{"id":6632,"date":"2016-10-25T11:01:23","date_gmt":"2016-10-25T16:01:23","guid":{"rendered":"https:\/\/actuationconsulting.com\/?p=6632"},"modified":"2016-10-25T11:03:53","modified_gmt":"2016-10-25T16:03:53","slug":"developing-compelling-product-strategy","status":"publish","type":"post","link":"https:\/\/actuationconsulting.com\/developing-compelling-product-strategy\/","title":{"rendered":"Developing a Compelling Product Strategy"},"content":{"rendered":"<h1><strong>Product Managers and Product Strategy\u00a0<\/strong><\/h1>\n<p>In recent posts I\u2019ve discussed ways to gather information that will put you on firm footing as a product manager. These included:<\/p>\n<ul>\n<li>Market research<\/li>\n<li>Customer list<\/li>\n<li>Presentation materials currently in use<\/li>\n<li>Company collateral<\/li>\n<li>Win\/loss analysis data<\/li>\n<li>Customer proposal template and signed contracts<\/li>\n<li>Competitive information<\/li>\n<li>Customer data sources within your organization<\/li>\n<li>Defect reports<\/li>\n<li>Product Cost Information or a product P&amp;L<\/li>\n<li>Existing product-related materials<\/li>\n<li>Analyst reports<\/li>\n<li>Competitor social media, websites etc.<\/li>\n<li>Internal survey of constituents<\/li>\n<\/ul>\n<p>This is a lot of information! Now it\u2019s time to dig in and chart your course.<\/p>\n<h2><strong>Step Away to Make Your Plan<\/strong><\/h2>\n<p>My advice is to go off-site to a place where you won\u2019t be interrupted. You goal now is to rough out a plan for where you want to take your product. Your outcome should be based on information you\u2019ve gathered and any preliminary conclusions you\u2019ve drawn. The plan you come up with isn\u2019t the final plan. It will give you something you can take back to the office and bounce off company thought leaders.<\/p>\n<h2><strong>Where\u2019s a Product Manager to Start?<\/strong><\/h2>\n<p>Begin by drawing on your own knowledge \u2013 the know-how that you brought to your job, your experience. Also consider what you learned from reviewing your organization\u2019s business plan. Methodically, layer on the information you\u2019ve gathered through meetings with customers, reviewing competitors\u2019 annual reports, and your internal surveys. Slowly consider each information source you\u2019ve tapped.<\/p>\n<p>Considered as a whole, the findings will help you get a strong sense of where your product\u2019s market is heading. It will also give a good idea of how your organization is positioned. At this point you should be prepared to think strategically and rough out a draft of your strategy.<\/p>\n<h2><strong>The Preliminary Product Strategy<\/strong><\/h2>\n<p>Think in terms of developing a plan that can fit on one presentation slide. Begin by choosing a point in time as your end focus, perhaps three years out. Now choose a starting point, like the end of the year. Your vision slide needs to denote certain strategic milestones. These will indicate where you want to your product to be in six months, at the end of the year, and at various stages along the way. Bear in mind that these milestones aren\u2019t requirements but a record of your progress.<\/p>\n<h2><strong>Mapping Out Deliverables<\/strong><\/h2>\n<p>Often the easiest approach to developing this vision is to map out the deliverables along your timeline. Start at the end of the current year, because it is easiest to envision. What will the situation realistically look like? Next write down what you want your product to look like in three years. This is your outcome \u2013 the endpoint of the process. It should be based on what you\u2019ve learned through your information gathering. Now consider what activities need to happen along the way for you to meet the three-year goal? These are the milestones that populate the various time points along your timeline.<\/p>\n<h2><strong>Product Manager\u00a0 \u2013 Don\u2019t Overcomplicate Things!<\/strong><\/h2>\n<p>Creating this single presentation slide is tougher than you may think. In fact, it would be easier to present reams of information in a complex format. With every page you add to your document, you diminish its value.<\/p>\n<p>It can take you a day to work out your draft or maybe a week to come up with your vision. If your thinking stalls, reach out to a thought leader in your organization and brainstorm ideas.\u00a0 The vision will be richer when it reflects both of your thinking.<\/p>\n<h2><strong>Taking the Next Step<\/strong><\/h2>\n<p>In my next post I\u2019ll discuss how to formulate a winning approach to your market. It\u2019s the exciting step that starts to put your ideas in motion.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>Advancing the Profession of Product Management\u2122<\/strong><br \/>\n<a href=\"https:\/\/actuationconsulting.com\/\">website<\/a>\u00a0I\u00a0<a href=\"https:\/\/actuationconsulting.com\/product-management-consultants\/\">consulting<\/a>\u00a0I\u00a0<a href=\"https:\/\/actuationconsulting.com\/product-management-training\/\">training<\/a>\u00a0I\u00a0<a href=\"https:\/\/actuationconsulting.com\/product-management-toolkits\/\">toolkits<\/a>\u00a0I\u00a0<a href=\"http:\/\/www.amazon.com\/Take-Charge-Product-Management-Effectiveness\/dp\/0615379273\">books<\/a>\u00a0I\u00a0<a href=\"https:\/\/actuationconsulting.com\/product-management-blog-2\/\">blog<\/a>\u00a0I\u00a0<a href=\"https:\/\/twitter.com\/greggeracie\">twitter<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Product Managers and Product Strategy\u00a0 In recent posts I\u2019ve discussed ways to gather information that will put you on firm footing as a product manager. These included: Market research Customer &#8230;<\/p>\n","protected":false},"author":1,"featured_media":6682,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":true,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[41,331,330,315,46,362,48,49,50,326,248,54,324],"tags":[56,337,105,161,194,196,244,346],"class_list":["post-6632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-agile","category-disruptive-product","category-innovation","category-marketing-2","category-product-management","category-product-manager","category-product-marketing","category-product-owner-2","category-product-teams","category-strategy","category-take-charge-product-management","category-user-experience","category-voice-of-the-customer","tag-actuation-consulting","tag-agile","tag-greg-geracie","tag-product-management-2","tag-product-owner","tag-product-strategy","tag-strategy","tag-take-charge-product-management"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Developing a Compelling Product Strategy - Actuation Consulting<\/title>\n<meta name=\"description\" content=\"Product strategy is an important element of an effective product management process. 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