By Mr. Satyajeet Salgar – Group Product Manager, Google
Product strategy serves as the guiding compass for companies, outlining the direction and approach to creating and delivering products that meet customer needs while achieving business goals. Though many organizations struggle to develop a robust and effective product strategy, often mistaking it for a vision statement or a mere wish list of features.
This is all because crafting an effective product strategy is no easy task. It requires a deep understanding of market dynamics, customer needs, and the ability to navigate the ever-changing landscape of technology. In this blog, we will delve into the importance of having a well-crafted strategy, common mistakes that organizations make in this regard, and explore the essential elements that make a product strategy truly exceptional.
There is a surplus of bad strategies with a common misconception of mistaking a vision statement or wish list for a strategy. Not having a clear strategy might lead to immense discomfort, hence striving for a good strategy is vital. Let’s uncover the key components required to develop a good strategy.
Satyajeet Salgar – Group Product Manager Google
Satyajeet leads the product teams responsible for the Media and Events to experience Google search and the assistant, besides leading the product team for features, UI experiences, quality, and policy for the Google Knowledge Graph and associated experiences.
He has also mentored and advised startups. Satyajeet often speaks about building products, technology, user experience, and management, and guest lectures at a few graduate schools including Stanford, the University of Chicago, and Michigan.
A well-crafted product strategy serves as a guiding compass for companies, outlining the direction and approach to creating and delivering products that meet customer needs while achieving business goals.
Understanding customer needs and preferences through market research, gathering customer feedback, and leveraging data analysis are essential measures to develop a customer-centric product strategy.
SMART goals are Specific, Measurable, Achievable, Relevant, and Time-bound objectives. They provide direction and clarity, helping product managers excel in their careers and align their strategies with broader business objectives.
Institute of Product Leadership is Asia’s First Business School providing accredited degree programs and certification courses exclusively in Product Management, Strategy, and Leadership.
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