A product strategy is a plan that outlines the goals and actions for a product or product line. It helps organizations focus their resources and efforts on the most important aspects of their product in order to achieve desired results. A product strategy also helps align teams and stakeholders around a common vision and set of goals.
This Product Strategy Template is designed for leaders and teams from organizations looking to create a clear and actionable plan for their product or product line. It is suitable for teams at any stage of product development and can be customized to fit the specific needs and goals of the organization.
Whether you are launching a new product or looking to improve an existing one, this Product Strategy Template can help you define your goals, identify key actions, and measure progress. By using this template, you can ensure that your product development efforts are aligned with your overall business objectives and that you have a clear plan in place for achieving success. This template can also help you communicate your product strategy to stakeholders and ensure that everyone is working towards the same goals.
A focus area is a particular viewpoint that groups certain requirements set out by an organization. A recommendation from the Cascade team would be to create 4-5 key focus area which you feel are most important to address when creating your Product Strategy. The next step would be to ask yourself: Why is this focus area important to me? What is the benefit of focusing on this viewpoint from a customer's perspective? And, of course, What is the monetary benefit of investing in such a focus area? This process is useful in identifying the key area which needs prioritization which in turn can become focus areas of the strategy.
For example, the focus areas in this Product Strategy Template are: Customer acquisition; Customer retention; and Product development.
A strategic objective usually has to be specific and measurable to cause enough impact and effectively explain what you want to achieve.
An example objective that could fall under the focus area of Product development could be: Launch 2 new products per year.
A KPI is a key performance indicator that is measurable and evaluates the success rate of an organization in relation to the task at hand. KPIs can be very industry-specific or broad and applicable across multiple industries.
An example of a KPI in this Product Strategy Template associated to the objective Launch 2 new products per year could be: Increase sales revenue from new products to 20%.
Projects are ways in which the objective can be achieved, but more so, closely tie in with ways in which organizations can make sure they are working towards their KPIs.
A project example for the objective Launch 2 new products per year could be: Conduct market research and prototype testing.
Make sure your strategy is front and center with Cascade. You can plan, execute, measure and adapt your strategy in one easy-to-use platform and make sure your strategic plan is connected to on-the-ground execution.
Use this Product Strategy Template and launch your strategy in Cascade; it's $0 forever.