What is Good Product Strategy?

  • “To create a backend system that will allow the sales team to manage their leads.”
  • “To create a front of the funnel website that markets to our target users and converts them.”

Vision

The vision is your high level, ultimate view of where the company or business line is going. In large corporations, you want to narrow this to the business line or customer journey. In smaller companies, this will be your company and product’s overall vision. Think long term here, and keep it qualitative. This is a good chance to talk about competitors, how customers will see you, and ambitions for expansion.

Challenge

The challenge is the first Business goal you have to achieve on the way to your longer term vision. Which area of your customer journey or funnel needs to be optimized first? It’s communicated as a strategic objective that helps align and focus your team around a certain aspect of product development. This can be qualitative or quantitative. Try to keep these still in broad, high level terms. This one is the hardest for me to personally wrap my head around, but check out the example below for some clarity.

Target Condition

The target condition helps break down the Challenge. Challenges are made up of smaller problems you need to tackle along the way. These are set in terms of achievable, measurable metrics. When you set a target condition, your team shouldn’t know exactly how to reach it tomorrow. They should have a good idea of where to start looking through.

Current State

This is what the current reality is compared to the Target Condition. It should be measured and quantified before the work starts to achieve the first target condition.

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CEO of Produx Labs and Product Institute. Product Management Consultant, Teacher, and Speaker. Blogging at melissaperri.com

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