Recipe 8 - Know Your Product Strategy

Your offerings comprise how you develop and package the solution value and how you deliver it to your customers. Since your product is central to your company’s success, you must ensure continuous performance, distribution, progress measurement, and refinement while developing the product strategy in unity with sales and marketing. 

A product strategy helps to align resources and goals within a company by ensuring everyone is working towards achieving common goal and objectives. This kind of direction outlines the product's purpose, target audience, and value proposition, which helps to:

- guide the product development process, 

- prioritize features, facilitate communication around the product, and,

- measure product performance and make data-driven decisions to improve it.

In Recipe 8, you will define how you will define your core product management processes as well as innovate and ideate new potential products.

• Recipe: Product Process, to outline key product components and allocate time for product management to manage these components, define your product process that aligns with your Start-Up and industry, and make roadmapping and prototyping processes smooth, collaborative, and engaging.

• Recipe: Product Tactics, to expand your product line, keep your products competitive, evaluate your products from a high-level view, and educate your product people on context.

• Recipe: Product Innovation and Ideation, to find the market trends pushing for innovation, identify the qualifications and process for innovation, filter ideas for viable innovation, set the stage for innovation, use ideation techniques with your team(s), and support your culture in being open to innovation.

• Recipe: Product KPIs and Metrics, to select and monitor the product key performance indicators (KPIs) and metrics that are important to measure for your Start-Up.

• Template: Product Process, to document your product processes, cross-functional product process, product process stages, extended product process, internal product roadmap, prototyping process, and product planning documentation.

• Template: Product Tactics, to document your product expansion plan, options to keep products competitive, how to evaluate your product line, and educate your product people on context.

• Template: Product Innovation and Ideation, to document market trends pushing innovation, best practices for product development, filters to validate potential product ideas, product innovation plan, ideation process, plan ideation meetings, and plan for writing your business case for implementation.

• Template: Making the Business Case, a Word document you can use to make the business case for a new product.

• Template: Product KPIs and Metrics, a spreadsheet to document product key performance indicators (KPIs) and metrics.

• Template: Product Budget, a spreadsheet to project expenses for product development and operations.

• Template: Product Strategy One-Pager, an at-a-glance document to show your go-to-market (GTM) product strategy.

Note: as a subscriber, you will be able to access refinements as well as additional Recipes and Templates as they become available in the future.

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