Whether you are beginning a product strategist career or have failed several times, you can not learn and be good at your job without learning the core concepts. It’s similar to wanting to reach a height without even learning to walk. Here are the core concepts you need to learn at all costs;
What is product strategy?
Product strategy, in the simplest words, is the roadmap we use to develop a market-fit product or a feature that adds real value to the customer. A well know product strategist named Roman Pichler describes product strategy this way;
“It’s a high-level plan that helps you realize your vision or overarching goal. More specifically, the product strategy should describe who the product is for and why people would want to buy and use it; what the product is and why it stands out; what the business goals are, and why it is worthwhile for your company to invest in it”
The core concepts of product Strategy
As you know now, product strategy isn’t only all about developing a product or feature. It involves describing how the product helps and impacts the customer and the company as well. Therefore, the market vision, product goals, and product initiative is all the whole product strategy process is based on. So, to be a successful product strategist and develop a market-fit product or feature; you have to understand them well.
In the product strategy especially in the product strategy studio, the product strategist avoids aiming at every problem and individual. Therefore, the market vision is a component of the whole process that enlighten you that who will use the product and what this opportunity would mean to your business.
Explaining it a little further, it highlights who the targeted customers would be, what solution the product will provide, and how you will position the product, and compete against the competitors. Most product strategists believe this is what the market vision is all about. However, what they fail to understand is that explaining the targeted customer’s needs and designing and offering a competitive deal are also part of the plan. Therefore, we sum up the core concept of market vision lies in identifying the problem, knowing the customer, and competitors, describing the need, and coming up with a highly competitive offer.
Marketing vision is just an observing and researching phase of the whole process. In that phase, the product strategist does the market analysis and comes up with a rough plan. You can also define product goal as a stage in which the product strategist has clear, measurable objectives. It is because a market-fit product can not be produced without having solid goals or metrics.
Product initiative is moving one step ahead in the product strategy process. In the product goals stage, the product strategist plans to get the desired results. Whereas, product initiatives are the actions that assist you in achieving your desired results. It involves combining features, performance improvements, and other important elements to the puzzle.