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What is product strategy?
Whatever the goal is, your strategy is how you’re planning to go about accomplishing that goal.
Strategy doesn’t cover the details of how to do that; those are the tactics we’ll use to achieve the goal. Strategy is the overall approach, and the rationale for that approach.
Product strategy is: how do we make the product vision a reality, while meeting the needs of the company as we go?
In the end - product strategy is about answering the question "how do we decide which problems our product teams should solve"
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“Not miscalculation, bad strategy is the active avoidance of the hard work of crafting a good strategy. One common reason for choosing avoidance is the pain or difficulty of choice. When leaders are unwilling or unable to make choices among competing values and parties, bad strategy is the consequence.” – from Good Strategy/Bad Strategy
RICHARD RUMELT
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Why is product strategy so hard?
Because it requires four things that are not easy for most companies:
- Focus: be willing to make tough choices on what’s really important;
- Insights: generating, identifying and leveraging insights;
- Action: converting insights into action;
- Management: active management without resorting to micro-management.
Marty explores each one of these in his next articles on product strategy
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