What is Product Strategy
The most important thing a company cares about is their own company mission or company vision statement. A company's mission statement evolves as the company grows or shrinks.
The core under that is the company's strategy for how they are going to deliver on that mission statement.
The company strategy includes your product strategy. And this is the place where the edge of the problem or topic is located. And it's very product specific. Once you know the product, you come up with your product roadmap, thinking about meeting your success metrics for the product.
5 key pillars to product strategy
User Lifecycle Map
Building a user persona - who uses my product? - your target segment:
First time home buyer
Couple Vs not
Seasoned home buyer
Couple Vs not
Lets build a user story - what does a day in a lot of my user look like? - your user research
You have a user story now what? - your customer journey
Create a walk-through desk - as thorough as you can be the better
Customer journey mapping
2 forms of new ideas
User journeys and customer interviews
Improve an existing feature
Persona definition and future feature investments
Invest in a new growth area / build a new feature
Can use the same methods to validate
How do I know if my idea can be done?
Does it fit into your product strategy?
Does it affect the metric your organization has signed up for directly/indirectly?
How does it compare against other things that your Org. could be investing in - opportunity cost.
How many resources and how long would something like this take?
Stake holder feedback
Timeline of releases
4. Hypothesis Generation
Roadmap of experiments
Identify experiments and form a roadmap
AA VS AB Testing
How can I validate my hypothesis
One sentence Strategy
FOR (target customer), WHO HAS (customer need), (product name) IS A (market category) THAT (one key benefit). UNLIKE (competition), THE PRODUCT (unique differentiator).
Sinduja Ramanujam, PM @ Meta