Kazuki
@kazuki
Cofounder of Glasp. I collect ideas and stories worth sharing 📚
San Francisco, CA
Joined Oct 9, 2020
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medium.com/@kazuki_sf_/why-social-learning-matters-1271a855fafc
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Product strategies are guides to the future based on the information that you have at the time. They are living documents; as things change and more information comes to light, they should be revisited, revised, and added upon.
Section 1 - Understand the Problem
Every product strategy starts with a clear and cogent problem statement.
Know what problem you want to solve and for whom.
Identify the opportunity and size it.
Define the problem: What problem are you trying to solve?
Think of your favorite product. Then think of the unique problem it is trying to solve in 10 words or less.
Airbnb: Connecting travelers with unique places to stay
Amazon: Find anything to buy online at a good price
Coursera: Accessible quality online education for everyone
Facebook: Connecting with friends and family about things you care about
Google: Organizing the world's information
WhatsApp: Private messaging for low connectivity environments
YouTube: Sharing videos and finding an audience
Define your audience: Who are you solving the problem for?
Knowing whose problem you are solving, and who is deciding if you get to solve the problem is an important distinction. In consumer products, they are often the same person, but in enterprise products, they are often entirely different.
Amazon: Booklovers
Facebook: College students
PayPal: eBay sellers and small online sites
QuickBooks: Small businesses
Snapchat: Teens in western countries on iOS
Before you build for the world, win in one market. You can later take the capabilities you built and move to adjacent verticals or experiences.
Understand the market: What is the competitive landscape?
Segments - define based on behavioral or needs based on segments
Market size - opportunity size, number of potential customers
Competitors - leaders in the space, the concentration of competitive strength
Section 2 - Identify your unique value
Amazon AWS: Computation capabilities at scale
Apple iPhone: Human-centric design
Facebook Marketplace: Buy & Sell Groups and profile selling
Section 3 - Outline how you will execute
Strategy is easy, execution is hard. Many companies have similar strategies, but what separates those who win from those who don't is execution.
Be clear where you want to be in two years, and then break it down into workable units. Know what you are learning in each six-month phase which will inform the next six months.
Define success: What does winning look like?
Define success as something measurable so that you continuously monitor if you are on your way there.
Identify risks: What are the pitfalls?
Confidence is built through assessment and clear thinking in the face of adversity, not by hiding from potential headwinds.
The perfect strategy that is not executable is no better than having no strategy at all.
The right strategy at the right time will often feel obvious, and if it doesn't you should ask why the organization or the world was not yet ready for it and what it would take to prepare them.