Building an effective product strategy – four key takeaways
As product enthusiasts, we understand the crucial role of a solid product strategy. We’re also aware of the chaos that ensues when there’s no strategy or when the existing one falters. Misalignment and lack of focus often follow.
In a special members-only Prioritised event, Emily Tate, Managing Director of Mind the Product, steered a panel discussion focused on crafting an effective product strategy.
The panel featured:
– Emily Patterson, Director of Product, Information Security
– Daniel Elizalde, Product Executive and Advisor to Climate Tech Product Teams
– Nacho Bassino, Director of Product at Xing
– Krish Desai, Product Manager at Deloitte Digital
Here are four key takeaways shared by our experts:
1. What Strategy Looks Like
The panel began by discussing the essence of a product strategy. Nacho emphasized the need for a single, overarching strategy. This strategy should communicate your main focus and illustrate your vision with a clear, actionable process. These two components are essential for visibility and teamwork. Daniel highlighted that product strategy is a vital tool for communication and decision-making, ensuring all actions align with the overarching vision.
Krish noted that strategies can evolve over a year. “Customers change, markets evolve, and it’s up to organizations and product leaders to adapt,” he said. Initially, strategy changes might occur every few months, but as the product matures, the strategy should stabilize. Understand where your product is in its lifecycle and adjust accordingly.
2. Clarity from the C-suite
Daniel pointed out that product leaders need buy-in from top executives for a product strategy to succeed. The overall direction should come from the executive level, and product leaders should recommend the best approaches to achieve these goals. This top-down clarity is critical.
Emily reiterated the importance of feedback from the board. Senior product managers often falter here. “Engage in constructive conversations and create a sturdy strategy,” she advised. A product strategy can and should be iterative.
Daniel added that understanding your role and the challenges you’re addressing is crucial. Not every product line impacts the core strategy, so it’s vital to clarify each product’s steps and ensure alignment.
3. Creating and Influencing Strategy from the Ground Up
Emily encouraged involving all product managers in the strategy process for growth and transparency. Keeping everyone informed can lead to productive discussions down the line.
Krish suggested that senior product managers focus on executing the strategy. Once you’ve mastered execution, you can then leverage this knowledge to influence the strategy itself. For those aiming to be more influential, talk to the product leaders who make impactful decisions and use these insights to propose new ideas.
Krish also noted that while you may not have a complete overview of the strategy, having high-quality information to contribute is likely. Sharing your insights with product leaders helps them refine the strategy. Emily added that even mid-level or junior managers should feel empowered to offer their perspectives, as this can aid in clarifying the strategy for leadership.
4. Executing Your Pricing Strategy
Daniel and Emily emphasized the importance of early budget planning. Product teams need to communicate any challenges or blockers that could hinder the execution of the product strategy well in advance. “Don’t wait until December to plan for the next fiscal year,” Emily advised. Early and consistent feedback is crucial to ensure teams can address issues before deadlines become critical.
By following these insights, product managers can build a robust product strategy that aligns with their business goals, adapts to changes, and involves the entire team in the process.