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A simple but effective product strategy framework that consists of three key elements.

The 3 Essential Elements of a Streamlined Product Strategy

toptal.com

Businesses often overcomplicate their product strategy and end up navigating through a maze of competing objectives and needless requirements.

Product managers in any industry can implement a simple and adaptable framework to streamline their product process.

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Three driving forces of product strategy

A product strategy requires three essential elements:

  • Reputation
  • Capabilities
  • Market need

These three forces work together. Without reputation, the product is not trusted. Without market need, there is no demand. Without capabilities, the product cannot be m...

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A market need includes:

  • Better serving an existing need. For example, Uber took the taxi-service industry and found a better way to meet driver and customer requirements.
  • Uncovering an unknown need. For example, developing a product no one imag...

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To develop new product ideas, ask:

  • If you decided to end your current product line in six months, what impact would that have on your customer? If there would be little impact, consider not expanding this product line.
  • Is your new product going to disru...

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Consider your current capabilities and those that could be acquired. The minimum capabilities are:

  • Technical. Without this capability, your team will be unable to create the product. It may seem obvious but is often overlooked.

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Reputation impacts the success of your product in two ways:

  • In the ethical and moral behaviour of the company.
  • In the company's expertise in a particular area.

The success of the sales, marketing, and distribution channels is based ...

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