How many ideas does your product team work on at any given time?
It takes an average of 12 months for a product team to design, develop and launch one product in the market
Most teams work on 3 ideas simultaneously
But can’t launch all of them at once
The team ends up being stretched to be able to work on all the 3 ideas in the pipeline
This is a sign of the lack of a product strategy!
And many businesses are operating this way
Instead of being impact-driven
Their teams put in so much effort in deploying features which may not be what consumers deem to be critical
Which results in unhappy customers, many revisioning and even recalls
Imagine if the team spent time upfront to determine what the consumer wants and how they want to experience it?
This is the benefit of creating a product strategy before delving into the details
A product strategy enables the team to:
• Gain clarity by aligning the product outcome to what the consumer needs
• Be targeted by splitting the ideas into impact-driven themes
• Ruthlessly prioritize the highest impact outcome
• Be agile and focus on outcomes that are impactful to the consumer on a standalone basis, without having to launch an end-to-end product
With a defined strategy, the team would have a clear product roadmap that cuts the time to launch substantially
And they can deliver, monitor and [if need be] kill the product in the 12-month period
And the results are also impactful both for the consumer and the business
Does your team put emphasis on creating a product strategy upfront?