How do I define my Product Strategy?

To excite your team, to focus your sponsors, and to push for success, what works?

Summary

  1. Wherever possible, establish these items together with your team.
  2. Set out your Vision: The inspirational shining mission.
  3. Set out your Product Principles: How you will achieve the Vision.
  4. Set out your Goals: The key objectives your Product must deliver to.
  5. Show your plans: Use a Roadmap format.
  6. Get Buy-in: Tell your team how they are all essential to making the Product a reality.
  7. Embrace the Risks: Be open, show the risks and issues, and ask for help.

By . Published: 2014/04/18 9:39:34 AM, Last Updated: 2016/05/09 7:07:06 PM

More detail

  1. Do it with your Team.
    1. Wherever possible, you should put the following items together with your team involved.
  2. Set out your Vision: The inspirational mission statement that galvanises the team. This should:
    1. Generate a sense of excitement.
    2. Be extremely ambitious.
    3. Address a real customer need.
  3. Set out your Principles: How you & your team will achieve the product Vision?
  4. Set out your Goals: Show the key objectives your Product must achieve.
    1. Who is going to buy the product – the target customer?
    2. What real needs will the product address?
    3. Which product attributes are critical to satisfy the needs selected, and therefore for the success of the product?
    4. How does the product compare against existing products, both from competitors and the same company?
    5. What are the product’s unique selling points?
    6. What is the target timeframe and budget to develop and launch the product?
  5. Show the plan: Use a Roadmap format.
    1. Roadmaps are a great way to communicate plans quickly.
    2. GANTT charts can be too detailed to achieve immediate understanding.
    3. Emphasise your Agile approach, and the prioritisation and iterative framework.
  6. Get buy-in: Everyone must understand how important they are.
    1. Tell your team how they are instrumental in making the Product a reality.
    2. Talk through and adjust the plan with your team.
    3. Assuming you are using an Agile approach, get buy-in for an iterative and prioritised approach – i.e. you cannot deliver everyone’s dreams, just the top priorities.
  7. Embrace the Risks & Share the challenges: Be open, show the risks and issues, and ask for help
    1. This is a great way to pull the team together.
    2. e.g. “This is not easy, we have to overcome x, y & z together!”
    3. This is also a good way to stimulate innovative ideas.
    4. Ensure your stakeholders are aware of the risks.

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Answer Count: 1 When was the question asked? 2014/04/18 9:39:34 AM By .