The Good’s Post

We talked to seven product strategy experts about how to make the most of annual planning. Here’s how to start 2025 on the right foot. https://hubs.la/Q02ZKcDZ0

Product-led strategy is essential for driving success by focusing on solving customer problems through innovation and continuous improvement. 🚀 Focuses on creating products that solve specific customer pain points. 💡 Ensures that innovation is at the forefront of business decisions. 📊 Aligns every department towards improving and refining the product. 🎯 Enables scalable and sustainable growth through clear market positioning. 🤝 Promotes cross-functional collaboration to ensure customer satisfaction. #ProductLedGrowth #StrategicPlanning #BusinessInnovation 🌱 Product-led companies grow faster by consistently addressing customer needs. 💼 Strategic planning revolves around the product's lifecycle, ensuring relevance. 🏆 Companies that prioritize product development stay competitive in evolving markets. 🌍 Customer feedback becomes a key part of the product improvement process. 🔄 Product-driven decisions promote agility and responsiveness to market changes. https://lnkd.in/gtTuYz4i

Are you struggling to effectively manage your product's lifecycle? Do you find it challenging to prioritize features and align them with your business goals? How can you ensure that your product strategy is on the right track? 👀 In this blog post, we'll explore the definition of the Product Process Matrix, how it works, its benefits, and how it can be applied to enhance product management within your organization! 🚀 Read more here: https://lnkd.in/dHsFRnQd

How We Can Stop Confusing Long Term Goals with Short Term Plans (link in first comment) #strategy #portfolio #product 

A Hands-on Guide to Product Strategy Foundations. #productstrategy #productmanagement #productdevelopment #productdesign #productmarketing #productlaunch #productinnovation #productstrategy101 #productstrategytips #productstrategyframework #productstrategyguide #productstrategybasics #productstrategyforbeginners #productstrategybestpractices

Day 7 of 7: Prioritization The final step in creating a customer-centric product strategy is prioritization. This involves identifying key initiatives and milestones required to achieve the product's vision and mission and ranking them based on their strategic importance, resource requirements, and potential impact. Steps to Enforce Effective Prioritization - Define the Criteria: Establish criteria to evaluate initiatives and milestones. Consider factors like strategic importance, resource requirements, potential impact, customer needs, and market trends. - Evaluate Initiatives: Use market research, customer feedback, and competitor analysis to assess initiatives. Frameworks such as the Value vs. Effort/Complexity Matrix and Weighted Scoring Model can provide structure to this evaluation. - Prioritize Initiatives: Rank initiatives based on their strategic importance, resource requirements, and potential impact. Employ methods that best suit your team and organizational needs. This step ensures focused investment in the most critical initiatives. - Develop a Plan: Use the prioritized initiatives to create a detailed implementation plan. This should include milestones, timelines, accountabilities, and resource allocations. - Review and Adjust: Maintain flexibility in your plan to adapt to changes. Regular reviews and adjustments help keep prioritization aligned with the product's vision and mission. Benefits of Prioritization: - Effective Resource Allocation: Ensures optimal use of resources to meet strategic goals. - Strategic Alignment: Aligns investments with business strategy. Risk Management: Identifies potential risks and challenges early for proactive management. - Customer Satisfaction: Keeps customer needs at the forefront. - Competitive Advantage: Focuses on initiatives that deliver unique value to customers. Prioritization is essential for product managers to drive successful outcomes and deliver products that truly resonate with customers. Summary A successful product strategy is; - customer-centric - market-oriented - prioritized - measured - data-driven - innovative - adaptable - well-resourced - effectively communicated --------------------------------------------------------------------------- This concludes the 7-day dive into Product Strategy. Stay tuned for more discussions on driving innovation and growth. Thank you for joining this journey to create exceptional products that truly make a difference. #productmanagement #productstrategy #prioritization #7day

Here’s a question for my fellow product leaders out there.   Do you think your organization can find greater success with a strategy for every product, or would a single market strategy for all products make it easier for your company to hit its numbers? Before you answer…   Here’s one big thing that gets overlooked when it comes to product strategy.   A common misconception is that product strategy only involves the product teams responsible for planning, designing and building your products.   In reality, a successful product strategy touches every part of your organization - marketing, sales, customer experience, tech support, and even back-office functions are essential to successfully executing a product strategy.   With that as the backdrop, here’s the tougher question. How many product strategies can your organization realistically execute and do it well, to the point where your company can hit its numbers without constantly revisiting and shifting priorities?   If you think a single market strategy suits your organization better, check out our Product Strategy Framework.   If it resonates, let us know and we’ll teach you how to elevate your strategic planning process so you can hit your numbers with a lot fewer speed bumps and detours. https://lnkd.in/gsnyHPcz #productmanagement #productstrategy #marketstrategy

