Product Strategy

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Template validated by Amin Bashi

What is included in this template

1. What is a Product Strategy Template ?

2. The Product Strategy Formula
3. FAQs & Best Practices
4. Extra Resources
What is a Product Strategy Formula?

A product strategy is a comprehensive plan that outlines how a company will build a
product, bring it to market, achieve its goals, and meet the needs of its target audience. A
well-defined product strategy includes several key elements: Product Vision, Insights,
Challenges, Approaches and Accountability.

In today's rapidly evolving market, a strong product strategy is essential for companies to
remain competitive, achieve their goals, and meet the evolving needs of their customers.
 Product Vision

The Product Insights

Strategy Challenges

Formula Approaches

+ Accountability

Product Strategy
Instructions: How to Use this Template
1. Review the template: Thoroughly review the Product Strategy Formula template to
gain an understanding of its structure and purpose.
2. Customize the template: Fill out the template to fit the specific needs of your
product.
3. Review example: Use the sample product strategy in the accompanying materials as
a reference, to see how the template can be effectively filled out.
4. Socialize: Summarize the template and use it to socialize with major stakeholders
and get signatures.
5. Update the template: Periodically review the template as you build your product to
stay up to date with decision changes.
6. Use it as a reference: Keep the template handy and refer to it frequently to keep
stakeholder aligned on the problem you’re solving.
 The Product Strategy Formula

Product Vision + Insights + Challenges + Approaches + Accountability = Product Strategy

The ESSENCE of your product strategy:

● Connects to the company vision A Real Analogy

● Feels aspirational, a long term goal I want to live a long, full, and healthy life where I am
able to spend plenty of quality time with family and
● Fairly stable, tends to pivot less than strategy friends.

● Defines:
○ What problem(s) we are solving
○ Who we are solving problem(s) for
○ Why now is the right time to build this
Fill out this page
Product Strategy Template Product name

Product Vision
Product Strategy Guide

Use this slide to help you

write a clear and concise For (Target customer)
statement that defines the
product's purpose, goals, and
intended impact on the Who (Statement of need or opportunity) What problem are we solving?
market and customers.

Answer the what, who and

why of your product. The (Product name) is a (product category)

That (Key benefit, reason to buy)

Unlike (Primary competitive alternative)

Our
(Statement of primary differentiation)
Product
 The Product Strategy Formula

Product Vision + Insights + Challenges + Approaches + Accountability = Product Strategy

The LOGIC of your product strategy:

● Data, differentiators, similarities about your competitors A Real Analogy

I have noticed that others my age are starting to have health

● The market need (audience, target market, opportunity)
issues, while others are in the best shape of their lives.
● Recent studies have shown that only 12% of Americans are
Market trends that are influencing your business
considered healthy and I want to take action to change my
● The target customer - and a few variations of their personas life so I can reach the vision for my future.
Fill out this page
Product Strategy Template Product name

Product Insights
Product Strategy Guide

Clearly define your insights

by documenting your
competitive analysis, market Competitors Outline the data, differentiators, similarities about your competitors
insights and trend and lastly
defining your target audience.

This will provide the

foundation for creating a
product that truly meets the Market Insight Define your audience, target market, and the opportunities
needs of customers.

Market trends that are influencing your business

Market Trends

Customer Insights The target customer - and a few variations of their personas
 The Product Strategy Formula
Product Vision + Insights + Challenges + Approaches + Accountability = Product Strategy
The ROADBLOCKS of your product strategy:
● Technology hurdles we anticipate
● The customer pain points that we will face, include emotional
and psychological challenges that will come with the product
● Go to market challenges or risks
● Legal/regulatory requirements will we mitigate
A Real Analogy
I anticipate many challenges ahead of me as I work to reach
my vision. Those will include my career, aches and pains,
motivation, weather, and many more. I will also face
struggles around temptations, emotional defeats, and being
too busy.
Fill out this page
Product Strategy Template Product name

Challenges
Product Strategy Guide

What are dependencies and

potential roadblocks that your
product might encounter. What technical hurdle(s) are we solving?
Technical

Customer Pain What customer problem(s) are we solving?

