What is a Product Strategy?
Let’s explore in a very simple way, one of the basic concepts of Product Management, yet, one of the most misunderstood fundamentals in this area.
Product Strategy
I’m not going to reinvent the wheel, I’ll quote a very pragmatic definition of what product strategy is by Andrea Saez (you can visit her Medium profile by clicking her name):
- What are you hoping to achieve
- Why are you doing any of it
- How will you measure success
And that is what product strategy is.
Andrea Saez in her article How to Create a Product Adoption Strategy.
You may think this is oversimplified, but in reality, it is not. What could be challenging is coming up with clear answers for each one of those 3 questions, but that’s all there is to it.
What’s next?
Keep in mind that you can revisit your Product Strategy and make adjustments as you are moving forward with the next steps in the Product Management process.
About that, I know it will be of great help to watch the following video from Ahmed El-Sharkasy in a ProductTank talk in London:
In this video, you’ll find definitions for various basic terms in Product Management, it has been of great use to me and I think it can also be helpful to you:
- Business Strategy
- Product Vision
- Product Strategy (for this, I would stick to the first definition that was presented in this article)
- Product Roadmap
- Why using a Product Roadmap?
- Different types of Product Roadmaps
- A few tips
Conclusion
In this article we’ve gone through what I call an actionable definition of what a Product Strategy is. If you are new to Product Management you’ve also gained a couple of sources of information in Andrea Saez and Ahmed El-Sharkasy as well. You can access their content and continue learning about all the awesome topics involved in the job a Product Manager does. Last but not least, a straightforward explanation of the fundamentals of Product Management that we need to know, understand and be able to communicate to others.
I hope you’ve enjoyed this content and found it helpful. Till next time…
