VP playbook for developing a product strategy

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VP playbook for developing a product strategy OK, here's the scenario: You're a new VP Product and need a product strategy fast. What do you do? Playbook: 𝟭. 𝗨𝗡𝗗𝗘𝗥𝗦𝗧𝗔𝗡𝗗 𝗥𝗢𝗟𝗘 What is the ratio of product/tech to marketing/sales? You can do this by cost or headcount. (Ignore operations for now.) This signals what your role is. Talk all you want about the importance of a product-led culture. More often than not this is baked into the company through headcount. You can't be product-led if you have twice as many sales reps as engineers. S&M > product • "Sales-led" • Role: keeping the lights on • Time will be mainly fielding sales requests and supporting existing product. S&M = product • Balanced org • Role: incremental innovation • Can take on 1-2 major product initiatives as well. Product > S&M • "Product-led" • Role: major innovation • You're driving the strategy and need to have a vision for where the company is going and how to move major business metrics. (gulp) 𝟮. 𝗘𝗦𝗧𝗔𝗕𝗟𝗜𝗦𝗛 𝗕𝗔𝗦𝗘𝗟𝗜𝗡𝗘 Understand how the product org currently spends it's time. Track number of story points / tickets / developer time on: 1. Fixing bugs (unplanned) 2. Tech debt (planned) 3. Sales requests (unplanned) 4. Strategic product work (planned) How much planned work did you ship in last quarter? You can make incremental changes to this only. “Stakeholder demand does not drive output” You should start to have an idea of what you can get done in the next quarter (Assuming we don't have time / budget to radically change team size) Use this tracker: https://lnkd.in/e2wN-2hK 𝟯. 𝗦𝗡𝗔𝗣 𝗦𝗧𝗥𝗔𝗧𝗘𝗚𝗬 Speak to 2-3 key stakeholders (e.g. CEO, CRO, CMO) Write up your understanding of the context and strategy in 1-2 pages: • Objective - What are we trying to achieve (quant + qual) • Context - What is market, funding and internal situation • Pillars - What are 2-3 biggest themes of work that need to get done Your pillars might include: • Goal - Purpose of this theme • Metrics - How you measure success • Rationale - Why this makes sense • Example features - Not commitments, but help align on what we're talking about Share with as many people as possible for feedback (as a VP, start at top of org) Simplify this template: https://lnkd.in/eidd3E7g 𝟰. 𝗥𝗘𝗦𝗢𝗨𝗥𝗖𝗘 𝗔𝗟𝗟𝗢𝗖𝗔𝗧𝗜𝗢𝗡 Have a workshop with execs to agree how you split existing teams between: • Strategic pillars • Ad hoc sales requests • Tech debt (i.e. increased velocity in future) Discuss % and convert to teams later. “If it’s not painful, it’s not prioritisation” This should be a leadership group decision. As Product VP you should enable smart decisions. Don't let wishful thinking flex capacity estimates.

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