What are the Three Key Elements of a Solid Product Strategy?
A strategy is a plan designed to achieve a long-term goal or overall aim. Synonyms that might come to mind include a 'plan of action', 'master plans', maybe even 'the art of war' and 'battle strategy' if your interests lie in history or military operations.
What about product strategy? Product strategy is a plan designed to achieve the long-term success of a product.
To create a solid and successful product strategy, find harmony between its three key elements:
- Design (desirability)
- Business (viability)
- Technology (feasibility)
1. Design
The first element, design, is also referred to as desirability. This element considers a problem or need that a customer is facing and how to offer a solution for the situation. It's about getting to know customers – what they really want or need – and creating a solution that they desire.
It also examines how the offered solution would appear from a more abstract point of view (value proposition design) as well as from a concrete point of view (the visual aspect of design).
Think of it as finding a problem/solution fit. By starting with solving your problem/solution fit, you increase the chances of your product strategy's success.
2. Business
Getting your business (viability) right is important. A great way to summarise business aspects is to look at a business model canvas. However, a business model canvas tends to also take desirability and technology into account.
The next stage involves developing a clear and concise business plan or business case. This helps to clarify business ideas, spot potential problems, set out goals and measure progress. This stage is especially important when innovating with larger corporations.
Viability also scrutinizes the process of developing and launching a product. Launching new products requires a lot of elements: customer service, operations, help desks, websites, servers, etc. By preparing for and aligning all of these different aspects, you will reach a desirable outcome for both the business and its customers.
You can think of this element as finding a product/market fit.
3. Technology
Successful products are driven by the right technology and its feasibility. To help you figure out if you have the right technology and feasibility for your product, ask yourself: can we build this product successfully?
At the same time, you can also remain ambitious and innovative. Technology is the one element in product strategy where you have the most room to stretch. This is because it doesn't always need to come from your stable. After all, you can collaborate with knowledgeable technology partners to supplement your feasibility.
A strategy is a plan, but life is full of surprises and things may not always go as planned. Strategies, too, can end up taking different directions than intended to reach the final goal. To maintain harmony amongst these elements, stay flexible and adapt your plans as things change or new developments pop up. Keeping your plans simple, executable and focused on the goal will also help you to retain balance.
By maximising the harmony between these three key elements, nothing can stop you from achieving a solid and successful product strategy.
