Product Strategy: The Key to Long-Term Success   

Product managers play a crucial role in defining and executing a product strategy. This strategy sets the direction for product development, launch, and key markets, and is essential for achieving long-term success. In the Nevico Product Management Survey 2022, we found that many of us struggle with product strategy, for a variety of reasons: 

  • Confusion and lack of clarity between product strategy and business/company strategy 
  • Lack of product strategy processes 
  • A need for more communication of the product strategy 
  • Implementation of strategic initiatives 

Interestingly, more than 30% of product managers responding to the survey are not the drivers of product strategy – which may be a key reason for the struggles, because who knows the product better than its product manager? 

We asked product managers four questions related to their processes and implementation for product strategy, and less than 20% of survey respondents fully agree that the product strategy process is clearly defined in their company. Less than 30% agree that the conclusions of the strategy is communicated effectively to stakeholders in the organization. This is cause for concern, as that can lead to misunderstandings and lack of alignment across different departments and stakeholders, ultimately causing a failure in strategy implementation. In fact, the finding is that less than 20% would say they were successful at strategy implementation. Only 20% agree that the strategy translates to actionable points that the team is accountable for and measured on – meaning we do not know the steps to take to follow-through on the product strategy. 

We asked product managers four questions related to their processes and implementation for product strategy, and less than 20% of survey respondents fully agree that the product strategy process is clearly defined in their company. Less than 30% agree that the conclusions of the strategy is communicated effectively to stakeholders in the organization. This is cause for concern, as that can lead to misunderstandings and lack of alignment across different departments and stakeholders, ultimately causing a failure in strategy implementation. In fact, the finding is that less than 20% would say they were successful at strategy implementation. Only 20% agree that the strategy translates to actionable points that the team is accountable for and measured on – meaning we do not know the steps to take to follow-through on the product strategy

 

A product strategy is essential for long-term success. While it can be challenging to create, the benefits are numerous. By aligning the company’s efforts, identifying opportunities for growth, and making informed decisions about products, a product strategy can help to ensure the success of a company in the long run. 

There are five key steps to go through for successful creation and follow-through on a product strategy. Read more about them in our whitepaper here. 

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