How to Apply a Product Strategy

The Step-by-Step Guide to Apply a Product Strategy

You might see product strategy as something reserved for a select group of visionaries, but nothing could be further from the truth. To create an effective product strategy, you don’t need to find a unicorn—you just need to follow a method.

And before you doubt what I’m about to share, let me tell you something: if you lack clarity about the ‘why’ behind your product decisions, then yes, go ahead and search for the unicorn. Because without vision, there can be no strategy. Once you understand why you do what you do, it’s time to turn it into a strategy.

So, what steps should you follow?

• Preparation: This is the foundation of any strategy. Assemble a multidisciplinary team to gather key data (data analysis, user interviews, competitor insights…) and gain a deep understanding of the product or market context and challenges.
• Prioritization: In this phase, the group identifies the main problems and converts them into opportunities by prioritizing the product areas with the most potential (also known as “Product Initiatives”).
• Objectives: Once the highest potential areas are identified, ask the group to set clear goals. This helps stakeholders visualize the desired outcomes and facilitates organizational alignment.
• Presentation: Now it’s time to synthesize the insights, strategic pillars, and proposals into a clear and defensible document.
• Deployment: Finally, present the synthesized strategy in key meetings to achieve alignment and commitment. This ensures the entire organization is on the same page and ready to execute.

Creating an effective product strategy isn’t about magic or innate skills. It’s a process built on a foundation of solid data, focused prioritization, and well-defined objectives. But it all starts with one question: Why do you do what you do?

by David Almazán