AMA: SurveyMonkey Vice President Product Management, Aleks Bass on Product Strategy

This question is intriguing. Let's begin by examining instances where product strategy discussions didn't go as planned, both in my own experience and those of others. I've participated in numerous product strategy meetings—some ending successfully and others spiraling into chaos. Let's delve into the common themes that contributed to these outcomes before we explore a recommended approach. Instances of Chaos: It's tempting to assume that a disastrous outcome signifies a completely misguided strategy, but surprisingly, that's not always the case, at least from what I've observed. More often, fellow Product Managers faced these stumbling blocks: 1. Misaligned Company Strategy: Trying to align a product strategy with a company strategy that is changing or hasn't been fully communicated or embraced can lead to friction. Waiting for a clear company strategy pivot and then aligning your product strategy can prevent this hurdle. 2. Executive Distrust in Data: Lack of trust in data or its rigorous exploration can stymie progress. To mitigate this, consider presenting data familiar to the executive team, making it a logical extension of their existing insights. Alternatively, when presenting novel data, adopt a researcher's approach—offer multiple data sources, sample sizes, effect sizes, consistency over time, and variation analysis to bolster credibility. 3. Ignoring Pain Points: Addressing painful but inconvenient truths is essential. Skirting these issues in your strategy may make it seem like you're disregarding glaring problems in the product today. Acknowledge these challenges, confidently explain why they aren't immediately solvable (or let the team know they are currently being worked on and provide and update), and offer insights into potential solutions. 4. Vague Strategy: Ambiguity or loftiness in your strategy's wording can lead to misunderstandings. Utilize tangible examples, both verbally and visually, to concretely illustrate how your product will evolve. A compelling visual explanation can defuse semantic disagreements. 5. Lack of Validation: Presenting an unvalidated strategy can backfire. Engage with cross-functional partners before the executive meeting to gauge reactions, address potential gaps, and gather insights for a refined message. To sidestep these pitfalls and secure support for your product strategy, consider these strategies: 1. Craft an Engaging Story: Develop a narrative that vividly communicates your strategic vision, supported by market insights and customer needs. 2. Rely on Trusted Data: Back your strategy with dependable data or explain your methodological approach to enhance credibility. 3. Align with Business Goals: Connect your product strategy with overarching business objectives and metrics to showcase its value. 4. Involve Cross-Functional Partners: Share your strategy with key partners ahead of time to refine your message and anticipate questions. 5. Foster Open Dialogue: Encourage feedback and create a platform for open discussions during presentations. 6. Add Specifics and Visuals: Provide concrete examples and visuals to breathe life into your strategy, making it more relatable and compelling. 7. Confront Challenges Directly: Tackle problematic topics head-on, offering feasible solutions or explaining why they're currently unaddressed. 8. Infuse Passion: Your belief in the strategy can be contagious; a lack of conviction might be equally evident.

