If your business is renting physical storage units, then you probably don't need a product organization because you have a well understood offering that likely won't change over time. If you're building a novel, AI software business, then your product team needs to clearly define what it is your product does, who it's for, and why those people should care. The product team may be one of the most important functions within your business, and how it's managed could have significant downstream impacts. 

Product Strategy

The layout and structure of your product offerings, whether it be hardware, software, or services, needs to be clearly defined and easily understood. Product strategy must consider the entire product life cycle. From concept development, design, and prototype testing, to manufacturing, launch, and post-launch enhancements.

A well-crafted product strategy can serve as your compass, providing the necessary guidance to ensure that your product development efforts align with your overall business objectives. Whatever the business, your product strategy and product roadmap serve as a blueprint.

At the heart of an effective product strategy, there's a need to understand your target customer in depth. What problems do they face? How can your product solve these problems? This involves extensive market research and a deep dive into user behavior, needs, and expectations. It also includes an iterative feedback loop where you continuously collect customer feedback and update your product strategy accordingly.

Next, you'll want to articulate your product's unique or quantified value proposition (QVP). How does your product stand out in a crowded market? What sets it apart from the competition? Is it easy for your customers to recognize this QVP? Is your QVP unique and difficult for competitors to copy?

The marketplace is dynamic, and customer needs evolve over time. Your product strategy should be flexible enough to adapt to changes in the business environment and technology landscape while remaining true to your core business objectives and brand values.

In the end, a robust product strategy blends market insights, customer understanding, competitive differentiation, and lifecycle management into a unified, strategic framework.

Product Organization, Functions, JTBD

Key Concepts