Product Strategy

This is a question that is close to my heart and I love to see folks transition from Product Owners to Stellar PMs. Taking a step back, I truly love to see people become the best versions of themselves and it doesn't matter if they are Product Owners, Product Managers, Program Managers or any & every role they like to see themselves in!  The key to excel in any of these roles is to understand that every role has a few basic requirements but once they are met, there is the opportunity to bring a lot of creativity, one's unique interests and leverage the strengths that you bring to the table...more

Metrics are absolutely necessary when building your vision board. As you think of metrics, think of what will really define success? And how will we as a team measure success? Here are a few examples of key questions teams try to answer as they think of crafting metrics for their vision canvas -  1. What KPIs will you use to define success? 2. What are your product goals and outcomes? 3. What are your quality goals and outcomes? (Performance and Stability goals for example) 4. How will you measure progress toward these goals? 5. How will you communicate progress towards these goals? ...more

* Data & Metrics are at the heart of every product, be it Consumer, Enterprise or Platform. A metrics tree or hierarchy is critical and should follow the Execute -> Features -> Roadmap -> Strategy -> Vision structure highlighted in another question * The metrics dashboard should track the metrics across these different parts of the Product Strategy Stack. Each level of metrics is relevant for a different stakeholder or leadership layer in the firm. The metrics around Company Vision & Mission matter for the Exeuctive Leadership team, the metrics around the Company & Pr...more

Product teams and firms should think about the relatioship between the Product, features & goals, the products' & companies' roadmap and finally the company strategy & mission! All these are related and are critical to build disruptve firms at scale * Company Mission is how the world sees your company and the change it wants to bring * Company Strategy is the logical plan to bring your company’s mission into being * Product Strategy is logical plan for how the product will drive its part of the company strategy * Product Roadmap is the sequence of features that implement the P...more

* For any Product, the hierarcy, in terms of immediate to long-term is Execute -> Features -> Roadmap -> Strategy -> Vision * The focus for any product team should be to execute & launch and then working on the features & building on the roadmap from a bottoms-up perspective. They should also embark on a top-down appraoch of understanding the market landscape, the user problems they can solve profitably and setting the vision. The intersection of these approaches can take anywhere from a few weeks to a few months to a few years and depends on the stage of the firm, th...more

* Hybrid products are exponentially harder to build than pure software products. Software can be updated via the cloud, at any time and with any frequency but hardware cannot * The form factor, the physical functionality, etc of a hybrid product need way more thought, user testing and context than the software. For instance, the physical components of the Tesla 3, the sensors, cameras, etc are paramount compared to the Maps, Apple Carplay integration or self-driving updates that can be done through the cloud  * Context, background and living with the problem are the key...more

* Vision statements should be simple, describe the value and stand the test of time (atleast one or two market cycles) * Every product is built to solve a user/ people problem or help solve a pain-point. This should be the main focus when building a product vision and the most important questions are ‘Who is this product for’ and ‘What problem is it solving’? * Teams that answer the two questions above typically get their vision statement right and teams that focus on teh urgent, immediate or playing catch-up to competition (btoh real & perceived) usually do not * One ...more

* Every product is built to solve a user/ people problem or help solve a pain-point. This should be the main focus when building a product vision and the most important questions are ‘Who is this product for’ and ‘What problem is it solving’? * These two questions should lead into ‘Why does this product solve it’ question. The third question is particularly important for category defining products. The iPhone, when launched, focused on the typical consumer who wanted a personal device to store pictures of loved ones and access the internet rather than the business use...more

Product vision distills why a product does what it does and how it envisions the future. As we saw above, it's critical to spend time crafting the product vision and the strategic narrative that follows from it. Two firms that had brilliant product visions and have built world-class & global platforms changed their product visions a few years ago. The new product visions have spurred these firms to greater heights! * Facebook changed its vision statement from “Making the world more open and connected” to “Give people the power to build community and bring the world closer together”....more

Vision statements are critical for products, product portfolios and companies. Firms with clear vision statements are able to adapt, evolve and focus on solving problems that their customers face, better than competitors and in a manner that brings forward all their strengths. Firms without clear vision statements and products without one become stale, one-hit wonders or worse, seasonal crazes like beanie babies Here are vision statements from two financial services firms  1) “aspire to be the best, execute superbly, build a great team & winning culture”  2) “serve as a trusted partner...more