The frequency of revisiting our strategy depends on its altitude, but I'm continuously reassessing various aspects of it. Let's break this down to better understand how to keep a strategy fresh within an organization. The highest strategy altitude most organizations focus on is the 3-5 year vision, as anything beyond that tends to be more of a dream than a strategy. Typically, I assemble a cross-functional team to conduct thorough analyses of the industry, market, competitors, prospects, and customers every 2 years. In cases of significant shifts in company goals, I've revisited it sooner, though every other year has generally proven effective. This overarching strategy is then broken down into objectives, key results, investment areas, projects, epics, stories, and metrics we hope to change over time. The higher-level components (Objectives, Key Results, Investment Areas, and Projects) are usually consolidated into an annual plan that's a subset of the 3-5 year vision. This plan should outline specific elements within the vision that we intend to progress within the upcoming year. It's also an opportunity to seek increased investment by demonstrating an attractive ROI. This part of the strategy is reviewed annually. The subsequent layer involves project priority and sequencing, planned quarterly and ideally, on an ongoing basis. Planning without assessing progress against the existing strategy is considerably less effective, which is why we conduct quarterly reviews to track our advancements and proximity to our goals. This approach also enables us to pivot if a particular aspect of our strategy no longer serves us or aligns with our intended outcomes. I employ several frameworks to evaluate different components and objectives of our strategy. A few examples include: * JTBD (Jobs to be Done) Framework - I find this approach valuable due to its impartial nature. It assesses whether customers can perform a specific job quickly, easily, or delightfully. This framework is instrumental for evaluating how well our quarterly product investments address the tangible needs of our customer base. This assessment should result in a noticeable improvement in the quality or volume of jobs accomplished by our product. This evaluation is done quarterly or continuously at the initiative level. * RICE (Reach, Impact, Confidence, and Effort) Framework - I favor this method for assessing early to mid-stage investment ideas. When considering a significant investment not already staffed by current teams, I recommend using the RICE framework. It provides a holistic view of potential projects for prioritization, making it simpler for the team to provide consistent assessments compared to detailed ROI analyses that often prove inaccurate. This assessment is conducted quarterly or continuously at the initiative level. * SWOT (Strengths, Weaknesses, Opportunities, Threats) Framework - I employ this framework to evaluate our market competitiveness. Tailoring the SWOT analysis to the target buyer or market segment is crucial, as it can significantly differ based on the competitive landscape. This assessment occurs annually or on an as-needed basis, such as when facing new competitors or observing disproportionate losses in target buyers. To gauge the effectiveness of our strategy, I conduct the following analyses annually (or more frequently, if necessary due to market changes): * Market Analysis * Value Proposition Analysis * Messaging and Positioning * Competitive Analysis * Business Model By employing these methodologies and analyses, we ensure our product strategy remains agile, responsive, and aligned with evolving market dynamics."

Sales can be a tricky organization to work with, but I invite you to leverage a bit of empathy for the sales role to help solve this scenario. Sales teams are rarely going off and selling to whomever they want. Usually they are operating within a specific book of business or working specific leads that an organization has generated for them, or that they have generated themselves using materials the organization has provided. They are also consistently enabled on the product, the process, the value prop, the market, and more albeit not always effectively. Therefore a sales alignment problem is usually a bigger issue that is rooted in the executive team. Let’s go through some questions and discuss tactics available to you to help address the root cause of the issue. Has the company articulated a specific ICP in the company and product strategy? * If the answer is yes, then the issue lies somewhere else. Is the team not enabled effectively, are the materials not sufficiently aligned to the ICP, is the objective not clear or being measured properly. Here you have many options for mitigating this situation. Measure volume, close rate, time to close, and other metrics for the ICP vs non ICP deals. Hopefully those data points surface a positive storyline that leads the sales team to see the positive financial impact of focusing on the ICP. * If no, consider elevating this point during a leadership team meeting. Advocate for alignment on the ICP and propose measuring deal volume and close rates for the target ICP. If these strategies falter, consider leveraging positive reinforcement and incentives. Can you publicly recognize a salesperson who secured the most ICP deals this quarter? Institute incentives for generating a high number of ICP deals or adjust quota attainment and commission terms for ICP vs. non-ICP deals. When we are not seeing the traction we are hoping for in converted deals for a particular product line, I’ve seen cross-functional deal review meetings work well. These meetings typically include R&D representation, marketing, sales, and sometimes services depending on the type of product. In these meetings we surface new capabilities that are almost done or have been released, new marketing campaigns or pieces for content and their performance. We also cover the deals in the pipeline. If we see too few deals with our ICP we have a very open conversation as a team about why that is happening. It’s usually something productive that we can act on, like our materials don’t really help us land that story with the ICP, or they miraculously improve in the next month or so. 

Generating ideas for new features is an ongoing process that draws from various sources. These sources include customer feedback, market research, internal brainstorming, competitive analysis, and emerging trends. By tapping into these channels, we cultivate a pool of potential features that could enhance our product. Deciding which ideas to prioritize involves a thoughtful evaluation process. We consider factors like alignment with our product strategy, the potential value to customers, market demand, differentiation, competitive advantage, and the feasibility of implementation within our resources and timeframe. One approach is the RICE framework - Reach, Impact, Confidence, and Effort - which helps us objectively assess the potential impact of each feature or investment opportunity. Depending on the investment area, we may also do a build vs buy analysis for ideas that we may not be best positioned to build. Ultimately, the selected features should contribute to addressing customer needs, improving user experience, and advancing our overall product goals. It's a balance between innovation, strategic alignment, and the practicalities of implementation that guides our decision-making.

