Product Strategy

7 minute read

Product Strategy describes the path and key elements to achieve the Product Vision providing inputs for the Product Roadmap. The Roadmap states how the strategy is implemented.

Vision

Product Vision is important to set direction, guide prioritization and motivate teams. It should provide clarity to how team roles and daily activities contribute to the bigger picture.

Tools References
Vision Statement Template
 
 
 
 		 Following is a suggestion for Vision Statement mentioned in the book Crossing the Chasm (by Geoffrey A. Moore)
Vision Statement
  • Write the Product Vision (by Paulo Caroli)
  • The Only Product Vision Template You’ll Ever Need
  • Free Product Vision Template
    		•
    Product Vision Board
     
     
     
     
         		 Following is a piece of the Vision Board Template mentioned in the book Strategize (by Roman Pichler)
    Product Vision Board
  • The Product Vision Board (Explained)
  • The Product Vision Board (Template)
  • The Product Vision Board — A tool for creating your Product Vision
  • The Product Vision Board: Describe Your Product Vision and Strategy
    		•

    Product Strategy

    Roadmapping

    Reference Source
    Product Roadmaps eBook Roadmunk
    Discussions References
    Dates on Roadmaps
         		 Timelines make you focus on deadlines rather than value
    Should Product Roadmaps have dates? (by Roman Pichler)
    Tools
    Roadmunk
    Aha!
    Product Plan
    Product Board

    Prioritization

    There is no perfect framework that fits all cases, so It is important to understand each one’s pros and cons to better select the one that should be used for each scenario. For example MoSCoW is simple and widely used for MVPs, on the other side RICE is more complex, not good for MVPs but considers important aspects of Engineeing such as Confidence and Effort (not considered on MoSCoW).

    Frameworks  
    MoSCoW
         		 Must-Have, Should Have, Could Have, Won’t Have
  • MoSCoW Prioritization (by Product Plan)
    		•
    RICE
         		 Scoring that considers Reach, Impact, Confidence, Effort
  • RICE: Simple prioritization for product managers (by Intercom)
    		•
    ICE
     
         		 Scoring that considers Impact, Confidence, Effort
  • ICE Scoring Model (by Product Plan)
  • ICE Prioritization Done Right - How to choose the right ideas without HiPPOs, committees, and biases
    		•
    Kano Model
         		 Model based on expected Customer Satisfaction
  • Using The Kano Model To Prioritize Product Development (by Mind the Product)
    		•
    Other Reference
    Roadmunk 9 product prioritization frameworks for product managers
    Product School 3 Prioritization Techniques All Product Managers Should Know
    Product Board Product Prioritization Frameworks
    uxdesign.cc How to choose your Product Prioritization Framework

    Enemies of Prioritization

    Type of Enemies  
    🦛 HIPPO Highest Paid Person’s Opinion
    🐺 WOLF Working on Latest Fire
    🦏 RHINO Really High-value New Opportunity
    🦓 ZEBRA Zero Evidence But Really Arrogant
    🐦 Seagull Manager  
    🐧 PUFFIn Plans Unending Feature Factory Initiatives
    🐤 GOOSE Guesstimating Overly Optimistic Scheduling Estimates
    🐍 CoBRAs Cognitive Bias Related Assertions
    🙀 PUMAs Promotes Unusually Meaningless Assumptions
    🐂 YAK Yet Another KPI

    Pricing Strategy

    Focus on having LTV (Lifetime Value) > CAC (Customer Acquisition Cost). Well established SaaS companies have LTV = 3x CAC.

    Price Strategy  
    Cost-plus  
    Competitor-based  
    Value-based  
    Price Model  
    Flat Rate  
    Usage-based  
    Tiered  
    Per User  
    Per Active User  
    Per Feature  
    Freemium  
    References  
    Chargebee A Definitive Guide to SaaS Pricing Models - Strategies, Examples, and Top Metrics to Track
    Product Plan 10 Lessons for Pricing SaaS Products
    cobloom The Ultimate Guide to SaaS Pricing Models, Strategies & Psychological Hacks
    ProfitWell SaaS Pricing Models, Strategies, and Examples of Success
    Atlassian 8 principles to guide your SaaS pricing strategy

    Product P&L