Product Strategy - Comprehensive Framework (PowerPoint PPTX)

In a typical product strategy related work, following are the activities that are performed:

1) Perform customer discovery – Identify problem statements that can possibly be solved using machine learning, computer vision, deep learning, natural language processing and generation. Your broader understanding of these concepts and its applicability to solve problems is going to be critical at this stage.

2) As we begin, define goals and success metrics that are easy to achieve, rather than stringent measures. Essentially, set low expectations with stakeholders and deliver better.

3) Define OKRs, features and priortize them basis on ease of build out, low dataset requirements, ease of application and business value.

4) Launch and experiment with the production use cases, identify feature and capability gaps. Document them extensively, and use them in retro meetings for next incremental development.

5) Review the feature and capability gaps, priortize them using the framework above and continue building on the product. Keep your early adopters engaged through the process, to ensure their requirements are being met. Continue iterating them, till you attain a market fit for a particular use case.

6) As you look at extending the product for other use cases, consider use cases that closely mirror your previously working use cases and see the new use case essentially as extension to the product feature.

The attached document is a template for developing an exhaustive product strategy from ideation to launch

Key components of the document include:
1) Vision, Mission of the product – Business Imperatives
2) Objective Key Results (OKRs) – outcomes that the organization wants to achieve using the product
3) Defining NorthStar Metrics – outcomes that the organization wants to achieve using the product
4) Trends & Implications
5) Competitive Analysis – Benchmarking – Compare with best in class capabilities – what should be leveraged and where should we invest?
6) Assessment of Target Customers ( Personas)
7) Customer Discovery Exercise
8) Prioritized customer features aligned with OKRs – - Essential elements needed to enable the new target operating model
9) Value proposition canvas – Value creation optimizer
10) Decision Matrix – Should we launch this product?
11) Competitive positioning of product?
12) Go to Market – Launch & Market Expansion
13) Revenue Model
14) Launch Strategy