The product strategy guide you need to read

Your product’s strategy can make or break your product. If you don’t have one, you will lose users to competitors who do have a strategy. However, if you have one that doesn’t work, then you will also lose users and revenue to competitors who have better strategies. A product strategy guide your team through the process of understanding customer needs and wants so they can design solutions to help them achieve their goals and solve their problems. This guide covers what to include in your strategy and how to create one that works well with your products (or services).

What is Product Strategy?

The role of Product Management has become increasingly critical in modern companies. It is also a fairly new position, and so it can be hard for non-Product people to understand what they do. So let’s break it down

How is product strategy different from marketing and development?

Developing a business is a complex endeavor with many moving parts. Sometimes these parts seem so complicated that it can be hard to keep track of everything. For example, how do marketing, development and product management work together? What is each part’s role in your business, and what are they responsible for? The answer lies in understanding what separates those roles: their individual strategies.

Why does your company need a dedicated product strategist?

It’s always tempting for a startup founder or an executive at a growing business to take on multiple hats. When everyone chips in and helps out, it’s natural to assume that one person’s time is as good as another’s. But there are some things that only work when they get done right by a professional. Having a strategic conversation about your company and its products isn’t one of them.

What are the major tools used by Product Strategists?

To stay on top of their game, there are a number of products that Product Strategists use. For communication and idea mapping, tools like Trello, Evernote and Asana are essential. Tools such as Canva and Unsplash are useful for creating visual assets (e.g. explainer videos). Google Analytics and Heap can be used to collect data about user behavior that can be used in later sprints.

Don’t forget about your customers!

When developing a product, it’s important not to forget about your customers. While you can be sure that there is money to be made in your idea, spend time listening and talking with them—you’ll be much more likely to build a quality product if you do.