your product is a journey, the strategy the high level plan of where you want to go and how you want to get there.
So let’s break it down – I would like to think of strategy in terms of 9 items that define strategy.
From a practical perspective – we have 9 steps that build us into producing the Business Plan!
Please see the key items to consider below.
|1.2||Value Proposition||Unique (hopefully) Value Proposition|
|1.3||Mission and Vision||Our Vision and Product Mission|
|1.4||Positioning||Market Dimension that Determine Product Positioning|
Product Values within these Dimensions
|1.5||Pricing||Determining the right price|
|1.6||Business Model||Product Business Model – The way we engage with customers to monetize value|
|1.7||Competitive Analysis||Industry Competitive level (Porter Model)|
Focus on these dimensions
|1.9||Business Case||Expected Revenues and Costs Over Time|
Long term and Short term