The Last Video You Need to Watch on Strategy

If you're a product manager who's tired of "strategy" that's just roadmaps with fancy labels... then you definitely wouldn’t want to miss this one.  Roger Martin, the strategy legend who advised P&G and wrote "Playing to Win," reveals why 95% of what passes for strategy is just "budgeting with prose." We cover: Preview - 00:00:00 Myth About Strategy - 00:02:13 Understanding What Are Inputs - 00:05:54 The 5 Question Framework - 00:06:30 Walmart’s Fumble - 00:08:48 Ad - 00:10:38 Ad - 00:11:51 Where Business Schools Are Failing - 00:12:35 Anthropic Vs OpenAI Strategic Difference - 00:27:11 Ad - 00:30:19 Difference Between Planning & Strategy - 00:35:52 How to Leverage Your Position for Strategy - 00:41:23 SouthWest’s Success Story - 00:43:16 Predicting the Future As A Strategist – 00:54:20 Thinking Template for Product Leaders - 00:57:20 The Autopilot Curse - 00:58:40 Exploiting Your Competitors Mixed Motives - 01:09:45 Closing Notes - 01:11:20 Podcast transcript: https://www.news.aakashg.com/p/roger-martin-podcast 💼 Check out our sponsors: WorkOS: Your App, Enterprise Ready - http://www.workos.com/aakash Amplitude: Try their 2-min assessment of your company’s digital maturity - https://bit.ly/4hl25RG Linear: Plan and build products like the best - https://linear.app/partners/aakash 👀 Where to Find Roger LinkedIn: https://www.linkedin.com/in/roger-martin-9916911a9 Medium: https://rogermartin.medium.com/ Website: https://rogerlmartin.com/ Some of His Awesome Books: Playing to Win: https://amzn.to/4dnX3DT A New Way to Think - https://amzn.to/4mFZ7LN Creating Great Choices - https://amzn.to/4miJtWd 👨‍💻 Where to find Aakash: Twitter: https://www.twitter.com/aakashg0 LinkedIn: https://www.linkedin.com/in/aagupta/ Instagram: https://www.instagram.com/aakashg0/ 🔑 Key Takeaways 1. Most "strategy" is just budgeting with prose. According to Martin, at least 90% of strategy out in the world is merely a list of laudable initiatives that don't fit together to create a compelling reason for customers to choose you over competitors. 2. Strategy compels customers to take desired actions. The core purpose of strategy is making integrated choices that cause customers to pull money from their pockets and give it to you instead of someone else, not just planning activities. 3. Five questions make a complete strategy. A real strategy answers: What's your winning aspiration? Where will you play? How will you win? What capabilities must you have? What management systems do you need to build and maintain those capabilities? 4. The best competitive advantage exploits what competitors "won't" do. The most powerful strategic positions come from understanding competitors' mixed motives. Things they could do but won't because it would hurt their core business (like Walmart avoiding e-commerce to protect store investments). 5. Strategy works when your "where to play" and "how to win" form a matched pair. Your choice of market segment should enable a distinctive advantage, and your advantage should be perfect for your chosen segment—they must reinforce each other. 6. Business schools teach tools, not strategy. MBA programs focus on analytical frameworks like five forces and resource-based view, but rarely teach how to create an integrated strategy that makes real-world choices. 7. Product managers often focus on initiatives instead of strategy. The typical mistake is creating a roadmap of features without first determining where to play and how to win, making the roadmap an input rather than an output of strategy. 8. Great strategists don't plan for the future to resemble the past. Martin emphasizes having an explicit theory about how the future will be different, while constantly updating this theory as new information emerges. 9. Southwest Airlines' winning strategy came from integrated choices. Their decisions to use only one plane type, avoid hubs, eliminate seat assignments, and pay workers more for flexibility all reinforced their 15-minute gate turn strategy. 10. Strategy requires what Martin calls "Bayesian updating". The key is continuously asking: "What would have to be true for our strategy to work?" and watching those assumptions like a hawk, updating your strategy as facts change. #strategy #productstrategy 🧠 About Product Growth: The world's largest podcast focused solely on product + growth, with over 170K listeners. Hosted by Aakash Gupta, who spent 16 years in PM, rising to VP of product, this 2x/ week show covers product and growth topics in depth. 🔔 Subscribe and like the video to support our content! And turn on the bell for notifications.