488: Product Innovation Strategy: Second of Seven Knowledge Areas of Product Mastery – with Chad McAllister, PhD

How product managers can master product innovation strategy TLDR Ever wondered how top product managers create winning strategies? This article dives into the world of product management strategy, sharing insights from the popular Product Mastery Now podcast. We’ll explore: • What strategy really means in product management • How different strategies work together in companies • Cool tools for creating killer strategies • Ways to get your bosses excited about your product ideas Whether you’re a seasoned pro or just starting out, you’ll find practical tips to level up your product management game. Ready to become a strategy master? Let’s dive in! Understanding Product Management Strategy: It’s Not Rocket Science! Think of product management strategy as your game plan for creating amazing products that customers will love. It’s all about figuring out where you want to go and how to get there. What’s Strategy, Anyway? Strategy is just a fancy word for a plan to make good things happen in the future. In product management, it’s like your roadmap for success. Michael Porter says strategy is about figuring out what makes your company special and using that to beat the competition. The Strategy Family Tree In companies, strategies come in different flavors. Understanding how they fit together is key for product managers. Check out this hierarchy of strategies: Business Strategy A great business strategy is like a secret recipe for product success. Let’s see how to whip one up! Be Different, Not Just Better The saying in product management, “Different is better than better,” means that standing out is more important than just being a bit better than others. Think about it – would you rather have a slightly faster horse or a totally new car? The Recipe for a Winning Business Strategy * Pick your goals (like which products to focus on) * Decide how new products will help reach those goals * Create a product innovation charter (it’s like a mission statement for your product) * Choose how daring you want to be (Are you playing it safe or going for broke?) * Pick projects that match your big goals Your Strategy Toolbox: Get Ready to Build! Great product managers have a toolbox full of tricks for creating awesome strategies. SWOT Analysis: Your Strategy Swiss Army Knife SWOT helps you look at your product from all angles. It’s like giving your product idea a full health check-up. SWOT Part What It Means Strengths What your product or company is awesome at Weaknesses Areas where you could use some improvement Opportunities Cool chances to grow or do better Threats Things that could cause trouble Trends (bonus!) Big changes happening in the world PESTLE Analysis: Your Crystal Ball PESTLE helps you peek into the future and spot big changes coming. It’s like having a superpower to see what’s around the corner. * Political: Government stuff * Economic: Money matters * Social: How people live and what they care about * Technological: Cool new inventions * Legal: Laws and rules * Environmental: Nature and planet Earth Business Model Canvas: Your One-Page Wonder The Business Model Canvas is like a treasure map for your business idea. It helps you see the big picture on just one page. * Who are your customers? * How will you talk to them? * How will they find you? * What makes your product special? * Who are your helpers? * What important stuff do you need to do?