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A product strategy doesn't need to be complex

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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MORE IDEAS FROM THE SAME ARTICLE

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 ...

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...

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...

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.

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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Competition for brand recognition is fierce. While digital-native newcomers with their tech-savvy, direct-to-consumer approaches enter with ease, the traditional retailers are struggling.

A big part of the problem is the inability to connect with customers. One PwC consumer...

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A Fresh Imperative To Act

Every organization faces a unique set of challenges and contexts. There are strategic moments in an organization’s journey that have a disproportionate impact on outcomes.

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published 10 ideas

Business leaders often are tempted to focus on strategy over culture. But the strongest companies take four key actions that deliver the best of both.

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#1: Your In-Product Data

In-product data reveals how users and potential customers are interacting with your product. Moreover, it also allows you to see upsell opportunities and provides you a firm set of figures to back your decisions.

But what in-product data will lend the biggest boost to your ...

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