ND037 GPMND C1 L2 A03 What Is A Product Strategy V2

in this lesson let's talk about identifying the product strategy now that we've talked about business goals we can talk about the strategy what is a product strategy a product strategy articulates how you plan to achieve the goal and it is important because it creates alignment among teams around the path towards the business goal when you set a business goal there are actually multiple potential ways for us to achieve it and we need to align on a specific path and this is where product strategy comes into play let's actually spend some time and talk about the

difference between business goal and product strategy and how they relate to each other a business goal focuses on creating alignment around the high level what and based on the goal that we set we develop product strategies focusing on the high level how also it's worth noting that to govern the business goal there usually is a vision a vision is what motivates the team member by painting the picture of why it sets the tone for why we do what we do and why we do things with a particular approach however just to contain the scope of

this course we'll keep the vision the why in the back of our minds and focus specifically on the business goal the what and the product strategy the how now that we know the difference between business goal and product strategy let's walk through an example here's what we got example one we want to retain more of our users increasing our user retention rate from 12 percent to 20 by making our platform their one-stop shop for all things related to finance management now pause the video for a couple seconds and think about what are the business goal

and product strategy in this statement remember a business goal illustrates the high level what and it's composed of a goal and objective so the business goal in this example is to retain users and the objective we have is to increase user retention rate from 12 percent to 20 percent the product strategy which is the how is around making the platform the one-stop shop for all things related to finance management all right let's go through another example example two we want to attract more new customers to sign up for our product aiming to increase our new

user signup rate from two percent to five percent in the next quarter we will achieve this goal by investing in creating paid and organic exposures of our service now pause the video for a couple seconds and think about what are the goal and strategy in this statement the goal that we have here is we want to attract more new customers to sign up and the objective the target that we hope to achieve is to increase our new user sign up rate from 2 to 5 in the next quarter the product strategy the how around this

goal is investing in creating paid and organic exposures of service let's tie this all back into the bigger picture we learned about business goals and product strategy so that we can have a better understanding of the as-is the current state of the business and we will cover other topics that further explore the current landscape as is and all of these topics will set us up for success to develop a growth plan that takes us to the ideal to be state