Points

Why now is the right time to build this?

GTM Risks

What are the legal and regulatory requirements you will need to mitigate?
Legal
 The Product Strategy Formula

Product Vision + Insights + Challenges + Approaches + Accountability = Product Strategy

The PATHS of your product strategy: A Real Analogy

● I’ve decided there are a few approaches I will bet on in

One approach or a multi-pronged approach
order to reach my vision for a long, full, and healthy life. I
● High-level plan to overcome the challenges described in the will use all three approaches, but at times I may lean
heavier on one over the others.
previous slide
1. Eating healthier
● May be different for different types of customers 2. Working out more
3. Developing a better mindset through sleep,
● Defines what we will do and will not do along the way relaxation, and meditation
Fill out this page
Product Strategy Template Product name

Approaches
Product Strategy Guide

What path will you take to

achieve your product strategy.
Approach Decide on the approach you’re taking with your product strategy

Overcome Outline a high-level plan on how to overcome the challenges you defined in the
Challenges precious section that you might face

Do’s & Don’t Defines what we will do and will not do along the way
 The Product Strategy Formula

Product Vision + Insights + Challenges + Approaches + Accountability = Product Strategy

The MEASURE of your product strategy:

● Used to track our success and hold us accountable
● Examples:
○ North Star metrics are strategic and visionary
○ Perceptional measurements such as: engagement,
satisfaction, happiness
○ Value measurements such as: sales, leads, ROI
A Real Analogy
To reach my vision of being healthier I will make sure to
monitor a few key things. I will be looking at how much
weight I am losing over time but that will not be the only
metric. I will also focus on how I am feeling, how my
clothes fit, my energy level, and my overall confidence
level.
Fill out this page
Product Strategy Template Product name

Accountability
Product Strategy Guide

Track, measure and hold

yourself and your team
accountable for your progress
to stay on track with your Metrics What metric(s) are you aiming for Your progress…
product strategy.

Notes
 The Product Strategy Formula

Product Vision + Insights + Challenges + Approaches + Accountability = Product Strategy

Why Product Strategy Matters?

● Aligns everyone around what is most important so everyone

rows in the same direction Without a strategy,
● Helps you say no to distractions and prioritize the truly EVERYTHING seems important.
impactful items that will move us towards our vision

● Can inform how you organize your product teams

FAQs &
Best Practices
Nail your product strategy
Building a product strategy is just one part of the equation - people must understand it, believe in
it, and leverage it.

● Does everyone in your organization understand the product strategy?

● Can folks recite it back to you?

● Have people throughout the organization committed to the direction proposed in the
product strategy?

● Do we say no to things because they don’t align with our product strategy?

● Is the product strategy actually used during decision making and discussions?
Pro Tips to Nail Your Product Strategy
The following are actions to take to ensure you nail your product strategy!

1. Think! A product strategy is a written or visual artifact that captures your deep consideration of the
situation and how you plan to move forward to reach your vision.

2. Spend time 1:1 with key stakeholders. Review and get feedback over time. Ask for their input on the
product strategy. Collaboration during creation makes gaining buy in much easier.

3. Be an open book. Share the information you are working with to create your strategy, show your thought
process, ask questions you don’t have answers to.

4. Show the product strategy early and often, share it with people, allow them to add comments and ask
questions.

5. Reference it often & communicate it often. Assume people have forgotten all the details you know
through and through.
When your product strategy needs to pivot
Sometimes things go sideways, that’s normal. We can’t predict the future, but
we can anticipate, look for, and be prepared for change.

● Have your customers needs, behaviors, or priorities changed?

● Have new competitors entered your market and/or changed customer expectations?

● Have you encountered new or unexpected challenges on your journey?

● Did you uncover new insights that you think are more important than what you were
working with originally?

