Things that companies get wrong with their product strategy

5 Things That Companies Get Wrong With Their Product Strategy

Companies that fail to create sound product strategies, hurt not only their product success but also their business outcomes. This article explores 5 common things that companies get wrong with their product strategy (and how to avoid them):

1. Little or No Connection to Business Objectives

Strategies that are overly focused on technologies and features (rather than high-level goals) provide no real guidance on what matters most.

Do this instead: Tie strategies directly to overarching business objectives so they cascade across portfolio, product, and plans.

2. Failure to Communicate Strategies

Even with strong strategies, letting them sit on shelves rather than promoting them across stakeholders risks plans getting ignored.

Do this instead: Communicate strategies proactively through internal launch events, C-Suite messaging, and training programs to drive understanding.

3. Not Evolving with Market Shifts

Clinging to outdated strategic plans while markets change leads to products that are mismatched with actual customer demand.

Do this instead: Build learning loops, feedback channels, and conduct regular consumer research to adapt strategies to new realities continuously.

4. A Lack of Clear Definitions and Ownership

A vague understanding of strategy with no single owner leads to disjointed execution. Various interpretations create misalignments across teams, who end up working at cross-purposes.

Do this instead: Appoint a Chief Product Officer responsible for leading strategy. Define the core elements and agree on definitions company-wide for alignment.

5. Assuming Strategy is Someone Else’s Job

The belief that strategy is solely the role of leadership prevents valuable bottom-up innovations and contributions from being embraced.

Do this instead: Engage teams company-wide in strategy ideation, innovation groups and hackathons to utilise their insights.

Getting product strategy right is crucial but it needs to be handled properly. By sidestepping these pitfalls, organisations can craft strategies that guide excellence and boost performance.

So now you know the 5 things that companies get wrong with their product strategy. Does this to-do list seem overwhelming?

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Does this seem an overwhelming to-do list? Let us help!

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