My Product Strategy Model - An Introduction

Summary

Roman Pischler introduces his product strategy model, emphasizing the importance of strategic decisions for product success. His framework begins with a clear product vision, guiding the creation of a strategy that addresses specific needs, selects target markets, identifies standout features, and sets business goals. This strategy informs a 6-12 month product roadmap, aligning stakeholders and teams towards shared outcomes. Pischler also offers templates for vision and roadmap development, advocating for collaborative workshops to ensure buy-in and adaptability.

Takeaways

• 📈 The importance of using a strategy model for making the right strategic decisions to achieve product success and maximize value creation.
• 🛠 The lack of systematic approaches in many product teams, leading to confusion between strategy and roadmap, and difficulty in making strategic choices.
• 🌟 The product vision as the starting point, defining the ultimate purpose and positive change the product should bring.
• 🔍 The need for a clear understanding of the specific problem the product should solve and its standout features.
• 🎯 Developing a product strategy that includes selecting needs, determining market segments, choosing standout features, and setting business goals.
• 📝 The role of a validated strategy in building an actionable product roadmap, which aligns stakeholders and development teams.
• 📈 The product roadmap's focus on product goals, benefits, and alignment with the strategy for the next 6-12 months.
• 📊 Incorporating elements like dates, features, and metrics into the roadmap to measure progress and success.
• 🔄 The bi-directional connection between the product strategy, roadmap, and backlog, allowing for iterative updates and adaptations.
• 👥 Facilitating collaboration through workshops to leverage expertise, create shared understanding, and maximize buy-in for the strategy and roadmap.
• 📚 The availability of templates and additional resources like books and training courses for further guidance on applying the strategy model.

Q & A

What is the main purpose of Roman Pischler's product strategy model?

The main purpose of Roman Pischler's product strategy model is to help develop a winning product strategy that guides and aligns stakeholders and development teams, particularly for managing digital products in an agile context.

Why is using a systematic approach to create and evolve a product strategy important according to the video?

Using a systematic approach is important because it helps to make the right strategic decisions, clarifies what the specific problem the product should solve is, and what its standout features should be, thus avoiding confusion between strategy and roadmap.

What does the product vision represent in the context of the strategy model?

The product vision represents the product's purpose, the ultimate reason for creating it, and the positive change it should bring about. It serves as the 'true north' that guides everyone involved in achieving product success.

What are the four important choices that need to be made when developing a product strategy according to the video?

The four important choices are: 1) selecting the needs the product should address, 2) determining the market or market segments, 3) choosing standout features that differentiate the product, and 4) setting realistic business goals that describe the benefits the product will create for the company.

How does the product roadmap relate to the product strategy?

The product roadmap is based on the validated product strategy and describes how the strategy will be implemented in the next 6-12 months. It communicates the specific benefits the product will achieve and aligns stakeholders and development teams.

What is the role of product goals in building an effective product roadmap?

Product goals describe the outcomes the product should create and form the basis for an effective product roadmap. They guide the development of the roadmap and help in deriving the right product backlog items.

How does the product backlog relate to the product roadmap and the product strategy?

The product backlog is derived from the product roadmap and is informed by the product strategy. It contains the specific items, such as epics and user stories, required to meet the product goals and is updated based on the roadmap and strategy.

What are the two templates provided by Roman Pischler's model, and what are their purposes?

The two templates are the Product Vision Board and the Go Product Roadmap. The Product Vision Board helps capture the product vision and strategy, while the Go Product Roadmap helps communicate a product roadmap based on product goals and outcomes.

How does the model ensure that strategic decisions guide the discovery and implementation of product backlog items?

The model ensures this by systematically connecting strategy and execution. Strategic decisions guide the discovery of product backlog items, and insights from the delivery work lead to changes in the product roadmap and strategy, avoiding disjointed strategic and tactical decisions.

What is the recommended frequency for collaborative workshops to update the product strategy and roadmap according to the video?

The recommended frequency for collaborative workshops to update the product strategy and roadmap is at least once every three months.

What is the significance of stakeholder and development team buy-in for the effectiveness of the product strategy and roadmap?