Evaluating the success of our product strategy is a multi-faceted process that involves tracking various indicators and metrics. We closely monitor key performance indicators (KPIs) aligned with our strategic objectives, such as user engagement, customer satisfaction, revenue growth, and market share. The trickiest part of evaluating your product strategy is separating the value of the strategy from the quality of the execution. It's easier said than done. I've encountered numerous instances where a strategy was deemed unsuccessful, only to discover that it was the poorly executed tactics that actually led to the failure. If I had a nickel for every time I've come across this scenario, I'd have quite a collection of nickels. Research and consistent data analysis helps us gauge the impact of our strategy over time as well as mitigate the disproportionate influence the execution has on the perception of the strategy. Validating the integrity of the strategy by conducting research on the concepts the strategy elicits is a great way to make sure you’re heading in a positive direction. Then conducting periodic reviews to assess whether we're achieving the desired outcomes outlined in our strategy, such as reaching target milestones or capturing new market segments (via the tactical executions) further solidifies the success of the strategy. Before you throw the whole strategy away, always try several executions and A/B test your way into it if you can. Furthermore, ongoing feedback loops from customers, stakeholders, and internal teams provide valuable insights into the effectiveness of our strategy. Adjustments and refinements are made based on this feedback to ensure we stay on course. Ultimately, the success of our product strategy hinges on its ability to drive positive outcomes for both our customers and the business, reflecting a harmonious blend of innovation, customer value, and market impact.

Cultivating proficiency in product strategy requires a deliberate and iterative approach. Here's a comprehensive roadmap to help you develop your product strategy skills: 1. Foundational Learning: * Study Resources: Begin with books, online courses, and articles that delve into product strategy fundamentals. Look for reputable sources that offer insights into market analysis, customer research, competitive landscape, and business models. * Online Courses: Enroll in specialized courses or certifications focused on product management and strategy. Platforms like Coursera, LinkedIn Learning, and Udemy offer valuable resources. 2. On-the-Job Experience: * Hands-on Practice: Engage in real-world product strategy projects within your current role or through side projects. Apply theoretical knowledge to practical scenarios, making informed decisions and observing outcomes. * Cross-Functional Collaboration: Collaborate closely with different teams, such as marketing, sales, engineering, and customer support. This exposure provides a holistic view of the product lifecycle and aids in understanding diverse perspectives. 3. Customer-Centricity: * User Research: Develop strong user research skills by conducting interviews, surveys, and usability tests. Gather insights directly from users to inform your strategy and ensure it aligns with their needs. * Customer Journey Mapping: Map out the customer journey to identify pain points, touchpoints, and opportunities for improvement. This helps tailor your strategy to enhance the overall user experience. 4. Market Analysis and Trend Identification: * Market Research: Sharpen your ability to analyze market trends, industry reports, and competitive landscapes. Understand how external factors impact your product's position and potential. * Emerging Technologies: Stay updated on emerging technologies and trends relevant to your product domain. Anticipating shifts helps you adapt and innovate your strategy. 5. Strategic Thinking: * SWOT Analysis: Practice performing Strengths, Weaknesses, Opportunities, and Threats (SWOT) analyses to evaluate your product's internal and external factors. * Critical Thinking: Develop the ability to analyze complex situations, assess potential risks, and identify strategic opportunities. 6. Communication and Influence: * Storytelling: Hone your storytelling skills to articulate your product strategy effectively. Craft compelling narratives that resonate with stakeholders. * Influencing Skills: Learn to navigate organizational dynamics and gain buy-in from cross-functional teams and executives. Present data-backed arguments and address concerns with confidence. 7. Continuous Learning: * Networking: Engage in product management communities, attend conferences, and participate in workshops. Connect with industry professionals to exchange insights and learn from their experiences. * Feedback and Adaptation: Seek feedback from mentors, peers, and stakeholders to refine your approach. Embrace adaptability and make iterative improvements to your strategy based on feedback. 8. Mentorship and Guidance: * Mentorship: Seek mentorship from experienced product managers who can provide guidance, share lessons learned, and offer valuable insights. * Coaching: Consider hiring a coach or consultant specializing in product strategy. They can provide personalized guidance tailored to your growth areas. By systematically engaging in these steps and consistently seeking opportunities to learn and apply your knowledge, you can progressively enhance your product strategy skills.