First, let's define what we mean when we refer to a product strategy. Essentially, your product strategy details the direction you want your product to take and what you want it to achieve, allowing your stakeholders to focus on what is most important. A good product strategy consists of three parts: the product vision, the product goals and the product strategy.
Your product vision is an important part of the wider product strategy, as it sets out information about your product's target customer, proposed market position and competition in the marketplace. Crucially, it links all of these factors together to define how your product can succeed at meeting your target customers' needs in a unique way.
Here's an example by Tesla:
"Create the most compelling car company of the 21st century by driving the world's transition to electric vehicles."
Product goals are the second part of your product strategy and add more specific details about what your product is aiming to do. It 's crucial, therefore that these goals are measurable so that you can measure your progress against them, just make sure that they are time-bound rather than ongoing. airfocus can help you to create a straightforward, targeted product roadmap so that you can measure and track progress against your product goals really easily.
The third component in your product strategy are initiatives, which are essentially high-level projects and themes which you use to achieve your product goals. Examples of initiatives could be new product features or specifications.
Remember, the product vision will likely stay the same throughout the whole lifecycle, but the product goals will change, depending on what stage your product is at. Your product goals, however, will likely change quite regularly as they should reflect the most key and current priorities for your product.