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Medium
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The Misunderstood Role of Product Strategy
- Many companies struggle with product strategy, overlooking the strategic foundation that should inform roadmaps and development timelines, costing them in development efforts and market opportunities.
- Common issues include mistaking tactical activities for strategic direction, with teams presenting roadmaps or features rather than actual strategy.
- Product managers often define their roles in execution rather than strategy, leading to fragmented products that lack cohesiveness in advancing company objectives.
- The absence of clear strategic guidance from senior leadership creates a vacuum where product decisions become misaligned, hindering progress.
- Quarterly-focused business cultures lead to strategy debt, constraining future product options and hindering evolution.
- Lack of formal training in strategic thinking for product managers results in a gap in strategic capabilities across product organizations.
- Product strategy distinguishes itself from related concepts like roadmaps and backlogs and provides a structured approach to guide product decision-making.
- Good strategy involves diagnosing challenges, outlining guiding policies, and implementing actions that align with business goals through customer value creation.
- Roadmaps translate strategy into actionable plans, and effective roadmaps should reflect strategic priorities to guide product development.
- Backlogs should be strategically curated, reflecting the connection between strategy and execution rather than becoming dumping grounds for tasks.
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