16 Product Strategies for Growth
Tami Reiss is the founder of The Product Leader Coach where she works with product leaders and teams to realize their potential by focusing on their strengths.
As a product leader, you have the responsibility to plan strategically for your company to grow its customer base and revenue. Thanks to years of other people growing companies, there are standard playbooks for how to accelerate your company’s trajectory. Simply because they are standard doesn’t mean that you can’t execute them in your own special snowflake way, but it’s relatively hard to reinvent the wheel.
The list below is designed for leaders who are thinking about what the next phase of their company should be so that you can make sure you’ve entertained all the options. It’s very easy to think of one path and fall in love with it without exploring alternative routes. You may have a little Robert Frost in you, and it’s worth exploring the roads less traveled, it might just make all the difference.
Each of the 16 options, can be used to accomplish at least one of the three primary business objectives:
- Increase Revenue. (growing your total addressable market or serviceable one)
- Protect Revenue (improving retention, increasing lifetime value or money per logo)
- Reduce or Avoid Costs (reducing customer acquisition cost or operating expenses)
It’s important to note that for each goal, there are many strategies which can assist in accomplishing it. Unfortunately, not all strategies are correct for each company. Therefore, please see the attached powerpoint deck which outlines tips for how to make that strategy successful and the conditions when it is a favorable option. The primary business objectives are a more summarized than the detailed chart above for ease of understanding. If you manage a portfolio of products, different options will be applicable to each one depending on the current situation it is facing.
Hi! I’m Tami, the founder of The Product Leader Coach where I work with product leaders and teams to realize their potential by focusing on their strengths.
If you enjoyed this post, I am available for product leadership coaching or team training. Learn more about my services and upcoming children’s book.