A common misconception about strategy is that it’s once and done. Executives talk about “setting” strategy but rarely discuss reviewing it. Strategy is a living thing. You’re constantly evaluating it, refining it, and deploying it to teams.
Most product leaders spent weeks creating their FY2020 product plans and ensuring buy-in from finance, the Board and executive peers. With the current economic decline, some of that thinking is no longer relevant, although you can leverage those efforts to adapt your product strategy to the new reality, determining what options are available to help with your company’s revised business objectives. Many companies that were previously focused on new logo growth, are now more concerned with customer retention. In a downturn this is normal. What makes you a valuable product leader is how quickly you can pivot your strategy and team towards the new direction.
As you revisit your strategy, reflect on how your market, buyer and user’s behavior has changed since you first set your plans. This impacts the choices your team will need to make. If you’ve invested in Product Operations, you’ll be able to consult your dashboards and see how usage patterns and buying habits are shifting. (Aside: if you don’t have data from a Product Operations capability, now is a good time to set this up – ask us how).
Insight Partners partnered with Produx Labs to create a step-by-step guide to help our portfolio Product Leaders set and (re)deploy strategy in order to lead your company to growth, regardless of the underlying market conditions. The attached Product Strategy Handbook: How to Really ScaleUp is designed to assist you in evaluating your options and communicating your strategy across the organization.
Ready to get started? These are the steps…
- Set your new strategic business goals
- Review current data on revenue, retention, and product usage
- Generate options based on how and where the data matches your goals
- Evaluate and select those options with the highest potential immediate ROI
- Develop a new roadmap and communicate it to your team and broader organization
If you are an Insight portfolio company, the Onsite team is here to support you as you evaluate your strategic options. Don’t hesitate to reach out.