Product strategy is often considered the domain of senior product leaders and executives, but it’s important for junior product managers and other cross-functional partners to be aware of the product strategy and to understand how that strategy is shaping their work. 

Let’s define product strategy. Jackie Bavaro is one of the best product leaders at dissecting the sometimes nebulous topic of product strategy, and I will draw on some of her concepts. 

Product strategy is the plan for how the company’s vision will be realized. The product strategy bridges the vision and the tactics to achieve that vision. It evolves over time as the company learns from experience. Bavaro highlights three key elements to a product strategy: (1) vision, (2) strategic framework, (3) roadmap. 

1. The vision refers to what the company is ultimately trying to achieve. How will the world look (i.e. what outcomes are affected) if the company is successful? Vision should be set at the founder or CEO level. 

2. The strategic framework refers to the key insights that will shape the company’s tactical plan. What has been learned from the market to-date? What are the critical success metrics to be monitored? What assumptions still need to be tested based on progress to-date? 

3. The roadmap refers to the specific plan (i.e., set of projects) to take the company from where it is today to realizing the company vision (or a major milestone en route to realizing the broader vision). The roadmap should be informed by the strategic framework and focus on a small number of big bet areas, particularly at earlier-stage companies. 

Product strategy is dynamic in that the strategic framework and the roadmap should evolve as the company learns more about what’s resonating with the market. How dynamic the product strategy is probably depends on the company stage, its culture, and the problem space. In general, larger companies and product organizations will have less dynamic product strategies, as there are fewer unknowns and risky assumptions with increasing product-market fit.

In listening to the product community, it’s amazing how often there is no clear and documented product strategy (across companies of various sizes). A clear product strategy is an effective way to generate alignment across internal teams. People have more context as to why certain projects are prioritized and will naturally feel more included and invested in the work. A documented product strategy can even spark debate and surface fresh ideas from other areas of the business (e.g., engineering). 

Product strategy should not be siloed and opaque. Consistently documenting and broadly sharing product strategy internally will reap substantial organizational benefits over the long term.

Recommended Resources:

Lenny’s Podcast with Jackie Bavaro