Product management strategy is a comprehensive plan that defines how a business will create, market, maintain and support its products or services. It takes into account the company’s overall mission, vision and market goals. It also outlines how marketing, engineering, and product teams work together to evaluate customer demands, develop a product and deliver it.
Product management strategies typically include eight core components:
- Vision: Developing a vision that is shared throughout the organization and aligned to stakeholders.
- Market strategy: Defining the target customers, the competitive landscape and what the product needs to offer to be competitive.
- Benchmarking: Establishing metrics to measure the success of the product and performance of the team.
- Product design: Working with engineering to define and design the product.
- Product launch: Determining the launch date, pricing, product positioning, messaging and other promotional tactics.
- Continuous improvement: A process for collecting feedback, analyzing data, and implementing changes to the product to stay competitive and relevant.
- Support: Establishing standards and guidelines for how the product will be supported.
- Resources: Allocating resources to each component of the product life cycle: engineering, marketing, operations, and customer service.
Developing a successful product management strategy is an ongoing process and is critical for the success of any product or service. The strategy should be revisited regularly, if not quarterly, to identify any opportunities for improvement and to stay competitive in the market.
For further information about product management strategies, please refer to this article: https://theleanlab.com/blog/the-8-essential-components-of-product-management-strategy/