What is Product Strategy?

Think of a product strategy as a roadmap. In developing a product and outlining business goals, a product strategy works as a detailed plan of action and answers key questions about stakeholders, objectives, benefits, and the long-term vision. It includes all potential tasks involved and functions as a guide to making informed decisions. Therefore, it is of the utmost importance that a product strategy is thorough, well-researched, and viable in real-time.

In addition to describing the advantages of a product, a product strategy also outlines the problems it seeks to solve and its impact on consumers. It allows for establishing measurable goals, both during and after production.

Components of a Product Strategy:

1. Market vision: This refers to the target customer-base and the implication of the same for the business. Market vision highlights the positioning of the product and analyses its performance against the existing competition.
2. Product goals: A plan without objectives is meaningless. Therefore, the product strategy helps establish metrics or specific aims that guide the product’s development and measure its success. This also entails setting down a timeline to ensure timely performance and delivery.
3. Product initiatives: Mirroring product goals in significance, product initiatives are more conceptual and include trends that are likely to result from the influence of the product. The bigger picture is not only aspirational but also positions the company as a thought-leader in the industry. Ultimately, this is immensely helpful in attracting consumers, boosting brand image, and thriving in a volatile market.

Why is Product Strategy Important?

A product strategy serves several invaluable business functions, including:

1. Offers clarity for the company: A clear-cut strategy that communicates effectively with the team is likely to bring out their best efforts. With the help of a product strategy, it is easier for developers to pay attention to the finer nuances of a product as they’re aware of its real-time implications and contribution. Without a product strategy, one is likely to lose sight of the overarching idea and waste precious time and resources.
2. Helps prioritize product roadmap: A product strategy is the first step towards a compelling and actionable product roadmap. It’s important to draft the strategy before delving into finer aspects like themes as without the former, priorities may get mixed up. This leads to misuse of resources and time, ultimately resulting in a product that may be commercially impractical and of little value.
3. Improves decision-making: It is unlikely that every project will follow the plan word-by-word over the entire course of the timeline. In view of this, a product strategy has an undeniable impact on tactical decisions that inevitably come up during the development process and require adjustments. A clear strategy works as a strong reference point that guides such changes and decisions.

Can I Learn about Product Strategy Online?

Yes, choosing to learn about product strategy through online courses is a great option for professionals across industries and hierarchies. In recent times, online courses have garnered considerable public interest and popularity owing to their flexible structure and affordable fees. Moreover, they are offered by some of the most renowned global institutions, taught by industry experts, and often offer certification which significantly boosts one’s employability.

What Kind of Career Can I Get with a Background in Product Strategy?

A career in product strategy is a creative outlet for those adept at planning, delegating tasks, and managing resources. Consequently, it is also a good starting point for professionals aspiring for managerial and executive roles in future. With competitive salaries and immense scope for growth, the field holds promise for professionals at any stage in their career.

Lucrative Careers in Product Strategy:

1. Product Strategist
2. Product Manager
3. Product Strategy Analyst
4. Researcher, Product Experience
5. Product Strategy Lead
6. Product Owner
7. Head of Product Management
8. Product Growth Analyst

Each Emeritus online course is designed keeping key learning outcomes in mind by a team of experts. We use the backward design methodology to develop instruction for learners of all ages. This enables us to craft unique, interactive, learning experiences that include a combination of assessments, hands-on activities, skill applications, and more.

Emeritus also collaborates with the best universities and faculty around the world to curate the course curriculum that can effectively tackle present challenges in the industry, while preparing you for the trends and risks in the future. Our courses consist of assignments, exams, capstone projects, networking opportunities, a fine balance of practical and theoretical concepts, and the opportunity to learn from top minds in the industry. This adds to the holistic experience we try to provide for each learner.

We are also focused on providing courses that are standardized in quality. This is done by adhering to standards set by a global organization called Quality Matters which is focused on providing quality standards for online and innovative digital teaching and learning environments. The rigorous criteria ensure all our learners invest in quality education that is easily accessible and affordable.