How to set product strategy
Who are your customers? What problems will your product solve? What opportunities and threats do you face? What will you do differently? How will you stand out in a crowded market?
Product strategy defines what you want to achieve and how you plan to get there. It defines the "why" behind the product. Strategy happens before you dive into the detailed work of building your product roadmap and developing new features — what we call the "what," "when," and "how."
A goal-first approach is a product manager's best path towards innovation. Strategy aligns the organization around a shared vision and keeps everyone focused on the work that matters most. It should connect every piece of work the team completes — guiding both the large themes of work and the smaller details.
Product strategy outlines how a product will support company strategy and business goals. Product strategy serves as a guide for the team planning, developing, and taking a product from concept through to market release. Product strategy is made visual through a product roadmap.
What are examples of successful product strategies?
Challenger strategy
Positioning your product as more exciting than others available in the market based on features, design, or efficiency.
Cost strategy
Positioning your product as the most affordable among competitors to build your customer base.
Focus strategy
Developing products for a specific and well-defined customer segment.
Niche strategy
Focusing on the needs of a specific (even narrow) group of users.
Quality strategy
Delivering the highest quality product in terms of design, functionality, data, and reliability.
Service strategy
Providing exceptional service and support to customers as an extension of your offering.
Speed strategy
Prioritizing production efficiency so you can shorten the time from concept to delivery.
Upselling strategy
Looking at ways to solve adjacent problems for existing customers in an effort to encourage upgrades or new purchases.
Key benefits of Neuro Edge
Neuro Edge empowers the entire edge AI value chain, from chips and devices to application and business solution deployments. This streamlined approach accelerates operations and fuels growth.
Product vision
As we discussed above, product vision describes the long-term mission of your product. These are typically written as concise, aspirational statements to articulate what the company hopes the product will achieve. For this reason, a product vision should remain static.
Goals
A product vision should lead to high-level strategic goals. These goals will, in turn, influence what the team prioritizes on its product roadmap. Examples of product goals include:
Initiatives
Initiatives are the strategic themes you derive from your product goals and then place on your roadmap. They are significant, complex objectives your team must break down into actionable tasks.