How to develop a foolproof strategic plan?
Posted: Sat Apr 19, 2025 10:15 am
There are many elements to a product strategy. But its success depends primarily on three elements.
1. The vision
A product vision is the overall goal or purpose of the product. It defines what the product aims to achieve and how it will make a difference in the market. A product vision should be clear, concise, and inspiring. It should guide all decision-making processes throughout the product development process . You can also include positioning strategies that differentiate your product from its competitors. For example, monday.com 's vision highlights the specific values and culture the product aims to embody: transparency and trust, ownership and impact, speed and execution, product-first, inclusivity, and customer-centricity.
2. The objectives
Product goals are specific targets that are consistent bahamas phone number lead with the company's overall vision. More specifically, product goals measure progress toward achieving the goal. These goals should be SMART (specific, measurable, achievable, realistic, and time-bound). Examples of product goals include increasing the product's market share by a certain percentage or launching new features that solve customer problems.
3. Initiatives
Initiatives are broad product strategy objectives that structure the project. For example, your product's initiative might be to expand into a new market or integrate with another product to improve its functionality.
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Why develop a product strategy?
You've probably heard the old, frustratingly true adage that " Failing to plan is planning to fail ." But while this may seem obvious, we sometimes overlook the critical value of a well-thought-out product strategy. Product success doesn't just happen. It's the result of complex, thoughtful planning . This means basing your planning on proven research and statistics, as well as specific pain points and goals.
In summary, it is important to create a solid product strategy for the following reasons.
Product strategy ensures that the team and organization are moving towards a common goal .
Product strategy provides a product roadmap for product development ensuring that resources are used effectively and efficiently.
A product strategy attracts investors or stakeholders by demonstrating a deep understanding, a clear vision, and a strategy for the future of the product. This makes stakeholders more likely to believe in the product and provide the resources needed to make it happen.
1. The vision
A product vision is the overall goal or purpose of the product. It defines what the product aims to achieve and how it will make a difference in the market. A product vision should be clear, concise, and inspiring. It should guide all decision-making processes throughout the product development process . You can also include positioning strategies that differentiate your product from its competitors. For example, monday.com 's vision highlights the specific values and culture the product aims to embody: transparency and trust, ownership and impact, speed and execution, product-first, inclusivity, and customer-centricity.
2. The objectives
Product goals are specific targets that are consistent bahamas phone number lead with the company's overall vision. More specifically, product goals measure progress toward achieving the goal. These goals should be SMART (specific, measurable, achievable, realistic, and time-bound). Examples of product goals include increasing the product's market share by a certain percentage or launching new features that solve customer problems.
3. Initiatives
Initiatives are broad product strategy objectives that structure the project. For example, your product's initiative might be to expand into a new market or integrate with another product to improve its functionality.
Try Monday Dev
Why develop a product strategy?
You've probably heard the old, frustratingly true adage that " Failing to plan is planning to fail ." But while this may seem obvious, we sometimes overlook the critical value of a well-thought-out product strategy. Product success doesn't just happen. It's the result of complex, thoughtful planning . This means basing your planning on proven research and statistics, as well as specific pain points and goals.
In summary, it is important to create a solid product strategy for the following reasons.
Product strategy ensures that the team and organization are moving towards a common goal .
Product strategy provides a product roadmap for product development ensuring that resources are used effectively and efficiently.
A product strategy attracts investors or stakeholders by demonstrating a deep understanding, a clear vision, and a strategy for the future of the product. This makes stakeholders more likely to believe in the product and provide the resources needed to make it happen.