Strategy and objectives

Creating your product strategy

MARKET ANALYSIS

  • competitors: both direct and indirect, that is, those who compete for the time and attention of your users. For example, a competitor of physical activity is streaming services, which motivate its users to watch more and more videos.
  • potential and accessible market: how much market, that is, how many people could be your customers? In order to be your customer, are there any minimum requirements? For example, if you sell an online course to medical interns preparing for the assessment process to join a medical residency program, your potential market is all medical students in their final years of graduation. This is your potential market. And out of that total of people, how many people can you actually talk to and who will want to use your product? In the example above of the online course for medical students, how many can you talk to and show your product? This is your accessible market.
  • market growth: is the number of people with the potential to use your product growing, stable, or decreasing? And how many people can you talk to about your product? It is very important to understand if the market you see for your product is growing, stable, or decreasing, and if this movement is in the short or long term. Understanding how your market is moving is fundamental to help you define your strategy.
  • disruptors: as important as knowing your direct and indirect competitors, you need to know which products can disrupt your product, that is, replace the benefit that your product delivers in a better and more attractive way for your users. For example, people are using less and less email due to the communication options that direct messaging products like WhatsApp and Slack have offered.
  • regulation: is your market regulated? Do you know this regulation? Were there any changes in this regulation? For example, at the Conta Azul, we monitored tax and accounting regulations on a daily basis to ensure that the product was in line with those regulations.

SWOT ANALYSIS

  • Homework: ask everyone to complete a SWOT analysis. Limit to a maximum of three items per quadrant. It is common, especially in the weakness quadrant, for people to create a very large list of items, often with more than 10 weaknesses. When asking to limit by 3 items per quadrant, people will be forced to do a first prioritization.
  • Consolidation: combine all SWOT analyzes into one analysis. There will be some overlaps and some differences. Place items in each quadrant with the number of people who placed each item in their individual SWOT analysis. This amount can serve as the first indication of prioritization.
  • Final version: bring people together in a conversation to evaluate the consolidated version. The goal now is to make the consolidated version also have a maximum of 3 items per quadrant to force everyone to prioritize once again. Usually, a single session can be enough to build this final version.
  • Strengths: how to keep them relevant? Do you need to do anything to reinforce them? Are any of your strengths more important than the others?
  • Weaknesses: How to reduce the impact of weaknesses? Which of these weaknesses has the greatest impact?
  • Opportunities: is it possible to explore opportunities? What can we do to explore opportunities? Which of the opportunities is most relevant to the execution of the product vision?
  • Threats: What should we do to protect ourselves from threats? How do these threats impact the execution of the product vision?

OKR

  • Increase from 15,000 to 20,000 visits per week
  • Improve the conversion rate from 4.5% to 6%
  • Lower the bounce rate from 35% to 20%
  • Improve page load times to less than 2 seconds

Reviewing your product strategy

Summing up

  • Product strategy is nothing more than the path you will take to arrive at your product vision.
  • To create the product strategy you need to have a good understanding of your market, that is, the competitors, the potential and accessible market, the growth of this market, if there are disruptors, and regulation of that market.
  • Use SWOT analysis to help you define which points you will work on in your product strategy.
  • Use OKRs to help you define your strategic objectives and metrics that will tell you if you are on the right track.
  • Review at least annually, or when there are relevant events in the market, your strategy, and your product vision. The market changes, your product evolves, so your product vision and strategy must also evolve.

Missing something?

Digital Product Management Books

Digital product development advisor, mentor, board member. And open water swimmer!

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

4 ways Scrum Teams can act like curious archaeologists

4 ways Scrum Teams can act like curious archaeologists

Evolution of Product Management with startup journey

Trifecta, product teams and impact

Should Customers Have A Right To Knowledge About Themselves?

0 to 1, A to B: Lessons In Product Product Management

Strategy 1.09 | COVID Response Initiative Learnings

Who is a Product Manager

Peter Zieve Examines the Key Points on Product Testing

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Joca Torres

Joca Torres

Digital product development advisor, mentor, board member. And open water swimmer!

More from Medium

Growth: what are roadmap and OKR?

A rough guide to crafting user stories that’s just right

OKRs ≠ Strategy

Harness the Power of Product Ops