Creating product strategy

A great way to create your product strategy is to employ a collaborative workshop. Invite the key stakeholders –the people required to develop, market, sell and service your product and the senior management sponsor. Such a workshop generates early buyin, creates shared ownership, and leverages the collective knowledge and creativity of the group.

It addresses readers who want to find out more about using a product strategy in an agile, dynamic environment and readers who want to get better at using the Vision Board. Traditionally, a product strategy is the result of months of market research and business analysis work. It is intended to be factual, reliable, and ready to be implemented.

Approximately 70 percent of organizations are factoring in their product strategy when making major decisions. They also say that by doing so, their teams work better together. Having a clear strategy helps define your vision so you can set smart goals and determine the steps required to reach them.

Creating product strategy diagram

Framework and Strategy Product Management

What is a Strategy Framework Strategy frameworks are tools that help structure business thinking and guide businesses as they grow and accomplish their missions. They can also be used to analyze business issues and develop strategies. And strategy consultants often use them to communicate their solutions to their clients.

Four elements of a product strategy framework. We’ve found that a strategy requires four different elements: user insights, clear objectives, competitive analysis, and market analysis. Every time you start down the path of creating a product strategy, you need to include those four elements.

The OGSM framework is designed to connect big picture strategic elements (mission, vision, values) to operational elements (goals, strategies, initiatives, measures). The result is a comprehensive, robust and executable strategic plan. Objective – direction setting statement. Answers the question: Where are we going?

Framework and Strategy Product Management diagram