Crafting a Winning Product Strategy

Learn essential elements of successful product strategies for growth and scalability.

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Hi, I'm Marco 👋

I'm Chief Product and Technology Officer at a growth-stage company in Italy where I lead both product and engineering teams through big wins, tough failures, and all the dynamic moments in between.

On the other side I'm a solopreneur, or better say, an indie hacker: I design, build and grow personal projects.

I started this journal to capture everything I've learned, and continue to learn, about designing, building, delivering, and growing digital products.

If you want to follow me through this journey:

Starting a new career path demands a lot of focus, which is why I haven't been able to keep my promise of writing an article every two weeks over the past month and a half.

But let's look on the bright side—this experience will surely inspire many new articles, like this one! 🥳

Last week, for instance, I had the pleasure of giving a brief presentation to my team to explain the rationale behind the changes we're implementing. I believe it's crucial to explain the "why" to build trust and ensure everyone is heading in the same direction.

Before we dive in, a quick disclaimer: this article refers to a post-product market fit situation. With that said, let's get started!

The first slide of the presentation posed the following question...

What is a Product Strategy?

Product strategy is a term that often carries different meanings. However, you can't contribute to creating one unless you clearly understand what it entails.

First, let's see what a product strategy is NOT:

  • It's not metrics and objectives. These tell us what we aim to achieve and whether we're making progress. They don't explain the how and why.
  • It's not a roadmap, which is simply a list of activities.
  • It's not features or products. Adding a new feature or product is just one of many activities that help achieve the success of a product strategy.
  • It's not the mission, which is a statement of the long-term values we aim to achieve.

A product strategy is your action plan that will help you achieve success and fulfill the mission mentioned in the last point. It answers the question: how can we get there?

You can read more here.

What Makes a Product Strategy Successful?

Great question. I believe this quote from Stephen Covey, author of "7 Habits of Highly Effective People", is a great starting point:

"Begin with the end in mind means to begin a project with a clear vision of your desired direction and destination, and then continue by flexing your proactive muscles to make things happen."

To succeed, a product strategy must possess the following characteristics: