A product strategy is a plan that outlines how a company will achieve its goals for a product. It describes the product's purpose, target market, and how it will compete.
Purpose
- Explains the product's value proposition
- Defines the product's goals throughout its lifecycle
- Helps stakeholders understand why the product is being developed
- Explains how the product will solve customers' problems
- Identifies the target audience
- Determines how the product will position itself against competitors
- Compares the product to competitors
- Determines how the product will differentiate itself from competitors
- Uses unique features, design, branding, or customer experience to stand out
Benefits of product strategy
- Helps maximize customer delight and profitability
- Helps guide the product's development
- Helps the product stand out in the market
- Product strategists identify new opportunities and assess product performance.
- Product managers work with product strategists to develop product strategies.