Stakeholder and development team buy-in is crucial for the effectiveness of the product strategy and roadmap because without it, even well-thought-out plans may not be implemented correctly, potentially leading to the development of the wrong product.

Outlines

00:00

🎬 Introduction to the Product Strategy Model

Roman Pischler introduces his product strategy model, emphasizing the importance of a systematic approach to making strategic decisions for product success. He notes common issues such as unclear problem definition and confusion between strategy and roadmap. His model aims to guide and align stakeholders and development teams, particularly in an agile context.

05:02

🧭 Defining Product Vision

The product vision is described as the guiding 'true north' that articulates the product's purpose and the positive change it aims to bring. Pischler gives an example vision of helping people eat healthily, highlighting the importance of a shared and inspiring vision as a foundation for developing an initial product strategy.

📋 Crafting the Product Strategy

Creating a product strategy involves making four key decisions: identifying the needs the product addresses, determining the target market, selecting standout features, and setting business goals. Using the example of a product aimed at reducing type 2 diabetes risk, Pischler illustrates these decisions and their importance in developing a successful strategy.

🗺️ Developing the Product Roadmap

An actionable product roadmap translates the product strategy into a plan for the next 6-12 months. It includes product goals, dates, features, and metrics. Pischler explains how a roadmap, based on product goals, aligns stakeholders and development teams, and provides a basis for creating a product backlog.

📝 Creating the Product Backlog

The product backlog is derived from the roadmap, detailing the tasks needed to meet product goals. Items such as epics, user stories, and non-functional requirements are included. Pischler describes the progression from high-level vision to detailed backlog items, emphasizing shorter time frames and increasingly specific goals.

📊 Using Templates for Strategy and Roadmap

Pischler offers two free templates: the product vision board and the go product roadmap. These tools help capture and communicate the product vision, strategy, and roadmap. He highlights the importance of bi-directional connections between these elements, allowing for adjustments based on changes in the product backlog or roadmap.

🔄 Connecting Strategy and Execution

Pischler explains the systematic connection between strategy and execution in his model. Strategic decisions guide the discovery and implementation of product backlog items, while insights from tactical work lead to changes in the roadmap and strategy. This approach ensures consistent decisions and avoids disjointed efforts.

👥 Facilitating Collaboration and Buy-In

Effective product strategies require stakeholder and development team buy-in. Pischler advocates for collaborative workshops, held at least quarterly, to involve these groups in creating and updating plans. He emphasizes the roles of the product leader and the scrum master/agile coach in facilitating these sessions and ensuring balanced participation.

📚 Further Learning and Resources

Pischler concludes the video by inviting viewers to learn more through his product strategy and roadmap training course and his book 'Strategize'. He thanks the audience and provides links to additional resources, including templates and other videos, to help viewers apply his model in their own work.

Keywords

💡Product Strategy Model

A framework designed by Roman Pichler to help develop a winning product strategy that guides and aligns stakeholders and development teams. It is ideally suited for managing digital products in an agile context. The model addresses the need for a systematic approach to creating and evolving a product strategy, ensuring clarity on the problem the product solves and its standout features.

💡Product Vision

Describes the product's purpose, the ultimate reason for creating it, and the positive change it should bring about. It serves as the product's 'true north,' guiding everyone involved in achieving product success. An example vision provided in the script is 'help people eat healthily,' focusing on improving eating habits and related benefits.

💡Stakeholders

Individuals or groups who have an interest in the product and its success, including management sponsors and development teams. The product vision guides these stakeholders, ensuring they are aligned in achieving product success. Involving stakeholders in creating and updating plans is crucial for maximizing buy-in and leveraging their expertise.

💡Strategic Decisions

Important choices made to achieve product success and maximize the product's value. These decisions include identifying the specific problem the product should solve, its standout features, and the difference between strategy and roadmap. A systematic approach to these decisions is emphasized to avoid confusion and ensure the right strategic choices are made.

💡Product Roadmap

A plan that describes how the product strategy will be implemented over the next 6-12 months. It communicates the specific benefits the product will achieve and aligns stakeholders and development teams. The roadmap includes elements like dates or time frames, features, and metrics, providing a basis for deriving a product backlog and making tactical product decisions.

💡Product Backlog

A list of items that need to be completed to meet the product goals outlined in the roadmap. These items include epics, user stories, workflow diagrams, sketches, mockups, and non-functional requirements. The product backlog is derived from the roadmap and helps in making detailed and focused tactical decisions, transforming high-level goals into actionable tasks.

💡Collaborative Workshops

Sessions involving stakeholders and development teams to create and update product plans. These workshops ensure that everyone participates, maximizes buy-in, and leverages the expertise of all involved. They are facilitated by a Scrum Master or Agile Coach and are held at least once every three months to review and adapt the product strategy and roadmap.

💡Key Performance Indicators (KPIs)

Metrics used to measure the performance of the product, such as engagement, revenue, and customer satisfaction. KPIs help determine if strategic and tactical decisions are leading to the desired outcomes. They are crucial for inspecting and adapting the product strategy and roadmap based on the data collected from the product increments.

💡Product Goals

Outcomes the product should achieve, guiding the development of the product roadmap. For example, the first goal for a healthy eating product might be to help users understand their eating habits and acquire an initial user base. These goals provide a solid basis for deriving the product backlog and making tactical product decisions.

💡Bi-Directional Connections

The idea that changes in one part of the product planning process can affect other parts. For example, significant changes in the product backlog may trigger modifications to the product roadmap, and larger updates to the roadmap can lead to changes in the product strategy. This ensures that strategic and tactical decisions are systematically connected and consistent.

Highlights

Introduction to Roman Pischler's product strategy model

Importance of using a strategy model for product success and value maximization

Lack of systematic approach in many product teams leading to unclear strategy

The model's purpose to guide and align stakeholders and development teams

Product vision as the starting point defining the product's purpose and change it should bring

Developing an initial product strategy based on the shared vision

Four important strategic choices: selecting needs, determining market segments, choosing standout features, setting business goals

Building an actionable product roadmap based on validated strategy

Product roadmap's role in communicating specific benefits and aligning teams

Product goals as the foundation for an effective product roadmap

Deriving a product backlog from the product roadmap

Transformation of high-level goals into detailed product backlog items

Offering two templates: Product Vision Board and Go Product Roadmap for capturing and communicating strategy

Bi-directional connections between model elements allowing for strategy and roadmap adaptations

Process of creating and validating a product strategy leading to product roadmap development

Importance of stakeholder and team buy-in for an effective product strategy

Facilitating collaboration through workshops every three months

Involvement of individuals in creating and updating plans for shared understanding and buy-in

Roman Pischler's offer of a product strategy and roadmap training course and his book 'Strategize'

