A Product Management Strategy is a roadmap for shaping and sharing a series of outcomes, actions, and measures (KPIs) that help an organization define a strategic vision for its product.
The template includes 4 focused areas and can be used for individuals involved in product planning and execution throughout the product life cycle; from product owners, senior and junior product managers to product directors and chief product officers.
Using this template can provide a consistent, repeatable structure to facilitate organizations in improving their products.
Before you delve into creating your template, try to visualize at least 4 focus areas that you feel are relevant to the strategy you are trying to implement. Be sure to ask yourself how relevant is this focus area to the outcome you’re trying to achieve?
An example focus area for a Product Management Strategy could be Performance.
Ask yourself what objectives could help improve your organizational and team performance? If you feel the objectives are too broad, you might need to go back and narrow down your focus area.
Some potential objectives to enhance performance could be: Improve team morale, organizational resilience, commercial income line; Foster a creative environment to improve thinking; Achieve record revenues while increasing profitability
It’s crucial that these targets are quantifiable so that you can accordingly hold yourself accountable by measuring and tracking your progress.
Potential Product Management KPIs for the objective: Improve team morale, organizational resilience, commercial income line could include: Reduce the number of unauthorized changes to 60 and Improve mean lease time change for processes to 16 days.
In order to sufficiently meet the KPIs, you have set in place, you should have fixed projects set to achieve those objectives. The project's main role would be to adopt actions that facilitate achieving the KPIs you have set in place, bringing you closer to achieving your objectives.
Examples of various projects that could improve Product Management performance can be conducting a life cycle analysis of the change process implemented, Hosting a virtual event to celebrate rebranding, Promoting new values on the internet and in the office environment, Conducting brainstorm sessions to redefine culture, Establishing a new marketing campaign and Offering markdowns or increase prices.
You can also set yourself predetermined goals and targets to track the progress of these projects.
You can create widgets that reflect set KPIs as a means of tracking performance indicators, as well as Project Management Dashboards that can facilitate tracking the progress of your projects. The widgets can visually depict your progress for a certain KPI or a series of projects that you wish to track and can therefore help hold you accountable too!