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The Critical Role of ProductStrategy When Money Is Scarce (Part 1 — Seed) A good productstrategy is something every company needs. Here is how a productstrategy can help you create business results, even when the market is not in your favor. Productstrategy is such a vague term for most people.
One of my best tips for doing deep product work used to be to work from home. It was a countermeasure to the popular symptom of product managers doing their real work?—?market marketresearch, customer insights, backlog grooming, etc.?—?when Working on the productstrategy” is way too vague.
Ideally, the product team has already passed that. In such cases, professional marketresearch may work better for starters. The basic answer: any and every time during the product cycle. Something can always improve the product, so don’t forget the lean UX cycle: think, make, check. Download our free ebook now!
It could be because the market is always moving faster than we can, and we are constantly chasing it, or because to make an impact we are 100% dependant on other people (as much as I hate to admit it, even an amazing productstrategy document won’t make an impact unless people adopt and implement it).
As a good product-leader-to-be (although I didn’t know it at the time), I asked them why did they want to do it, and then performed marketresearch to understand the problem better. In one of my early career roles, I was brought into the company as a development team leader with a very specific task they wanted me to lead.
Here’s a key point: product managers put their problems into “planning,” and those problems get converted into items “ready for development,” but we haven’t handed them to developers yet, so we can continuously reprioritize. So if you’re playing catchup, maybe product parity solutions are more important.
Had B&N marketed the nook more creatively, I believe it could have been successful. It was an Android tablet at its core and failed to highlight its capabilities beyond reading ebooks. Be aggressive with marketing. The product was only advertised in storefronts and did little to compete in the online space.
With everything you have to do every day, it is so easy to neglect strategy. But much like code, your productstrategy also requires maintenance. So they do all sorts of validations and deep analysis processes: marketresearch, business plan, competitive analysis, and so on. And guess what?
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