A MngtBug is a problem, cause or impact in a human manager’s decision which produces an incorrect or unexpected result. Every other week we share a little bit of our knowledge base on social media and our newsletter.
This week’s MngtBug is…
Have you ever seen this MngtBug? How did you solve it?
Share your story!
This week’s “Lack of Product Strategy” is a common problem specially on start-ups.
By definition, a Product Strategy is a system of achievable goals and visions that work together to align the team around desirable outcomes for both the business and customers.
(Extracted and adapted from https://medium.com/@melissaperri/what-is-good-product-strategy-8d5587cb7429)
Product strategy is about imagining the future of your product: What product will it become? Who will it benefit? How will it create value? It’s a high-level plan that helps you realize your vision or overarching goal. More specifically, the product strategy should describe who the product is for and why people would want to buy and to use it; what the product is and why it stands out; and what the business goals are and why it is worthwhile for your company to invest in it, as the following picture shows.
(Extracted and adapted from https://www.romanpichler.com/blog/elements-definition-product-strategy/)
Most companies fall into the trap of thinking about Product Strategy as a plan to build certain features and capabilities. We often say our Product Strategy are things like:
- “To create a platform that allows music producers to upload and share their music.”
- “To create a back-end system that will allow the sales team to manage their leads.”
- “To create a front of the funnel website that markets to our target users and converts them.”
This isn’t a strategy, this is a plan. The problem is that when we treat a product strategy like a plan.
We need to have a plan, but our plan should be to reach our business goals. We need to switch from thinking about Product Strategy as something that is dictated from top to bottom, and instead something that is uncovered as we learn what will help us achieve our objectives. (Extracted and adapted from https://medium.com/@melissaperri/what-is-good-product-strategy-8d5587cb7429)
This MngtBug has been mentioned in relation to a number of MngtFixes such as…
“Customer Needs and Wants Elicitation”,
“Marketing Strategy Definition”,
“Product Backlog Grooming/Refinement”,
“Target Customers Definition and Segmentation”,
“Customer Journey Definition”,
and of course “Product Strategy Definition”!
Call to action
What about you? What do you want more or less of on medium post?
Do you have other suggestions?
I would love to know more about your feedback and stories so that we can learn, share and grow together!
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Have a nice week and remember…
Human Managers should strive to be humans while managing and be managed as humans!