Product Strategy

A product strategy is a high-level plan that defines how a product will meet key goals across its entire lifecycle. The product strategy helps stakeholders understand why you’re developing the product and how you’ll develop it to maximize customer delight and profitability.

Product strategy helps you make confident decisions to turn your product vision into a reality. With an aligned, connected product team, and a clear sense of your strategic priorities, you’ll be well on your way to developing a product that truly solves user problems.

Provide clarity on your product and business goals across the company.  Incorporating a clear strategy into your business model is a useful asset in the research phase, design process, and an important element of the marketing mix, which ultimately improves overall product management.

Building out a product strategy before you begin development is important  because it serves three valuable business purposes.

1. A product strategy provides clarity for your company.

2. It helps you prioritize your product roadmap.

3. A product strategy improves your team’s tactical decisions.

A product strategy should include information about the product vision, unique value proposition, target market, and goals.. With this foundation, you can develop key product requirements, such as features, design, user flow, and technical specifications.

There are four common types of product strategy: Leader strategy Quality strategy Focus or Niche strategy Cost strategy