Product Strategy

A Product Strategy is a deliberate set of actions that a product will take to achieve its goals. It involves understanding the challenges in the market, identifying the core market segments, making the hard choices about where the product will compete, and where not to complete, as well as the actions required to win in that space.

Purpose

Defining a clear product strategy helps the team focus on the most critical areas to drive success. It enables teams to make informed decisions about where to allocate resources, what features to prioritise, and how to differentiate the product from competitors.

Anti-Patterns

• Undefined Boundaries: Not being specific enough about where to play, leading to spreading resources too thinly.
• Generic Winning Tactics: Using generic strategies for "how to win" that don't offer a clear differentiation or competitive edge.
• Inconsistency: A lack of alignment between "where to play" and "how to win", leading to mixed messages or a disjointed product experience.
• Rigidity: Sticking to a defined strategy even when market feedback or data suggests a pivot or change is needed.