What is a product strategy roadmap
Let's change the question a bit: Do you have a strategy for your product? And more questions follow: What does it look like? Who made it? Who checked? Who says goodbye? Is it up to date? Can it be found in the product? Can it be found in the roadmap? Quite a few of you will now frown and admit that there is room for improvement here and there.
Enough asked. Clarifications come from here. First of all, what a product strategy is: A product strategy contains guidelines that specify how the strategic product goals are to be achieved. This means that you need strategic goals for your product as well as a route to these goals that is formed from strategic actions.
Example: A strategic product goal could be that you want to place a product in the Chinese market. A guideline would then be that that product must be adapted for the Chinese market. A user interface in Chinese or product documentation in Chinese are measures derived from this.
The following picture shows the content of a product strategy:
Image 1: Content of a product strategy
It is obvious that creating a product strategy is a demanding and complex challenge. Especially since the product strategy document applies - in a nutshell, only the essentials and this in a nutshell. In bizz talk, not tech talk.
The product strategy must be consistent. The strategic goals are at the top. From this, strategic actions are set, taking into account the dependencies. Recognizing and evaluating the context and dependencies correctly is a masterpiece in itself. Defining the measures to be taken in such a way that on the one hand the goals can be achieved, on the other hand the specifics of the company and the market are taken into account, creates a masterpiece.
If the challenge is well solved, there are rich rewards:
- Sustainability: A good product strategy means that the focus of development activities is on long-term value creation and not on short-term problem solving and actionism.
- Customer loyalty: The continuity in further development gives the product its own, unmistakable note, an "image". Customers gain confidence in the product and in the company. Word gets around, increases sales and ensures loyal customers.
- Success: The product stands up to competition through uniqueness. This enables high margins to be achieved and price wars to be avoided.
- Enthusiasm: Development teams and every single developer need orientation and guidance through convincing objectives. It must be clear where the journey is going. In this way you generate positive energy and create team spirit, high motivation and full commitment.
It's good that there are product managers. Because they are responsible for the product strategy. And it's good that this blog exists. Because this should now have sensitized you to tackle a product strategy. And once again it's good that there are RealSkills. Because RealSkills supports you on the way to a product strategy that is in line with your entrepreneurial aspirations. Note: I promise more modesty on my part from the next blog :)
Of course, I look forward to your feedback - [email protected]realskills.de
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