Next, define a strategy on how to achieve your vision:
- How do you see the market and competition developing?
- What problem are you working on first?
- Which target group to address first?
- What outcomes does your product have to achieve first? In which market(s)?
- What problems to potentially tackle in the future?
Your strategy is your long-term plan that outlines how exactly you are going to turn concepts into a sustainable product that will drive profits. The strategy considers the inner resources of your organization as well as external factors — business climate, competition, and, of course, customer needs.
A good strategy also defines 1 key metric to focus on for the moment, until completed. This metric can always be referred to as your top priority. To succeed in the market, the product needs to reach this metric. Only then the next strategic goal can be tackled.
Keep in mind that a strategy, similar to a vision, is a collaborative and cross-functional effort.
Common Strategy Frameworks:
- Product Strategy Story Template
- Product Canvas Strategy
- Northstar Framework
- Product Strategy By Product Faculty