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The DHM Model to craft Product Strategy
- Product Strategy is answer to the question: How will your product delight customers in hard-to-copy, margin-enhancing ways?
- DHM model to craft Product Strategy is broken down into three questions: How will the product delight customers? (D) What will make the product hard to copy? (H) What business model experiments are required to build a profitable business? (M)
- To craft the product strategy, consider structured approach: Understanding Customer Needs, Creating Unique Value Propositions, Enhancing User Experience, Building Community and Engagement, Intellectual Property Protection, Creating a Strong Brand Identity, Leveraging Technology and Innovation, and Building Relationships with Suppliers and Partners.
- For crafting a profitable business model, one can use Hypothesis Development by Formulating hypotheses about potential business models based on market research and customer feedback, Designing Experiments using test and control groups to assess different business models, Analyzing Results and Pivoting based on findings and Continuous Learning and Iteration.
- To find low-level metrics, one must ask questions like how do you measure customer experience (X), and how is X linked to retention? Lower-level metrics - proxy metrics - are easier and faster to move than high-level engagement metrics.
- It is important to set the top 5 or 6 product strategic directions you want to experiment and validate leading to Strategy-Metric-Tactic lockup.
- A roadmap is an expression of your product strategy and helps align resources and plans over the next few months.
- The GLEe model helps teams think much bigger and long-term and sequence or phase the approach to build the product. It focuses on Get Big, Lead, and Expand.
- Each step in GLEe needs a lot of work over multiple years before progressing to the next. Netflix Product Vision: Get big on DVDs, Lead downloading, and Expand worldwide
- The edition of the newsletter is inspired by Gibson Biddle’s Essays, and it is an effort to bring a short version of known strategic frameworks to the audience.
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