Identifying needs and opportunities to build your Product Strategy (4:6)
Take a look at the places where you can find what you seek
In order to reach our product vision and goals we need to decide which problems to solve. Then, we should spend time with the team trying to discover needs and opportunities that may help sorting out those problems.
For instance, to reach your vision, you establish a north goal. After that, you must think about how to achieve it. As such, you identify a crucial problem that just points towards the delivery of impactful outcomes; and decide to focus on it to accomplish that goal. Now, instead of listing things to develop that you think can solve that problem you must look for customer and business’ needs and opportunities.
At this point, we are not trying to find solutions for the problems we decided to focus on. At least, that’s the way I recommend you follow. For me, strategy isn’t about telling the team what to build, but telling the team what problem to solve. Along with that, you may see that product strategy isn’t a plan nor a to do list. It’s more the kind of tool that helps make better decisions.
So, from where can we bring insights that will turn into the strategy’s foundation? And as expected, the answer to that I think isn’t -as everything good- simple. Again, they don’t come from any chart or matrix just because.
These opportunities can come from anywhere. And you must be on your toes to get’em. That is why having context is necessary. Perhaps, without it you could have faced something relevant, but because you weren’t aware of it, you missed it. Anyway, not everything is that hard.
Besides understanding the business more broadly and how it operates, there are a few practices that can help you get closer to identifying some opportunities. In no particular order, here they are:
The first practice is doing research. It helps us evaluate anything that was released in a qualitative way and on the other hand to discover needs that we may not be considering.
The second practice is data analysis. Opportunities can be found from the data we have collected over time. It will help us explain what the current situation is.
The third practice is benchmarking against your competitors, your industry and even other industries.
The fourth practice is being aware of current technology. Technology’s foundations are always evolving and this means you may run into a new opportunity.
The fifth and last practice is sharing knowledge with peers and of course spending time on this assignment.
Remember, we are not trying to prove anything; we just want to remain curious and learn constantly. Conversations or interactions with your customers, competitors’ customers, potential buyers, proprietary data, on-prod tests, trends, markets’ or competitors’ behaviors are places in which you can find great opportunities.
Now, you have got where to focus and have identified needs and opportunities to make an impact. What follows is taking your product strategy into action.
This article belongs to a Product Strategy thread. Next one in line is:
In the following article, I talk about how to properly implement a good strategy.
Here are all of the articles from this thread:
- The one where we talk about Product Strategy
- Product Vision and Goals as leads for your Product Strategy
- Pick your battles when defining your Product Strategy
- Identifying needs and opportunities to build your Product Strategy
- The right way to turn your Product Strategy into action
- Proper management keeps Product Strategy alive
