Building a right Product Strategy | Vikrama Dhiman, Head of Product - GoJek | The Product Folks

TL;DR

Learn how to align stakeholders in product strategy by defining clear goals, involving the customer perspective, and building relationships.

Transcript

hello everyone quarantine day 8 we are at our homes and thanks al town for joining on a Wednesday 9:00 p.m. with me is vikrama he's head of products at Kojak in the past he has built products with direct I make my tribe she rose and and many other global companies so not wasting much time here because all it's already late I am handling handling th... Read More

Key Insights

• 🎯 Key Insight 1: Product strategy is a crucial area in product management that is increasingly important in interviews and performance evaluations. It involves understanding what product strategy is and aligning stakeholders around it.
• 🌐 Key Insight 2: One common mistake product managers make in aligning stakeholders is getting into debates about features. Product strategy goes beyond features and involves setting priorities based on a broader understanding of where the product is and where it wants to go.
• ✅ Key Insight 3: Product strategy can be divided into two main buckets: strategy definition and product definition. Strategy definition involves answering questions about where the product is, where it wants to go, and what measurable milestones should be in place.
• 📈 Key Insight 4: A clear product vision, goals, and initiatives are essential for strategy definition. This helps align stakeholders and frame discussions around objectives and key results.
• 🔒 Key Insight 5: Building relationships, especially with researchers, designers, and analysts, is crucial for successful alignment and stakeholder management. Investing in writing, rehearsing, and using videos for communication can also help improve alignment.
• 🔍 Key Insight 6: The use of frameworks like OKRs (Objectives and Key Results) can provide structure and help prioritize goals and initiatives. It's important to continuously align stakeholders and not treat strategy as a one-time event.
• 💡 Key Insight 7: Success in aligning stakeholders can be achieved by enabling others to be successful, considering market landscape, and avoiding unnecessary debates. Setting shorter time windows and using asynchronous communication tools can also aid alignment in remote work situations.
• 👥 Key Insight 8: In order to work effectively with user researchers, product managers should actively participate in research, collaborate on research study designs, and involve research teams in product development.

Questions & Answers

Q: What is the difference between product strategy and roadmap building?

While roadmap building focuses on prioritizing features and setting deadlines, product strategy encompasses a broader vision, goals, and initiatives that align with the overall direction of the product. It involves analyzing where the product currently stands, where it aims to go, and what measurable milestones can be achieved along the way.

Q: How can involving the customer perspective help in aligning stakeholders?

Involving the customer perspective helps in aligning stakeholders by providing a clear understanding of the target audience and their specific needs. By identifying customer segments and their requirements, stakeholders can prioritize initiatives that address these needs and lead to better overall product strategy. It also helps in creating empathy and understanding among the stakeholders regarding the importance of customer-centric decision making.

Q: How can building relationships with stakeholders contribute to effective product strategy alignment?

Building relationships with stakeholders is crucial for effective product strategy alignment. It helps create a sense of trust, open communication, and collaboration among team members. By involving stakeholders in discussions, listening to their perspectives, and considering their input, product managers can better understand the various needs and expectations of different stakeholders. This leads to better alignment and decision-making within the product strategy.

Q: What are some common mistakes product managers make when aligning stakeholders?

One common mistake is focusing too much on features and not enough on the overall strategy. This can lead to debates and conflicts among stakeholders. Another mistake is not involving the customer perspective, which can result in a misalignment of priorities. Finally, not building strong relationships with stakeholders can hinder effective communication and collaboration, leading to misunderstandings and delays in decision-making.

Summary & Key Takeaways

• Product strategy is more than just building a roadmap, it includes vision, goals, and initiatives that align with the overall direction of the product.

• Mistakes in aligning stakeholders often revolve around focusing too much on features and not enough on the overall strategy.

• Building relationships with stakeholders, involving customer perspectives, and effective communication are key strategies for aligning stakeholders in product strategy.

1. Product strategy goes beyond roadmap building, it encompasses vision, goals, and initiatives.

2. Mistakes in aligning stakeholders often stem from prioritizing features over the overall strategy.

3. Building relationships, involving customer perspectives, and effective communication are key strategies for aligning stakeholders in product strategy.