Why is product strategy so important to success?
Product strategy is often a misunderstood term. When we talk about product strategy we don’t mean a plan, a roadmap, a backlog, or a massive requirements doc.
But what is it? In a nutshell, product strategy is a blueprint to achieve a set of business goals and outcomes based on our current understanding and position in a market. And today, product strategy is as relevant for startup founders trying to go from zero-to-one as it is for product leaders scaling up, or business executives looking to expand into new markets.
So, why is it so important to products? 🤔
To tackle the question of why strategy is so important to product businesses, and paint a picture of why product strategy can play such a critical role for founders and leaders, I want to start by sharing the following chart:
As you can see, this chart plots revenue performance over time for product and service-type businesses. I find that it clearly and simply illustrates the fundamental challenge that many product businesses will face over their lifetime.
