How Do The Leading Companies In The Market Work On Their Product Strategies?
Have you ever wondered how the leading companies in the market work? How do you manage your products? How do they Product Strategies ?
The basis of all this is framed in Product Growth Mapping, a practice that encompasses everything related to how to manage a product, how to make it grow, how to devise solutions based on hypotheses, and how to experiment with it through the process of executing, measure, learn, optimize and adjust to grow the product and maximize its value in the market.
The First Step To A Successful Product Strategy Is To Design The Roadmap
The roadmap is a crucial factor to success in the product strategy, and it is not enough to do it once, but it must be constantly updated according to the changes in the market and the needs of the users. It’s like a story about the future of our products and how we want them to evolve towards success. But to create a roadmap, it must be taken into account that it is not enough to capture a series of actions with dates but that it must also contemplate the impact and value that the action plan is intended to achieve.
A key to designing the roadmap is to be very clear about the concepts of Output Vs. Outcome. The first would be the result of the tasks or processes carried out within this strategy, while the second refers to the impact that Outputs have on the business. And it is not worth working hard and doing many things, “work hard, playhard,” but the key is “work smart,” which consists of building a roadmap that includes the strategy, prioritization, and impact that we want and plan to have. The construction of the roadmap and the result that we design is key to success.
But How Does It Work In The Complex Environment We Find Ourselves In Today?
We are currently in a very complex context where companies are faced with many difficulties: constant changes, uncertainty … and everything indicates that these changes will be increasingly rapid, as disruption is increasingly influential.
And this is where the importance of the Agile methodology comes into play, which encourages work in an agile way: it starts from a plan, is executed, and then objective metrics are taken of how the program responds and based on that, it adapts the strategy.
This methodology includes various actions that range from thinking about how a product should be in the future to defining its characteristics and monitoring the project. The particularity is that each process is framed in a very defined level or phase of time.
In this sense, once the strategy is defined, the next step is to ground the plan to objectives and results: what do we want to achieve? And what is going to help us identify that we are getting closer to those goals?
We call the product backlog, which is nothing more than a list of functional requirements that the product must have to add value to the market.
Once the backlog is defined, the execution phase comes, where it is necessary to launch the actions, go to the market, take metrics, analyze and adjust the construction of the products.
And For All This To Work, You Need A Corporate Culture That Works For Results
Culture, values, principles, and operating styles are much more valuable than a tool. And it is that, although the tools can help, they do not guarantee to work quickly and effectively and with an impact on the market.
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