13 - Product Strategy with Pat Bergstresser (Senior Product Manager @ Zillow)
Sep 14, 2023
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Product strategy expert Pat Bergstresser discusses the importance of product strategy, its role in achieving a vision, transition to Slack, developing a product strategy through vision, research, and differentiation, and aligning product strategy with monetization. They also highlight the importance of early feedback and connecting on social media.
A product strategy provides a sense of purpose and direction for the team, connecting them to a bigger goal.
A product strategy consists of vision, strategy, and roadmap, which together guide the team towards their goals.
Alignment is crucial in product strategy, both within the team and with other stakeholders, ensuring everyone is working towards the same objectives.
Deep dives
The importance of a product strategy
A product strategy provides a sense of purpose and direction for the team, giving them a clear understanding of where they're going and why. It allows team members to feel connected to a bigger goal and helps them see how their individual contributions matter. Additionally, a product strategy makes roadmap planning much easier by identifying the key problems to solve and prioritizing them based on their alignment with the vision. It also provides clarity for decision-making, allowing teams to focus on the most impactful features and opportunities.
Defining a product strategy
A product strategy consists of three key components: vision, strategy, and roadmap. The vision defines where the product wants to be in the future, usually in three to five years. The strategy outlines how the product will achieve that vision, identifying the steps, actions, and focus areas needed to reach the desired state. The roadmap determines the timeline and sequencing of the strategy, prioritizing features and opportunities to drive product development and delivery. Each component plays a vital role in guiding the team towards achieving their goals.
The importance of alignment in product strategy
Alignment is crucial in product strategy, both within the team and with other stakeholders. It ensures that everyone is on the same page and working towards the same objectives. A product strategy aligns the team's efforts and provides a sense of purpose, motivating them to work towards a common goal. Additionally, alignment with other teams, such as sales, customer service, and leadership, helps build support and collaboration, ensuring that the strategy is well-informed and can be executed effectively.
Creating an effective product strategy
Creating an effective product strategy involves a comprehensive approach. It starts with understanding the market and customers through research and data analysis. This informs the identification of pain points and opportunities for improvement. The strategy should align with the company's overall vision and value proposition, ensuring consistency and differentiation from competitors. It should also consider the needs and expectations of both buyers and users, addressing their specific challenges. Finally, the strategy should be shared, refined, and updated regularly to incorporate feedback, changes in the market, and evolving business objectives.
Continuously evolving and implementing the product strategy
A product strategy is not a one-time document but rather a living and evolving plan. It should be regularly reviewed, updated, and communicated to stakeholders to keep everyone aligned and informed. As market conditions and business objectives change, the strategy must adapt accordingly. Roadmaps are essential for implementing the strategy, outlining the steps and timeline for delivering on the strategy's objectives. By continuously refining and iterating on the strategy, teams can stay focused, make informed decisions, and work towards achieving their product vision.
Without a product strategy, you are likely to fail. That is why I am very happy to have Pat on the podcast to talk about the importance of a product strategy, what should be included, how to build one, and more. Everything you need to know about product strategy in one episode. Tune in!
If you want to reach out to Pat, you can find him on Twitter and LinkedIn.
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