Product Strategy - Basics

Understanding Basics of Product Strategy

Everytime we get an idea to build something, we tend to ask around first circle of friends, colleagues and gather thoughts / suggestions, mainly to think about it from various outlooks. Once the idea is set, the next set of questions, as the CEO of an idea, what is my strategy ?

This happens from the Product Manager persective.

• To whom am I going to sell this product ? Do they really want this ?
• Does it solve all the pain points of the user ?
• What ROI this will bring back to the organization? How can we measure it ?

Answering to the questions raised above, navigated me to one specific yet very important topic of growth, both at the organization and as PM too.

Now we can examine the question one by one, which leads us to find the answers at the granular level - customer needs, best possible product solution, ways to achieving the solution. When all these are put together - we set the tone for deriving a strategy for the product. This is highly important for a product manager who can cascase the needs to Engineering folks to achieve it.

Product strategies for single / multiple products, ensures the mission and vision of the organization be ON TRACK !

We have many articles and books, detailing about key models in practice and this of course varies across domains, mission and vision statement of the respective organization. However, there are 5 important models that are prominent for the industry standards and keeps business in cruise are the below ones.

• Differentiator - Provide unique features / product, probably ahead of innovation and challenging users to adapt
• Quality - As the word is self-explanatory, the product speaks for its capability, reliability, and experience in long-term.
• Cost - Making a inexpensive product yet to solidifies the user essentials to get their job done
• Focus - Products target niche segment of users
• Services - Offering services of high quality ensuring customers to hook up with offers

The mind-map below shows the key identifiers for establishing the models and one of the most saturated area in techworld now - Mobile Phones. Everyone while thinking what can we do in this space, the players brought something new - foldable phones, features that support AR & VR. Considering this space also easily can be relatable to everyone.

For the PM’s it is a constant learning each time product is being rolled out to the market, again he / she takes that into loop for next product.

Feel free to share your feedbacks / suggestions to learn more ! Appreciate your time for reading.

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