Product Practice #304 |
​Dear Reader,​
As mentioned last week, I’m a big fan of using flexible structures to define Product Strategy. One of the core ideas is the modular relationship between:
(I recently heard about Rob Hayes's talk on “Atomic Strategy” - Kudos to him for giving that structure a memorable name).
Since nobody can predict the success of a Strategy upfront anyway, there are only two practices worth focusing on instead:
Use the “right” Strategy Components to describe the Patterns in your context.
Depending on the type of your company culture, product maturity, and business model, some components are more useful than others.
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Maybe you work in a smaller company where your Company Vision is already very product-centered–and you don’t need to go through the tick-box exercise of having another Product Vision.
Or your product’s distribution is pre-defined by the company’s focus on being sales-led.
Or the b2c nature of your product requires multiple user segments instead of differentiating between users, buyers, and champions in b2b Product Strategy.
You can easily reduce the effectiveness of one Strategy Component by almost sabotaging it through another component’s choice (no matter the Strategy Pattern).
Let’s say you’re a company with a strong offline retail presence, and you choose a notoriously offline user segment for your strategy. In addition, you choose to serve the job of “Feel Safe about non-money Asset Value” for them through the value proposition of a “Watch Collection Evaluation.”
But then you prioritize social media and YouTube Ads for the distribution of your value proposition. You render the previous strategy choices ineffective compared to picking a distribution channel that matches your audience choices.
Instead, you should focus on a distribution channel that leverages the existing strengths AND aligns with the chosen audiences, like an In-Store Sales-assisted Evaluation.
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Thank you for Practicing Product,
Tim
PS.: If you like this newsletter, you'll also love Ant Murphy's writings on Product Management:
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As a Product Management Coach, I guide Product Teams to measure the progress of their evidence-informed decisions.
I identify and share the patterns among better practices to connect the dots of Product Strategy, Product OKRs, and Product Discovery.
1 tip & 3 resources per week to improve your Strategy, OKRs, and Discovery practices in less than 5 minutes.
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