#10 The Quarterly Product Strategy Meeting: How to Keep Strategy "Front and Center" and Accelerate Results & Learning While Leaving a Lasting Legacy

10 The Quarterly Product Strategy Meeting: How to Keep Strategy "Front and Center" and Accelerate Results & Learning While Leaving a Lasting Legacy

In today's fast-paced business world, it's crucial for companies to have a clear and well-defined product strategy. This not only helps teams stay aligned but also ensures that everyone understands how they contribute to the company's overall success. At Netflix, they have implemented a Quarterly Product Strategy meeting to achieve just that.

The Quarterly Product Strategy meeting at Netflix is not just a mere formality or a checkbox on the to-do list. It has become a mechanism for their culture, enabling teams to be highly aligned and loosely coupled. This means that each group understands the overarching product strategy while also maintaining autonomy in decision-making. The focus is on providing context, not control, so that teams can make informed decisions without being bogged down by rules or heavy processes.

To ensure that the Quarterly Product Strategy meeting is effective, it's important to strike a balance between providing a clear articulation of the strategy and fostering open debate. The use of slides can be a great conversation starter, but it's essential not to fall into the trap of "death by Powerpoint." The goal is to deliver a crisp articulation of the strategy along with test results that inspire meaningful discussions.

During the meeting, the head of the product team should kick things off by articulating the high-level strategy. This sets the tone for the rest of the discussion and provides a foundation for the presentations that follow. Each product leader should then present the strategy for their respective swimlane, highlighting key insights that are relevant to everyone in the room.

At the end of the session, it's important to have a wrap-up that allows for general discussion, debate on unresolved issues, and framing which information should be shared outside the room. This helps ensure that everyone is on the same page and that there is a clear plan of action moving forward.

To continuously improve the Quarterly Product Strategy meeting, it's a good idea to gather feedback from participants. One way to do this is by using a Net Promoter Score (NPS) survey to understand what went well and what could be better. This feedback can then be used to make each meeting better than the one before, ultimately driving results and learning.

Now, let's shift gears and talk about leaving a lasting legacy. Bill High, in his article "Leave a Legacy or Live a Legacy? Living Life Forward," challenges the traditional notion of legacy. He suggests that instead of focusing on leaving a legacy, we should strive to live a legacy.

High quotes, "Life can only be understood backwards; but it must be lived forwards." This echoes the sentiment shared by Steve Jobs about connecting the dots in life. We can only truly understand the impact of our lives in retrospect, but we must live with intention and purpose in the present.

The true impact of our lives is not measured by material possessions or accolades. It is reflected in the values we embody and the way we live our lives. Our legacy is not something we leave behind; it is something we put in motion for the future.

Living a legacy means being intentional about the way we live and the values we instill in those around us. Just like a mirror reflects who we are, the people around us are a reflection of the legacy we are creating. Are we instilling in our children and grandchildren a set of values they can live by and pass on to future generations?

Incorporating the concept of living a legacy into the Quarterly Product Strategy meeting can have a profound impact. By aligning teams around a shared vision and values, the meeting becomes more than just a strategic discussion; it becomes a platform for building a lasting legacy within the company.

To conclude, here are three actionable pieces of advice to make the most out of your Quarterly Product Strategy meeting while simultaneously living a legacy:

• 1. Foster a culture of open debate and discussion during the meeting. Encourage teams to challenge ideas and provide constructive feedback. This not only helps refine the strategy but also creates an environment where everyone feels heard and valued.

• 2. Continuously seek feedback from participants through methods like NPS surveys. This feedback should be used to improve future meetings and ensure that they remain effective and impactful.

• 3. Embrace the concept of living a legacy by aligning teams around a shared vision and values. Encourage individuals to reflect on how their contributions will have a lasting impact on the company and its future generations.

By following these pieces of advice, you can ensure that your Quarterly Product Strategy meeting not only accelerates results and learning but also leaves a lasting legacy for years to come. Remember, it's not just about what you achieve in the present, but also about the values and impact you create for the future.