What is product strategy?

Product strategy has six dimensions. If you’re a person who is responsible for creating a product strategy then you should be a master at all these six dimensions.

The six dimensions are:

1. Problem to solve - you should go deep on outcomes the users care, why do they need that outcome and why can’t they do it now

2. Define target audience - you should go deep on customer persona, segments based on the customer persona and whom do you want to target for now and future.

3. What is the value proposition - you should have clear idea on the benefits for the consumer

4. Define competitive advantage - you should have a clear idea on how to achieve short term competitive advantage and long term. What are the different kind of competitive advantages look like.

5. What is your growth strategy - what are your short term traction channels and long term traction channels. How to use them and scale them for your benefit. How do you get product market channel fit in these short term and long term channels.

6. What’s the business model - you should be able to write business equations using revenue streams, pricing, ltv and cost structure.

Thank you, not a GPT response though.

P.s : Insight is good responses might be mistaken as GPT responses going forward. Might.

Imagine you have to go from Bangalore to Leh (Vision). In order to go their you may take a car, bike, train, aeroplane or walk. Depending on your customer's needs (co-passengers) and competencies (your skills) and resources/constraints (eg driving skill, physical fitness, time at hand, money to spend) you will have to choose a method ( eg I want journey to be comfortable or I want journey to be as fast as possible or I want the journey to be as adventurous as possible).

This choice and why this choice makes sense is what is called Product strategy. We will take a train (1st class) as we want to see the countryside but want the journey to be super comfortable.