The Product Strategy Framework: How to Create and Execute a Winning Plan

A company’s product strategy can make or break the company, and not just in terms of sales and profits.A good product strategy ensures that the company will be prepared to respond to inevitable changes in the marketplace and challenges from new competitors, while also keeping morale high among both customers and employees. A bad product strategy leads to costly mistakes and unnecessary headaches down the road. It’s crucial that businesses create a solid product strategy framework as soon as possible, so here’s how you can do it.

What is product strategy?

When you begin building your product, it is extremely important that you understand exactly what your product is. You must know who will use it, how they will use it, why they will use it, what it does, how much it costs and more. If you don’t have an answer for all of these questions when you start creating your product then stop right now.

Why develop a winning product strategy?

In order to be successful, every product needs an effective strategy. A product strategy is unique in that it’s unlike a business plan, which is generally used by businesses seeking investors or loans. The primary purpose of a product strategy is twofold. First, it presents an overarching vision for how your product will compete in its market. Second, it lays out detailed plans for development and launches over time.

What are the phases of developing your winning product strategy?

The three phases of developing your winning product strategy are planning, executing, and refining. In our latest guide we discuss each phase in detail so you’ll know how to structure your strategy for success.

Who should be involved in your product strategy development process?

The key players in your product strategy team include product managers, software engineers, business development experts, marketing professionals, financial analysts and people who use your product. If you are creating an e-commerce site or online application that is targeting retail customers, for example, then customers should also be represented on your team. Members of your product strategy team will typically have specific areas of expertise but most importantly should be able to offer unique perspectives based on their areas of interaction with your products.

Tools to aid you in defining your product offering

Value proposition canvas - Business Model Canvas - User Journey Mapping For example, we can help you define your value proposition by answering questions like What are we offering? Who are we offering it to? Why would they want it? How much will it cost? When do they need it by? Once you’ve answered those questions (and more), you can start working out how you’ll deliver on your promise—your entire product strategy.

Getting started on building your winning product strategy...with ease.

There are few things more difficult than setting out on your own when it comes to starting a business. For most budding entrepreneurs, it’s not so much about where to begin as it is about how—specifically, how can I make sure my idea for starting and growing my business makes me money? That’s why so many people come up with great ideas that never actually turn into companies.