As a consultant, I’ve had dealings with many companies. So, I’ve seen a lot of product strategies. Most have been problematic. Occasionally, I see an example of a product strategy that stands out.
Creating the strategy also requires influencing and collaborating with many people. All of these interactions require time to get people on the same page, discuss disagreements, and incorporate improvements or changes. Usually, they then get feedback that people are still confused. So they give another presentation on the “strategy”, and it helps, a little. But all they really did is communicate what the company will be working on. People are still confused.
. If you’re not sure if it’s worth reading or not, start by reading a summary of Understanding Michael Porter. You’ll learn more about strategy from reading that book than anything else I’ve encountered.Second, study your business and market Talk with people within your company that have good information for you. Sales people. Analytics people. Support people. Partnership people. Finance people. Come prepared with lots of questions.Your strategy work should be iterative. So start clarifying your thinking by putting together a rough draft of an early strategy.. Outline the environment the business is in.
I like to think of companies as being in an ecosystem in the same way that species are part of an ecosystem. These are worth thinking deeply about. How can you build a business where someone can’t just come along and replicate everything you’ve done and destroy your business? Your strategy is a plan to be successful in the environment you’re in. It’s incomplete if it doesn’t meet that goal. It’s fine for your strategy to be incomplete, but you should continue to work on it.The best strategy in the world won’t go anywhere if you can’t convince people it’s the strategy to follow.
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