Crafting Effective Product Strategies: A Five-Step Approach

Chandra Janakiraman is the chief product officer, executive vice president, and a board member at VRChat. Previously, he was a product leader at Meta, where he led Facebook’s social experience interfaces and Reality Labs’ growth; served as CPO at Headspace, where he helped relaunch the platform, driving a 4x subscriber boost; and was a GM at Zynga, delivering massive hit games that reached hundreds of millions. In our conversation, Chandra shares:

• His playbook for developing a product strategy

• The difference between “small s” and “big S” strategy

• How to run strategy sprints

• Who should be involved in strategy work

• Common pitfalls in strategy development

• The role of AI in future strategy development

• More

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Find the transcript at: https://www.lennysnewsletter.com/p/an-operators-guide-to-product-strategy-chandra-janakiraman

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Where to find Chandra Janakiraman:

• LinkedIn: https://www.linkedin.com/in/chandramohanj/

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Where to find Lenny:

• Newsletter: https://www.lennysnewsletter.com

• X: https://twitter.com/lennysan

• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/

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In this episode, we cover:

(00:00) Chandra’s background

(04:47) The importance of strategy

(12:40) Defining product strategy

(15:42) Developing a winning strategy: an overview

(18:51) The preparation phase

(30:46) The strategy sprint process

(45:51) The design sprint

(51:19) Document writing

(57:39) Rolling out your strategy

(01:01:28) Resourcing and roadmapping

(01:04:42) Strategy lessons from Zynga

(01:11:34) Strategy lessons from Meta

(01:15:55) Big S strategy

(01:26:58) AI in strategy formulation

(01:38:12) Final thoughts and lightning round

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Referenced:

• Headspace: https://www.headspace.com/

• Good Strategy, Bad Strategy | Richard Rumelt: https://www.lennysnewsletter.com/p/good-strategy-bad-strategy-richard

• 5 essential questions to craft a winning strategy | Roger Martin (author, advisor, speaker): https://www.lennysnewsletter.com/p/the-ultimate-guide-to-strategy-roger-martin

• VRChat: https://hello.vrchat.com/

• Andrew Chen on LinkedIn: https://www.linkedin.com/in/pmandrewchen/

• Template: Working Backwards PR FAQ: https://www.workingbackwards.com/resources/working-backwards-pr-faq

• How LinkedIn became interesting: The inside story | Tomer Cohen (CPO at LinkedIn): https://www.lennysnewsletter.com/p/how-linkedin-became-interesting-tomer-cohen

• Making time for what matters | Jake Knapp and John Zeratsky (authors of Sprint and Make Time, co-founders of Character Capital): https://www.lennysnewsletter.com/p/making-time-for-what-matters-jake

• Identify your bullseye customer in one day | Michael Margolis (UX Research Partner at Google Ventures): https://www.lennysnewsletter.com/p/finding-your-bullseye-customer-michael-margolis

• Chandra’s flow chart: https://docs.google.com/document/d/1SLmQ0oRFadzJnNM3MJetnLUvB18U4W4GXU4KtJ2ujEQ/edit?tab=t.0

• Chandra’s strategy template: https://docs.google.com/document/d/1iNeYUaMnpicvkpVZO-gj9cCxLeHfWN0xtGm_QoxgemE/edit?tab=t.0#heading=h.5d3jz6v86yrs

• Zynga: https://www.zynga.com/

• David Foster Wallace’s quote about water: https://www.goodreads.com/quotes/97082-there-are-these-two-young-fish-swimming-along-and-they

• Oculus: https://en.wikipedia.org/wiki/Oculus

• Elon Musk’s quote: https://www.youtube.com/shorts/wf8TadbGYok

• Concept car: https://en.wikipedia.org/wiki/Concept_car

• Acquired podcast: The Mark Zuckerberg interview: https://www.acquired.fm/episodes/the-mark-zuckerberg-interview

• Armand Ruiz on LinkedIn: https://www.linkedin.com/in/armand-ruiz/

• What is a multi-armed bandit? Full explanation: https://amplitude.com/explore/experiment/multi-armed-bandit

• IF on Prime Video: https://www.amazon.com/IF-John-Krasinski/dp/B0CW19SCVW

• Dune: Part 2 on AppleTV+: https://tv.apple.com/us/movie/dune-part-two/umc.cmc.363aycnv6vy9qgekvew6fveb9

• Dune Prophecy on Max: https://www.max.com/shows/dune-prophecy-2024/57660b16-a32a-476f-89da-3302ac379e91

• Capybara Go on the App Store: https://apps.apple.com/ph/app/capybara-go/id6596787726

• Bluesky: https://bsky.app/

• Steve Jobs: The Lost Interview on Prime Video: https://www.amazon.com/Steve-Jobs-Lost-Interview/dp/B01IJD1BES

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Recommended books:

• The Art of War: https://www.amazon.com/Art-War-Sun-Tzu/dp/1599869772

• Competitive Strategy: Techniques for Analyzing Industries and Competitors: https://www.amazon.com/Competitive-Strategy-Techniques-Industries-Competitors/dp/0684841487/

• Good Strategy Bad Strategy: The Difference and Why It Matters: https://www.amazon.com/Good-Strategy-Bad-Difference-Matters/dp/0307886239/

• Playing to Win: How Strategy Really Works: https://www.amazon.com/Playing-Win-Strategy-Really-Works/dp/142218739X

• Make Time: How to Focus on What Matters Every Day: https://www.amazon.com/Make-Time-Focus-Matters-Every/dp/0525572422

• Sprint: https://www.amazon.com/SPRINT-Jake-Zeratsky-Knapp/dp/0593076117

• Walt Disney: The Triumph of the American Imagination: https://www.amazon.com/Walt-Disney-Triumph-American-Imagination/dp/0679757473

• Creativity, Inc.: Overcoming the Unseen Forces That Stand in the Way of True Inspiration: https://www.amazon.com/Creativity-Inc-Expanded-Overcoming-Inspiration/dp/0593594649/

• The Ten Faces of Innovation: Strategies for Heightening Creativity: https://www.amazon.com/dp/0385512074

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Lenny may be an investor in the companies discussed.

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