How to Define a Product Strategy: The Value-Based Approach
In my article on why Product Management is so misunderstood, I described how the discipline is structured around two core tenets:
- Define a clear, value-based product strategy
- Create and manage a healthy roadmap
In this post, I’m going to go into depth on the first — why I believe a ‘value-based’ approach to defining a product strategy is most effective and what that actually looks like.
Why value-based?
How do you know if you’re a good person? Most people think about the answer to that question in terms of their values. Values are themes which describe the kind of thing you tend to do over time — how you behave. Are you brave, kind, honest? Values are also used as north stars, which help you guide your actions to be better. They are an ideal that you strive for.
How do you know if you’re a good person?
What is the difference between a value and a goal and how do the two relate? Here are some rough-and-ready definitions to start with:
- Value: An ongoing and lifelong process that defies completion, but provides direction on how you act and behave e.g. be brave
- Goal: A finite, short term object of satisfaction which is helpful for gaining quick benefits e.g. go to the dentist and get a check-up
