Developing a Product Strategy: Defining Goals and Objectives

Developing a product strategy is crucial for any successful product. A product strategy
defines the direction of the product and guides its development. In this article, we will
discuss the process of defining goals and objectives as the first step towards developing a
product strategy.

Define Goals

The first step in developing a product strategy is to define clear goals. Goals provide a
clear direction for the product and help ensure that the development process stays focused.
Goals should be specific, measurable, achievable, relevant, and time-bound. For example,
Google's goal for Google Maps was to create the most comprehensive and accurate digital
map of the world.

Set Objectives

Once you have defined clear goals, the next step is to set objectives. Objectives are
specific and measurable milestones that help track progress towards the goals. Objectives
should be aligned with the goals and should be achievable within a specific time frame. For
example, Google's objective for Google Maps was to add new cities to the map and improve
the accuracy of existing maps.

Conduct Market Research

Market research is a critical step in developing a product strategy. It provides insights

into market needs, consumer behavior, and competitor analysis. Market research helps
identify opportunities and gaps in the market, which can be used to inform the product
strategy. For example, Apple's success with the iPhone was largely due to the company's
extensive market research, which identified a gap in the market for a touchscreen
smartphone.

In addition to the above steps, it's important to develop a product roadmap that outlines
the development process and sets timelines for achieving objectives. The product roadmap
should be regularly reviewed and updated to ensure that the development process stays on
track.
 In conclusion, developing a product strategy is crucial for the success of any product.
Defining clear goals and objectives, conducting market research, and developing a product
roadmap are essential steps in the process. By following these steps and regularly reviewing
and updating the product strategy, you can ensure that your product meets market needs
and achieves business goals.