The Product Strategy Stack: A Problem-Solver's Playbook

The Product Strategy Stack: A Problem-Solver's Playbook

In the ever-evolving business landscape, companies are no longer gaining a strategic advantage through operational capabilities like supply chains and manufacturing. Today, the quality of their products is what ultimately determines whether they win or lose in the market. However, many companies struggle with prioritizing their product strategy, often mistaking it for an execution issue rather than a strategic one. Without clear guidance on how to prioritize effectively, teams find it difficult to execute, resulting in missed opportunities.

To address this challenge, it is crucial for companies to have a well-defined strategy that is connected to their mission and day-to-day work. The strategy should encompass the company mission, the logical plan to achieve that mission, the product strategy, the product roadmap, and the product goals. While the mission and strategy may differ between companies, there is often overlap in the work of product teams from various organizations. These teams may be working towards the same product goal, albeit in service of different company strategies. Therefore, it is important for roadmaps and goals to be tethered to product and company strategy to ensure alignment and maximize success.

One common mistake made by product leaders is assuming that product strategy is the same as company strategy. However, they fail to recognize the vital role that other functions like sales, marketing, and support play in the company's overall success. While product has become more central to strategy in light of commoditized logistics and operations, it is not the sole driver. Instead, goals should flow from a product roadmap designed to deliver value to users.

The Company Mission serves as the foundation for a company's purpose. A strong mission should be aspirational and emotionally appealing, motivating employees and customers alike. However, it is important for the mission to evolve along with the company's view of the world. Some companies also define a vision, which describes the world they see, and a mission, which outlines the role the company plays in that world.

Moving beyond product strategy, let's explore the problem-solving aspect of building a successful product. The problem-solver's playbook offers 17 questions to sharpen your thinking and enhance your problem-solving skills. A key principle is to focus on multiplying value rather than just solving problems. By doing so, you become a better problem solver overall.

Before diving into problem-solving, it's important to assess whether the problem you're tackling is merely a symptom of a bigger problem. Understanding the impact of the problem on customers is also crucial. This is measured by considering the reach, intensity, and user segment affected by the problem. Remember, companies are created to serve customers' needs and make a profit.

Additionally, it is essential to ensure that the problem aligns with the company and product's long-term vision and strategy. Strategy involves making choices about what not to do, so it's important to consider what needs to be deprioritized in order to focus on the problem at hand. Evaluating the cost of delay or doing nothing can provide insights into the urgency and magnitude of the problem.

Thinking beyond the immediate problem, it's valuable to consider what happens if you do nothing. This helps identify opportunities to make the product significantly better, aiming for a 10x improvement rather than a mere 10%. Understanding the customer's job-to-be-done is also crucial, as it allows you to think beyond product usability problems and focus on fulfilling their broader goals and aspirations.

Building a deeper moat for your product is another important consideration. Creating network effects, where increased usage of your product enhances its value for each individual user, can help build a strong competitive advantage. Additionally, it's essential to disrupt your own product before someone else does. Anticipating how a new hotshot founder might pitch their disruptive solution can provide insights into potential areas of improvement.

To ensure the viability of your solution, it's important to assess feasibility and desirability. A good solution should be desirable for users, viable for the business, and feasible to build with the available resources and constraints. Identifying the point of diminishing returns helps determine when to stop investing resources into a solution that may not yield significant additional value.

Engaging the Red Team exercise allows you to view your solution from the perspective of an enemy or competitor. This exercise helps identify potential flaws and challenges, ensuring that your solution is robust and well-prepared for potential setbacks. Additionally, it is important to identify the riskiest assumption and find ways to de-risk it through thorough research and validation.

Considering the time lag between research and launching, it's crucial to assess the smallest chunk of value that can be delivered. This agile approach minimizes the risk of changes in requirements, trends, and customer appetite. Lastly, it's vital to reflect on whether you are the best person to solve the problem at hand. Recognizing the need for diverse perspectives and expertise can lead to more innovative and effective solutions.

In conclusion, a strong product strategy and effective problem-solving skills are essential for companies to succeed in today's competitive market. By aligning product and company strategy, prioritizing the right problems, and applying a thoughtful and holistic approach to problem-solving, companies can maximize their opportunities for success. Here are three actionable pieces of advice to keep in mind:

• 1. Clearly define and communicate your company mission and strategy, ensuring alignment with your product strategy.

• 2. Prioritize problems based on their impact on customers, considering reach, intensity, and user segment.

• 3. Embrace a problem-solving mindset that focuses on multiplying value, thinking beyond immediate solutions, and challenging assumptions.

By applying these principles, companies can navigate the complex landscape of product strategy and problem-solving, ultimately driving their success and achieving their goals.