Create a Winning Product Strategy: 5 Steps explored through SCMP
Crafting a product strategy isn’t just about charting a path — it’s about making sure every step on that path counts towards the bigger picture. In my previous article, I defined product strategy as a cohesive course of action, designed and sequenced to amplify business impact. By plotting our moves with deliberate intent, a strategy guides us to avoid distractions and zero in on moves that drive us toward our goals.
In this article, we’re taking that understanding into the collaborative space, exploring how to build a strategy not in isolation, but hand-in-hand with key stakeholders. Drawing from my time with prominent product companies such as Gojek and Rakuten Viki, I’ve distilled the process of crafting a product strategy into 5 actionable steps:
- Assess the Current State: Begin with a thorough understanding of the industry evaluation of where your product stands today, examining its market position, performance, and potential.
- Engage in Informal Dialogue: Initiate casual conversations with key stakeholders. This step is crucial for gaining insights and building the rapport necessary for effective collaboration.
- Clarify Core Objectives: Consult with top management to get a clear understanding of the fundamental goals driving your product vision.
