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.
We often mistake product strategy with product roadmap, But product strategy is more than just a plan because plans do no account for uncertainty or change.
In other words, we should see product strategy as a collective, step by step effort to envision the future, what it could or should be and how to get there.
Vision
Describes who the customers are, what they need and how you plan to deliver a unique offering.
Lofty, futuristic goal for where your company is heading.
Example: In 10 years Uber will be a cheaper alternative to owning a car or taking public transportation.
Goal
Goals are measurable, time-bound objectives that have clearly defined success metrics associated with them.
The first big goal is to tackle on your way to the vision. Think in terms of user journeys and objectives that relate to the product lifecycle.
Example: In order to reach our vision we need to reduce the wait time of customers in key cities to < 5mins by Jan 31, 2024.
Initiatives
Are high-level efforts or big themes that need to be implemented to achieve those goals.A smaller, measurable objective that teams can start exploring now.
Example: In order to reach our goal we need to have at least one driver for every 50 people in each of the key cities.
Current State
What is the status today as it relates to the initiative.
Example: After analysis, we know our current state is on average 1 driver for every 300 people in those cities.
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