Introduction
If recognition is the most important thing a product manager needs, followed by influence as second most important, then strategy is the third most important. Now, that’s not to say strategy isn’t high-value and critical; rather it’s to say that the perfect strategy is useless if (1) you aren’t recognized and respected as a product manager and (2) you can influence others to carry out your strategy without authority.
What is strategy?
Strategy is the how that comes after the what and why. You know where you are now and where you want to be. You know why you want to be there. But now, you need to define how you’ll get from point A to point B.
It’s absolutely critical that your strategy is comprehensive in that it defines that path, but also acknowledges the potential (risk) of leaving that path due to the one thing constant in life: change. Especially if your point B is quite some distance away, your strategy must align with your vision and prepare measures to take whenever you need to course-correct and get back on track.
What does this mean for product managers?
Simply put, if a product manager is unable to produce and maintain a winning strategy, their product will suffer. Their teams will suffer. And their customers will suffer. This combined not only hurts the product’s future, but also negatively reflects upon the product manager and their teams. Not a good place to be in!
How do I effectively strategize?
There is no one-size-fits-all way I can recommend that will be perfect for every possible scenario you may be in. However, I recommend three things that have time and time again proven to be solid, common ground foundation (emphasis on “foundation;” you must figure out what comes after) of any great strategy.
(1) Deepen your understanding of your customer
- Conduct comprehensive market research. Understand your product’s user personas and keep them up-to-date with regular check ins with people who accurately represent your product’s target audience.
- Utilize analytics. Data speaks volumes and without data, we cannot hope to gain reliable insight on whether or not our strategy is on track or due for a course correction.
(2) Collaborate cross-functionally
- Keep open communication across all your stakeholders. Transparency is key. Keep jargon at a minimum; we’re on the same team and we want to make sure everyone understands and is able to focus on what’s ahead.
- Regularly revisit your strategy with key stakeholders. A strategy may come from a single person’s mind (likely you), but it is maintained, cared for, and adjusted through the efforts of a team.
(3) Prioritize strategic planning
- Just under 30% of product managers report they spend time on any meaningful strategic planning. The majority, just over 70%, report they focus on tactics and execution. This is the equivalent of flying blind. Or, if that didn’t click with you, the equivalent of keeping your foot on the gas pedal but never actually using the steering wheel.
- Set clear objectives, continuously learn, and adapt. Be clear on what you’re trying to achieve and why. Along the way, make it a priority to collect information anywhere you can to help you and your team understand when your strategy is working and when it isn’t.
Can you help me?
It depends if you’re ready to help yourself. Cheesy, I know, but a universal truth with ANY coach or mentor is that the coachee or mentee has to be ready to invest in him or herself. Their painpoints have to be so significant that they are forced to do something to relieve the pain.
If you’re falling behind and not sure how to craft a winning strategy, let’s talk. Click the 1-on-1 Coaching button at the top right of this page to reach out to me. Answer a few questions, and I’ll reach out to schedule our most important call: a discovery call.
In about 15 minutes, you’ll learn a bit more about me. I’ll learn a bit more about you. Together, we’ll make sure you’re in the right place before we go any further.
So, if you’re looking for help getting yourself known and respected by your peers, reach out! If not, no worries! But, if one day you ever need someone to talk to about it, you know where to find me.