Product Strategy

Beyond Products – Why Product Strategy is so Important

teams, vision

A strong product strategy is essential for delivering successful products that meet customer needs and drive business outcomes. Here are four reasons why it matters so much.

Set a Targeted Direction

A clear product strategy provides direction for product development and decision-making.

“The two most fundamental strategic choices are deciding where to play and how to win.”

Roger Martin
Product Strategy defines:
  • Target customers and key user needs
  • The product’s value proposition and competitive positioning
  • Strategic business objectives and KPIs
  • An aligned vision that guides what gets built

With strategy as a North Star, product efforts stay focused.

Drive Innovation & Key Investments

The right product strategy sets a platform for meaningful innovation. By identifying market gaps, emerging trends, and future needs, a strategy frames where to allocate resources for maximum R&D and innovation return.

It guides big bets, shaping the long-term roadmap. These major innovations propel competitiveness.

Creates priorities for the Product Roadmap

An intelligent strategy leads to efficient roadmaps, optimising for the highest business impact initiatives, given constraints. With priorities and strategic initiatives defined, roadmaps avoid waste and distraction.

Teams can sequence the roadmap with confidence, knowing that features ladder up to key objectives. Progress moves the needles that matter most.

Enable Stakeholder Alignment

Product strategy gives executives and stakeholders visibility into the path ahead. It outlines the vision, the WHY behind investments, and expected outcomes.

With strategy alignment across leadership, resources get secured. Initiatives receive sustained backing rather than wavering support.

The above reasons make product strategy indispensable for any company serious about building great products customers value. It keeps efforts grounded in purpose and business value. 

Our Experience with Product Teams

Bryter Work have supported product teams to understand market opportunities and create value hypotheses based on what is most important to their business strategy.  Following our unique approach, which develops knowledge through training core skills, uses workshops to solve real-world problems, and coaching to help product teams develop an entrepreneurial mindset, Product Teams working with us have been able to:

  • Carry out user research to rapidly identify areas of high opportunity,  and cancel work of low value that otherwise would have taken up valuable developer time and resources. 
  • Create value hypotheses and metrics that can be tracked across a portfolio of work.
  • Map their stakeholders and understand how to create communications that are appropriate to various groups, to leverage support and minimise friction.
  • Understand the risks and opportunities associated with releasing new products to the market, and actively manage these for product success.

Finally, if you’re wondering how to improve your strategy, take a look at our new SPARK program. Spark is the product capability accelerator that upskills in leadership, strategy AND delivery.

SPARK ignites your people’s talents to get them firing on all cylinders. And your customers go from meh to wow!

a strong company vision

Is your organisation lacking a strong company vision?

vision

Why is a strong company vision important in leadership?

Vision provides the inspiration and clarity that enable teams to understand what they are working towards, and to do it in a way that means that they are able to make more of the decisions themselves. Without a clear and inspiring vision, teams may struggle to connect to the day-to-day work, meaning that decision-making must be made by fewer people higher up in the organisation. This causes delay and frustration all around.

 

strong company vision

Symptoms of a lack of company vision

Lack of Vision in your company may show up in the following ways:

  • Staff need a lot of clarifying information to carry out day to day work
  • Projects mostly focus on maintaining the status quo or reacting to issues, rather than breaking new ground
  • Teams find it hard to describe what they do, or why they are doing it
  • Teams lack motivation and find it hard to get new initiatives moving

In conclusion, a strong company vision is essential for effective leadership. It provides inspiration and clarity for teams, enabling them to understand their purpose and make more informed decisions. Without a clear vision, decision-making can become centralised, leading to delays and frustration. A lack of vision may manifest itself in the need for frequent clarifications, a focus on maintaining the status quo, and a lack of motivation.

If you are experiencing any of these behaviours, it may be time for a new vision workshop and alignment for your organisation.

Talk to us about how we can help

What is a roadmap?

vision

We all need to have a level of certainty in our lives, especially in business, and stakeholders want to know what they are going to get for their money. A roadmap builds upon the vision and tells the story over time of what we expect will happen to make the vision real and when we are likely to see the results of the outcomes we are hoping for.

We know things will change, in fact we plan on it by taking and responding to feedback, and the roadmap also reflects this in its detail and focus.

A roadmap is a strategic document that bridges the vision, through outcomes, to the breakdown of work that the teams will use to plan the order on which they do things.

Together, the vision, roadmap, and OKRs define the strategic direction for the organisation, product, or service.

Bryter Values Lighthouse

What is a vision?

vision

A vision provides the inspiration and clarity that enables teams to understand what they are working towards, and to do it in a way where they can make more decisions themselves.

A clear and inspiring vision connects teams to the day-to-day work and is one element in building appropriate decentralised decision-making. Decentralised decision-making or decision-making closer to the point of value creation is a key element for an adaptable organisation.

Bryter Values Lighthouse

A vision can be for the organisation as a whole, the product, or even the product’s features. The vision is the top level for structuring work in a customer-centric product-focused organisation.

WHAT TAKES A VISION FROM GOOD TO GREAT?

Do you have a truly great vision?
Does it meet the following criteria?

 

    • It is aspirational. It takes you from where you are to a better state
    • You can test your decision-making against it
    • It is always phrased in the positive
    • It contains elements that evoke feelings (preferably positive!)
    • Your employees, colleagues and stakeholders can imagine themselves as part of that vision and the story it tells

 

When these markers are in place, transformational leaders can speak to this vision and increase the odds of teams aligning to a purpose. Individuals feel they are a part of and have the autonomy to work out how they make it happen.

A vision is a powerful artefact.