3 Critical Pillars of a Strong Product Strategy
The countdown is on, folks—only a few months remain until the new year and, with it, the rollout of new strategies, OKRs, and product roadmaps. For some, hearing that probably feels a little spooky (probably normal, given the current season). This might be especially true if you’ve struggled to shift your teams from strategy into execution or from output-based thinking toward outcome-based thinking.
Look, I get it. This stuff can be challenging. After more than a decade working with product leaders to refine their operating models, I’ve seen my fair share of well-intentioned plans nosedive despite the amount of work that went into them. This usually happens when product strategy lacks one or more of the key pillars of a strong plan.
Here, I’ll break down three key pillars of a strong product strategy and offer my advice on activating them so you can create a high-performing product organization fueled by teams that take the business where you want it to go.
Three Critical Pillars of a Strong Product Strategy
Just for a moment, let’s set aside SWOT, OKRs, UVP, and the other foundational elements that you think need to be part of your strategic plan. Instead, I want to discuss the elements that will reduce friction and confusion among your teams, and help them hit the ground running straight toward the bullseye as they shift into execution.
1. Honest Orientation
Product strategy comes together at the leadership level, which means it’s leadership’s job to orient themselves honestly—and with as little ego as possible—to the context in which everyone is doing their work. Doing this:
Allows leadership to assess past failures or missteps without attaching blame or judgment
Requires vulnerability, which is a precursor to trust and a requirement for empowered execution
Grounds the strategy in reality and what’s best for the business rather than one person’s opinion or bias
Shifts the focus to pressing issues and opportunities, rather than getting bogged down by wishful thinking or past failures
Once you’ve activated honest orientation, you’re ready to set the product vision.
2. Vision
For your team to successfully translate strategy to execution, you need to be zeroed in on WHERE you're going and WHY. The vision for the company needs to paint a clear story without getting into the HOW (that’s up to your teams), and should also define what the organization is NOT going to do.
This level of detail is critical for product teams to be able to articulate their product strategy in support of the company vision, focus on building the right features, prioritize their efforts, and activate their execution superpowers (remember, they’re the experts on the “how,” not you).
For example, a clear vision is not saying, “We need to take a trip in 2025.”
A clear vision is saying, “We need to take a trip to Los Angeles, California in 2025 because our customers are avid surfers and they’re surfing over there. We’re going to deliver the best surfing experience and superior equipment for them. We’re not going to go to NYC or Tampa this year, but we may consider it in future years if our customer’s interests evolve.”
As Janice Fraser says in her book Farther, Faster, and Far Less Drama, “Lack of clarity is a pernicious roadblock to progress.” (In case you can’t tell, I love this book. Every product leader should have a copy on their nightstand.)
Said differently, you need to stay focused on the where and the why in your vision, then trust your team to figure out the how.
3. A Clear Definition of Success
A clear vision is just as important as a clear definition of what success looks like. This is where I see so many plans fall victim to the triple constraint of project-based thinking (scope, budget and timeline).
In a product operating model, those parameters aren’t entirely helpful because they cater more to outputs vs outcomes (read more about why that matters here).
As a leader, your focus should be on defining what good/success looks like when you arrive there, and some known mile markers along the way that indicate you’re headed in the right direction. To help inform this thinking, the new triple constraint you should focus on includes:
Value: Does it solve a problem or need for a user or customer?
Usability: Does it work for the end user?
Feasibility/viability: Does it work for the business and within the current tech environment?
Getting specific will help your teams understand what matters most (and what doesn’t). For example, do we need to arrive in California ASAP and with as many surfboards as possible, or do we need to take a slower, less risky path that optimizes for arriving rested and ready to hit the waves as soon as we arrive?
When you’re clear about what the outcomes should look like, the team is better set up to successfully figure out WHAT needs to be done in order to get there.
Repeat After Me: Honesty, Humility, Clarity
This is your new mantra! Hold it closely while you develop your product strategy. It will help you create better alignment between strategic objectives and team execution, minimize confusion and breakdowns, and rally your teams around the outcomes that matter most to the org.
If you really want to take this to heart, my advice to you is this: sit down with a blank sheet of paper to start your 2025 planning rather than pulling out 2024 and looking for ways to “punch it up.” If you could start from scratch and go back to step #1, what would you say is your company’s real starting point for 2025? Warts and all? And where do you want to go from there?
You might come up with something that is more invigorating, more honest, and more compelling for your teams to rally around in the new year. And that might be the most empowering thing of all.
For related reading, check out these resources: