Product strategy is the guiding light that illuminates the path to success for any product. However, articulating and executing this strategy is often easier said than done, says product management expert Roman Pichler. In this episode of Product Momentum, Roman shares valuable insights into the essence of product strategy and how to effectively navigate its complexities.

Defining Product Strategy

Strategy means different things to different people, Roman says. “I would suggest the strategy is a high-level plan: it describes the approach that we’ve chosen to make or keep a product successful.” Strategy and vision are not the same, he notes. “Strategy encompasses crucial elements such as the value proposition, target markets, business goals, and standout features. Without a clearly articulated strategy, product teams risk missing out on the benefits that strategic alignment brings.”

Responsibility, Ownership, and Influence

Traditionally, product strategy formulation has been viewed as the sole responsibility of top management. Roman advocates for a different, more inclusive approach, where product managers and cross-functional teams actively participate in strategic decision-making.

“A single person hardly ever has all the right information, the right data to make the right decisions,” Roman says. “I find it’s better to delegate the product strategy – or the decisionmaking authority around product strategy – to the people who are in charge or who work on those products, and then coach them.

“Empowering product managers to own and evolve strategies not only fosters motivation, but also prevents bottlenecks and promotes continuous adaptation.”

Empowerment and Trust

When it comes to empowerment, two factors are at play, Roman offers. “One we refer to as ‘personal power; that’s aligned with the organizational aspect. But when we look into what individual contributors and  product people can do to empower themselves, that would be strengthening our expert power: the ‘referent power.’

The better we are at earning and exhibiting referent power – at crafting and setting a vision, creating and evolving a product strategy, and at understanding the specific markets and market segments our product serves – the more people are likely to trust us.

Product Momentum Takes the Show on the Road. The Product Momentum team will be recording live at The New York Product Conference, powered by INDUSTRY. On April 18, at The Times Center in midtown Manhattan, attendees can watch and listen to our conversations with April Dunford, Holly Hester-Reilly, and more of NYPC’s amazing keynote speakers.

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