🕒 The Product Management Clock: Is it Time to Review Your Strategy? As we approach the end of the year, it's the perfect moment to reflect on your product's journey and set the course for the year ahead. Here are a few key questions to ask yourself: 🔍 Have you updated your product strategy? Markets change, competition evolves—does your strategy still align with your vision and market conditions? 📊 Have you reviewed your competitive analysis and pricing? Understanding where you stand in relation to competitors, and whether your pricing is still aligned with market dynamics, is crucial. Are you positioned correctly to capture market share? 🎯 Is your value proposition clear and relevant? Make sure your product is solving the right problems for your customers. Does it address the right customer segments, and is your messaging sharp? 🔎 Market alignment: Are we solving the right problems? It’s essential to validate that the problems you're solving are still the most pressing for your customers. Analyze the market to ensure your solutions are targeting the most important customer segments. 🎯 What are your key goals for next year? Identify the key initiatives that will drive growth. What features, innovations, or markets should you focus on in 2025? 👥 Are you listening to your customers? Customer feedback is gold. Have you gathered and analyzed insights to inform your next moves? 🎯 Resource allocation and team readiness Do you have the right resources in place to hit the ground running next year? It's time to ensure your team and tools are ready to execute. Let’s make sure we go into next year with focus, clarity, and a winning product strategy. How are you planning to adjust your strategy and pricing to stay competitive in the upcoming year?

**The Balancing Act: Juggling Customer Demands and Business Priorities 🤹** As a product manager, I often feel like a tightrope walker, carefully balancing the demands of our customers on one side and the priorities of the business on the other. It's a delicate dance that requires strategic thinking, empathy, and the ability to navigate competing interests. On one hand, we have our customers – the lifeblood of our product. They're the ones who use our offerings day in and day out, and their feedback and pain points are invaluable in shaping our roadmap. We owe it to them to listen intently, understand their needs, and strive to deliver solutions that truly improve their lives or work. But on the other side, we have the business – the engine that fuels our ability to continue innovating and serving our customers. We must align our product strategy with the company's overarching goals, whether that's driving revenue growth, expanding into new markets, or optimizing operational efficiency. Striking this balance is both an art and a science. It requires a deep understanding of our customers' personas, workflows, and the jobs they're trying to accomplish. It also demands a keen awareness of the competitive landscape, market trends, and the unique value proposition that sets our product apart. Ultimately, the key is to approach every decision through the lens of creating long-term, sustainable value for both our customers and our business. Sometimes, that means making tough calls – saying no to features that don't align with our strategy or deprioritizing initiatives that may excite a vocal minority but don't move the needle for the broader user base. It's a constant juggling act, but one that I find immensely rewarding. Because when we get it right, we're not just building a product – we're crafting solutions that genuinely improve people's lives while driving business success. So, to all of the product managers out there, I'd love to hear your perspectives: How do you navigate the push and pull between customer demands and business priorities? What frameworks or techniques have you found effective in striking that delicate balance? Let me know! #ProductManagement #CustomerObsession #BusinessStrategy #ValueCreation

❌ Reasons for Product Strategy Failure ❌ Misalignment with Corporate Goals: Strategy doesn’t align with the overarching company vision. 🚫 Lack of Key Stakeholder Involvement: Product managers and other key players aren’t involved early in the planning phase. 🧩 Poor Execution Plan: Weak planning leads to confusion and misalignment during execution. 📉 Neglecting Continuous Review: Failure to revisit and adapt the strategy as market and internal factors shift. 🔄 Sales-Driven Decisions: Over-reliance on short-term sales goals limits innovation and long-term value. 💸 Underestimating Communication Needs: Insufficient communication, especially on end-of-life (EOL) products, creates confusion. 📢 Insufficient Time for Implementation: Rushed rollout leads to incomplete adoption and strategy fatigue. ⏳ Want to get a deeper understanding? __________________________________________________________________________________ This week Alisha Shrestha from my product strategy research team and I had the pleasure speaking to product manager Trine Voss. 🚀 Key Takeaways from our conversation Conversation with Trine Voss 🚀 ✅ Align product strategy with corporate goals – A clear alignment between product strategy and corporate vision is crucial for long-term success. When product teams understand the big picture, they can make more strategic, impactful decisions. 🎯 ✅ Involve PMs early and often – Product managers need to be part of the strategy conversation from the start, not just the execution phase. Their insights are invaluable in shaping a product roadmap that’s both realistic and ambitious. 🤝 ✅ Prioritize long-term product market fit – Don't just focus on the next quarter. Product-market fit should be assessed with a 2-3 year horizon to ensure your products remain relevant and strategically aligned. 🔍 ✅ Communicate strategy clearly across teams – A strategy is only as good as how well it's communicated. Product managers must act as the bridge, ensuring every team member understands the vision and their role in it. 📢 ✅ Balance sales input with innovation-driven strategy – Sales teams often drive product strategy, but innovation should not be sidelined. A strategy that only reacts to sales pressure limits the potential for future growth and market leadership. 💡 ✅ Allocate resources to big bets, not just short-term wins – Big bets require focus and resources. It’s essential to prioritize the strategic initiatives that will create lasting value, even if it means cutting back on smaller, less impactful projects. 💰 ✅ Avoid tactical distractions and stay focused on long-term outcomes – A successful product strategy should have a clear vision for the next 2-3 years. Shifting priorities in reaction to short-term issues can delay transformative projects. 🛤️ Thank you, Trine Voss, for sharing such invaluable insights and perspectives on product strategy. 🙏 We’re truly grateful for your time.