Product strategy helps you achieve your business goals with digital products. Without a clear communication, interpretation and execution of this vision and strategy, an aimless development process ensues.
Luminis helps by translating business goals into concrete product goals and strategic initiatives, where success is explicitly defined for you, your customer and user. This enables you to develop and exploit your product or service in a purposeful way.
When should you consider Product Strategy?
There are several reasons to consider Product Strategy. For example, when there is a focus on developing features, but it is unclear what values they should deliver.
Also when prioritization is difficult because everything is equally important, or when development is done by multiple teams and clear alignment is lacking. Moreover, Product Strategy is also key when a business has insufficient control over product development. In all of these situations and more, Luminis can and wants to play a role to ultimately develop a product or service in a goal-oriented way.
How does Product Strategy work?
At Luminis, we approach Product Strategy by going through the following steps:
- First, identifying the value to both the business, customer and user is important.
- Second, setting product goals and quantify them based on the business objectives of the customer.
- Third, formulating the first initiatives that contribute to the product goals.
- Last, sharing and operationalizing this strategic framework within the organization.
What does Product Strategy deliver?
Besides clarifying and facilitating direction for the development of a product or service, when using Product Strategy you can also expect the following results:
- alignment of your organization;
- a unified framework for making targeted decisions;
- an unambiguous way to express progress and success.
The exact results and the emphasis in these will vary from case to case, as it naturally depends on the specific requirements and expectations of each case.
Would you like to know more about Product Strategy?
Please feel free to contact our expert Louis Pouwels