A product portfolio strategy is a plan to maximize the performance of a product portfolio. It outlines the objectives, focus areas, and actions that need to be taken in order to meet the goals of the product portfolio. It is an essential part of any product team's strategic planning process that will ensure successful strategy execution.
This template is designed for product teams who want to create a portfolio strategy that helps them achieve their goals. It provides a comprehensive outline with the focus areas, objectives, and actions that need to be taken in order to maximize the performance of the product portfolio.
A focus area is a broad area of focus that the portfolio strategy should aim to address. It is the foundation of the portfolio strategy and should be defined in order to achieve the desired results. Examples of focus areas may include increasing customer engagement, increasing product usage, or increasing customer acquisition.
Objectives are the specific goals that should be achieved in order to meet the focus area. They should be measurable, achievable, and time-bound in order to be effective. Examples of objectives may include increasing customer retention, increasing customer satisfaction, or increasing product usage.
KPIs (Key Performance Indicators) are measurable goals that are set in order to track the success of the portfolio strategy. They should be specific, achievable, and relevant to the objective. Examples of KPIs may include increasing customer retention rate, increasing customer satisfaction rate, or increasing product usage rate.
An example of a KPI for the focus area of Increase customer engagement could be: Increase customer retention rate from 50% to 75%.
Projects (or actions) are the steps that need to be taken in order to achieve the KPIs. They should be specific, achievable, and relevant to the KPI. Examples of projects may include launching a loyalty program, improving customer service, or launching product tutorials.
The Cascade Strategy Execution Platform is a powerful software tool that helps product teams create, manage, and track their product portfolio strategies. It includes a comprehensive set of features that make it easier to set and track KPIs, implement projects, and measure the performance of the strategy.
Getting started with your Product Portfolio Strategy Template only takes 20 seconds.Use this template