Transcripts

hello and welcome to this introduction

to my product strategy model

my name is roman pischler and in this

video i'll explain my framework to you

but before i get into the details let me

first briefly say why using a strategy

model is important now to achieve

product success and to maximize the

value a product creates you have to make

the right strategic decisions but i find

that many product teams do not use a

systematic approach to create and evolve

a product strategy

consequently it's unclear for example

what the specific problem is that the

product should solve and what its

standout features should be or there is

confusion about the difference between

the strategy and roadmap and how the two

plans are connected

this makes it difficult if not

impossible to make the right strategic

choices

my strategy model wants to help you

develop a winning product strategy that

guides and aligns the stakeholders and

development teams

it's ideally suited for managing digital

products in an agile context

so let's take a look at it now

the model starts with the product vision

which describes the product's purpose

the ultimate reason for creating it and

the positive change it should bring

about

you can think of the vision as the

product's true north that guides

everyone involved in achieving product

success

this includes the stakeholders the

management sponsor and development teams

a sample vision might be help people eat

healthily assuming that you want to

offer a product that helps people

improve the eating habits and take

advantage of the related benefits

with a shared and inspiring vision in

place you are in a great position to

create an initial product strategy

the strategy communicates the approach

chosen to realize the vision and to make

the product successful

coming up with a strategy requires you

to make four important choices

first selecting the needs the product

should address for example reducing the

risk of developing type 2 diabetes to

stay with the healthy eating example

second determining the market or market

segments the users and customers who

should benefit from the product for

instance middle aged men with unhealthy

eating habits who are at risk of

developing type 2 diabetes

third

choosing standout features that set the

product apart from competing offerings

these might include measure and record

sugar levels in foods and analyze eating

habits and make individualized

recommendations

fourth setting realistic business goals

that describe the benefits the product

will create for the company developing

and providing it

these may include financial goals like a

revenue target as well as acquiring new

knowledge and developing the brand

with a validated strategy in place you

are in a good position to build an

actionable product roadmap the roadmap

describes how the product strategy will

be implemented in the next 6-12 months

it communicates the specific benefits

the product will achieve and it aligns

the stakeholders and development teams

an effective product roadmap is built on

product goals which describe the

outcomes the product should create for

instance the first benefit on a roadmap

that helps create a healthy eating

product might be help users understand

the eating habits and acquire an initial

user base the second one might be help

users improve the eating habits and grow

the user base

additionally a roadmap may contain

elements like dates or time frames

selected course grained features

and metrics a date or time frame states

when a goal should be met the features

sketch the output required to achieve a

goal and the metrics help you understand

if a goal has been accomplished a

product roadmap that is based on product

goals provides a solid basis for

deriving a product backlog in making the

right tactical product decisions

you can simply copy the next protocol

into the backlog together with its

features then add further items that are

required to meet the goals such as epics

and user stories workflow diagrams

sketches mockups and non-functional

requirements

as you move from vision to the product

backlog the decisions you take become

more specific

and higher level goals are translated

into increasingly detailed and focused

ones

the vision is transformed into needs and

business goals from these product goals

are derived which in turn guide the

discovery of the right product backlog

items

additionally the time frames become

progressively shorter

from 5 to 10 years covered by the vision

to a product backlog that contains items

for the next few months

in addition to the four artifacts

described earlier my model offers two

templates that i have created the

product vision board and the go product

roadmap

the product vision board helps you

capture the product vision and strategy

the go product roadmap helps you

communicate a product roadmap that is

based on product goals and outcomes you

can download both templates for free

from my website and you can find more

guidance on how to apply them into other

youtube videos on my channel the links

are in the description below

while my model suggests that product

planning starts with vision setting the

connections between its elements are

bi-directional

now this means that bigger product

backlog changes may trigger product

roadmap modifications similarly

larger product roadmap updates can lead

to a product strategy change and finally

if you can't find a validated product

strategy then you'll have to change or

abandon the product vision

so let's take a look at how this works

the process starts with a product

strategy being created and validated the

validated strategy forms the basis for

developing a product roadmap that

implements it the roadmap in turn

directs the product backlog and helps

discover the right product backlog items

these are then transformed into product

increments and eventually a product

the former allows you to determine the

development progress using for example a

release burn down chart

the latter enables you to measure the

product performance using key

performance indicators or kpis like

engagement revenue and customer

satisfaction the data you collect helps

you inspect the strategy and roadmap and

adapt and evolve the plans

strategy and execution are therefore

systematically connected in my model

strategic decisions guides the discovery

and implementation of product backlog

items and insights from the tactical

work the delivery work lead to changes

in the product roadmap and strategy

this ensures consistent decisions and it

avoids a strategy execution chasm where

strategic and tactical decisions are

disjointed

in the worst case such a chasm results

in the development teams doing a great

job

at building the completely wrong product

no matter though how well thought out

your product strategy and roadmap are

they are worthless if the stakeholders

and development teams do not buy into

them

an effective product strategy model

should therefore offer ways to

facilitate collaboration with the

stakeholders and development teams

in order to leverage their expertise

create a shared understanding

and maximize buy-in

my model achieves this by involving the

individuals in creating and updating the

plans in form of collaborative workshops

these take place at least once every

three months

the person in charge of the product

should lead the strategy workshops and

ensure that the right decisions are made

the scrum master agile coach should

facilitate the sessions and ensure that

everyone participates and nobody

dominates

i hope that you found this video helpful

if you would like to learn more about my

strategy model and product strategy in

general then attend my product strategy

and roadmap training course which is

also available online

and read my book strategize

thank you for watching

[Music]

you