Key Takeaways — Product Strategy as a Living Conversation
- Product strategy is about picking the right problems to solve, defining them as actionable opportunities with clear, measurable objectives. Good strategy creates focus, narrows attention, and empowers teams to find solutions—not just execute prescribed features.
- The core of product strategy is a clear statement that answers:
- What are you aiming to influence?
- What’s your hypothesis for creating impact?
- How much time will the team have to show progress?
- Example: “Increase 90-day retention by 5% by getting more new users to send 10+ messages in their first 10 days.”
- Product strategy sits between business strategy and execution: Inputs include company mission, market and customer insights; outputs are clear objectives, success metrics, and actionable framing for teams.
- Common mistakes in product strategy:
- Focusing on abstract, distant visions rather than actionable, quarterly objectives.
- Setting priorities too broadly (“everything is a priority”).
- Managing by features instead of customer outcomes.
- Changing strategic priorities too frequently, not giving teams time to make an impact.
- Poor alignment across disciplines—product, design, and engineering working in silos.
- Principles of great product strategy:
- Focus resources on key priorities (topple the first domino).
- Frame problems, not solutions—empower teams to experiment.
- Make strategy actionable, falsifiable (testable as a hypothesis), and memorable.
- Focus on changing human behavior (user actions/metrics).
- Allow the team multiple “bets” toward the same outcome.
- Make the aim both achievable and aspirational.
- 3-step process to create strategy:
- Gather insights (market, product, user) and connect the dots.
- Select and prioritize the most valuable, evidence-backed problems.
- Frame for the team: As a behavioral hypothesis, set outcome-based goals, and commit to a time frame.
- Communication & continuous adaptation:
- Strategy is a recurring conversation—storytelling and tailored communication are critical, especially with stakeholders.
- Strategy should be revisited and refined based on early indicators, learnings, and stakeholder/team feedback.
- Regularly validate assumptions and adapt, but also give time for strategies to mature. Iterate, but don’t pivot at every new signal.
- In summary: Product strategy fosters focus, alignment, and momentum. It's essential for navigating uncertainty and turning it into clarity and value, treating strategy as a living, adaptable conversation, not a static document.