For an industry that changes daily (AI, web3), how do you think about building a product strategy around it?
What I've enjoyed about being in tech is entire industry lifecycles happen within a few years because the pace of innovation is so fast: you can identify new customer problems, build innovative solutions, and scale entire businesses that transform a given market – all within a year or two. This is that much more true of the creator economy right now, where mobile phone-based tools transform content creation and disruptive innovations in distribution & monetization of creative work converge at precisely this moment.
We're doing everything we can to be nimble, learn fast, and focus on creating value for creators as our north star. Only time will tell how well we'll do in this space, but I like where we're currently positioned.
Technology can help, but it's only a means to an end. The user reigns supreme. I evaluate all technology in light of whether or not it can help meet user needs. Then the decision becomes much clearer. Many, many companies have lost money by chasing shiny new technologies instead of ferociously focusing on customers.
In industries where the pace of change is rapid and often unpredictable, building an effective product strategy requires agility, foresight, and a strong understanding of the underlying technologies and market dynamics.
1. Embrace Flexibility and Agility
Adaptive Roadmaps: Develop roadmaps that are flexible and can be adjusted as new information and technologies emerge. Prioritize agility over fixed long-term plans.
Iterative Development: Implement an iterative development process, such as Agile, to accommodate rapid changes and innovations. This allows for frequent reassessments and refinements based on the latest industry developments and customer feedback.
2. Stay Informed and Proactive
Continuous Learning: Ensure that you and your team are constantly learning about the latest advancements in AI and web3 (or whatever latest tech is out there). This might involve regularly attending conferences, webinars, and workshops, and engaging with thought leaders in the space.
Early Adoption and Experimentation: Be proactive in experimenting with new technologies. Early adoption can provide a competitive edge and valuable insights into what resonates with users.
3. Deep Market and Technological Research
In-depth Market Analysis: Continuously analyze the market to identify emerging trends, potential customer needs, and competitive movements. This should include regular scanning of new startups, innovations, and technological breakthroughs in your sector.
Customer-Centric Innovation: Keep your focus firmly on solving real customer problems. Utilize techniques such as design thinking to empathize with users and understand their needs deeply.
4. Build a Visionary Yet Realistic Strategy
Visionary Thinking: Develop a clear, compelling vision of how (AI , web3, LLMs, fill in the blank) can transform your industry or create new market opportunities. This vision should guide your strategic decisions and inspire your team and stakeholders.
Balanced with Realism: While it’s important to have a bold vision, it also needs to be grounded in practicality. Assess what is realistically achievable given your resources, technological constraints, and market readiness.
5. Robust Risk Management
Scenario Planning: Given the high uncertainty in fast-evolving fields, use scenario planning to prepare for various future possibilities. This helps in crafting strategies that are robust under different conditions.
Continuous Risk Assessment: Regularly evaluate the risks associated with new technologies and market shifts. This includes technological feasibility, regulatory considerations, and market acceptance.
6. Leverage Strategic Partnerships
Collaborations and Alliances: Form strategic partnerships with other companies, research institutions, and tech innovators. These partnerships can provide access to new technologies, skills, and market insights that are crucial for staying at the forefront.
7. Foster a Culture of Innovation
Encourage Creativity: Promote a culture that encourages risk-taking and creativity within your team. Allow space for experimentation and learning from failures, which is essential in dynamic fields (like AI and web3).
Diverse Teams: Build teams with diverse skills and backgrounds. This diversity can enhance creativity and provide a range of perspectives necessary for innovation in complex and rapidly changing areas.
The one thing that stays the same is ... is change (and maybe customers want to buy things)! In particularly volatile and fast-moving industries, strategies must be proportionately flexible and responsive. I have found implementing a strategy based on the following key questions helps guide you in being able to adequately formulate the next steps in the roadmap, services, and approach:
What personas/segments/industries are currently being actively targeted and served well by the existing solutions in the landscape? (This is a space to consider competitive saturation)
What personas/segments/industries with similar jobs/tasks to 1 are not being targeted and served? (This is your potential opening for adjacency, where you could be the first mover)
What problems will you solve for underserved spaces in #2?
How are you going to solve them (product differentiation, services, etc)
When do you expect to accomplish these goals for this product?
These 5 questions help you line out the competitive position, market position, the problem space, and how you intend to approach it rapidly.
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