What is a Product Strategy Plan?
A product strategy plan outlines the goals, objectives, and actions that need to be taken to ensure the success of a product or service. It focuses on the big picture, determining the best approach to improve customer experience and user engagement, while also increasing team efficiency. The product strategy plan sets the roadmap for a company's product teams to follow to meet their goals and objectives.
What's included in this Product Strategy Plan template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Product Strategy Plan template for?
This product strategy plan template is designed for product teams in organizations of all sizes and industries to create the best product strategy plan. It is simple to use and provides a structure to help teams set objectives and actions, and identify the KPIs (key performance indicators) to measure progress. By focusing on the bigger picture, teams can create a successful product strategy plan that will guide them to success.
1. Define clear examples of your focus areas
The first step in creating a product strategy plan is to define the focus areas for the product team. Focus areas are the broad topics that the team needs to address and typically include customer experience, user engagement, and team efficiency. These focus areas provide the framework for the product team to determine the goals and objectives they need to achieve.
2. Think about the objectives that could fall under that focus area
Once the focus areas have been identified, the product team can then think about the objectives that could fall under each focus area. Objectives are the specific goals that need to be achieved in order to reach the desired outcome for each focus area. These objectives should be measurable, so that progress can be tracked over time.
Examples of some objectives for the focus area of Improve Customer Experience could be: Increase customer satisfaction rate, and Improve customer support response time.
3. Set measurable targets (KPIs) to tackle the objective
The next step is to set measurable targets, also known as key performance indicators (KPIs). These KPIs should be linked to the objectives and provide a way to track progress and measure success. The KPIs should be realistic and achievable, and should be set at a level that is challenging, yet attainable.
An example of a KPI for the focus area of Improve Customer Experience could be: Increase customer satisfaction rate from 70% to 90%.
4. Implement related projects to achieve the KPIs
Once the KPIs have been established, the product team can then start to implement projects related to those KPIs. These projects should be focused on achieving the objectives and should be tailored to the specific needs of the team. For example, a customer experience focus area may require a customer satisfaction survey, while a user engagement focus area could require a referral program.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade Strategy Execution Platform is a software solution designed to help product teams create, manage, and track product strategy plans. It helps teams set goals and objectives, identify KPIs, and track progress. With Cascade, product teams can work smarter and see faster results from their product strategy plans.