● Are your measurements lacking confidence or actionability?

● Are you simply not reaching any measure of success? Do you see signs of failure?
Pro Tips: Pivoting Your Product Strategy
Actions to ensure you successfully pivot your product strategy when necessary:

1. Know your customers deeply. Shadow them, spend time in product analytics, conduct interviews, join sales
calls. Anticipate changing needs over time so you can adjust your product strategy as needed.

2. Stay informed on the market. Subscribe to key industry news sources, pay attention to legal/regulatory
changes, stay aware of competitors. Ask peers in your organization for tips on how to stay informed.

3. Doing the right thing > Being right. Set your ego aside and admit when you’re wrong. Don’t go down with a
sinking ship. Accept new information and modify your approach as needed.

4. Notice when stakeholders are losing confidence in the strategy and get curious. Find out why. Decide how/if
to pivot. Avoid the temptation to stick it out because of the sunk cost.
Product Strategy
Sample: Zoom
 Product Strategy Template Product name

Product Vision

Zoom aims to provide seamless and reliable video communication and collaboration to individuals and
What
organizations globally.

Our target audience is remote teams and businesses of all sizes looking for a secure and user-friendly platform
Who
for virtual meetings, webinars, and collaboration.

The current global shift towards remote work and the increased need for virtual communication make now the
Why
ideal time to offer our solution.

Vision Statement: Zoom aims to provide seamless and reliable video communication and collaboration for remote teams
and businesses. Targeting a secure and user-friendly platform for virtual meetings, webinars, and collaboration, Zoom sees
opportunity in the current trend towards remote work and increased demand for virtual communication.
Product Strategy Template Product name

Product Insights

Competitors Microsoft Teams, Google Meet, BlueJeans, WebEx, and other video conferencing tools.

The video conferencing market is growing with a CAGR of 9.2% and is expected to reach $16.4 billion
Market Insight
by 2023.

Remote work and the increased need for virtual communication are driving the growth of the video
Market Trends conferencing market.

Customers want a platform that is reliable, secure, and offers a seamless user experience with features
such as screen sharing, recording, and virtual backgrounds. Some user persona examples:

Customer Insights ● Busy remote team manager "Jane," prioritizes ease of use, security, and features like screen
sharing and virtual backgrounds for virtual team meetings.
● Small business owner "John," who is looking for an affordable, reliable, and user-friendly
solution for virtual client meetings and webinars.
Product Strategy Template Product name

Challenges

Technical Ensuring the platform is secure, scalable, and able to handle a large volume of concurrent users.

Customer Pain Points Providing a platform that is easy to use and has a low learning curve.

Competition in the market is fierce and we need to ensure our platform stands out and is able to attract
GTM Risks
and retain customers.

Legal Ensuring compliance with data privacy and security regulations and standards such as HIPAA and GDPR.
Product Strategy Template Product name

Approaches

We will take a multi-prong approach in our product strategy. This approach includes:
1. Focusing on providing a reliable and secure platform with a seamless user experience and
features that meet customer needs.
Approach 2. Investing in infrastructure and technology to overcome technical challenges and ensure
scalability.
3. Offering an intuitive user interface, extensive support, and continuous product improvement
based on customer feedback to address customer pain points.

Invest in infrastructure and technology to ensure the platform is scalable and able to handle a large
Overcome Challenges volume of concurrent users. To address pain points we will offer an intuitive UX, extensive support and
training materials.

We will NOT address legal challenges till the last minute. We will ensure compliance with data privacy
Do’s & Don’t and security regulations and standards and offer robust security features to protect customer data
Product Strategy Template Product name

Accountability

Our goal is to achieve a user base of 50 million

Our success will be measured by user adoption,
Metrics monthly active users and a revenue growth rate
customer satisfaction, and revenue growth.
of 30% in the next year.

Notes
More Resources!

Learn how to:

Build a Compelling Product Vision
Or, dive deeper into Product Management with our
resource collection.

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