How do you develop your product strategy skills?

I think of this in two ways best conveyed through a sports metaphor: learning new plays I can add to my playbook, and building reps so that I can figure out what the right play is for a given scenario. 

For the first, I enjoy reading about strategy – lots of Stratechery, various strategy books, stories of people navigating hard choices with clear tradeoffs, etc. 

For the second, nothing beats live reps: getting to make decisions on the field and getting things wrong and learning from your successes & especially your failures, ideally with good coaching & mentorship. I did plenty of that as a founder and have been lucky to have had many reps as a PM over the last few years as well. 

In my previous answer, re: finding the right opportunities + making decisions - I mentioned four lenses (Customer, Business, Market, and Technology) as key components of coming up with ideas and making decisions. The best advice I have to offer is to be intentional about spending time developing your muscles in those areas. It can be as simple as picking a product or service in your day-to-day life and thinking through what inputs might have contributed to the experience you’re having as a user.

Additionally, a lot of product strategy is about being able to identify the opportunity that will maximize impact. How will you hone in on the right problem and arrive at an excellent solution? I’ve found that strong problem-solving intrinsics and the ability to make effective decisions are very valuable.

Here are two frameworks I’ve always found helpful:

• McKinsey’s Seven Steps of Problem Solving - Helps abstract underlying problems/issues
• Playing to Win - Strategy book by the former Procter & Gamble CEO A.G. Lafley

Lastly, communication is essential for being able to get buy-in and execute product strategy. Work on simple, effective communication.

The best way to learn these skills is to practice! Find a mentor who will coach you through the learning process. Key activities will be critical to creating a great product strategy. To name a few:

• Spend time understanding your company strategy and how your product(s) fit(s) into the bigger picture.

• Analyze sales data to know why you win and lose deals.

• Talk to your users to understand what they enjoy about your product and their most significant pain points.

• Complete a competitive analysis of your biggest competitors to understand why potential users pick their product instead of yours.

• Develop opportunities and create a mechanism to pick the most valuable opportunities for your users.

There are many books and classes that can help you learn PM fundamentals. I like anything by Marty Cagan and Teresa Torres.

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.

Reading book and blog posts! Talk to other PMs and leaders, study Jobs to Be Done, and read how others are doing it. Over time you will develop a method that works with your unique leadership team.

Product strategy is about knowing the domain well enough to be able to make bets about where it will go. You can develop this skillset a few ways by investing in sensing mechanisms that build your expertise across:

1. customer use cases and workflows

2. competitive landscape

3. analyst perspectives

4. market landscape

5. economic and buyer motivation

6. technology advancements and developments

By researching and developing a deep understanding of the context around your product and how those parts move over time, you can gain awareness on how your area will grow over time. This will then inform your plans for how to develop the product in response to user needs, technology advancements, and economic pressures.

Three ways:

1. Writing strategy docs

2. Collecting strategy feedback from other people

3. Monitoring your product metrics to track if your strategy is working
   

Writing will help you clarify your thinking and give you a draft to "test" mentally against different frameworks and criteria (see my other answer about what makes for a good/strong product strategy).

Feedback: Organizational and company leaders can give you helpful feedback (formally in group reviews, or informally on your drafts). Coworkers with specific functional roles (designers, finance folks, engineers, marketing) can give you valuable perspectives on your proposed strategy. Outside advisors (investors, board members, successful folks and subject-matter experts from your professional network), service providers (like advertising and social media experts), and at times even your best b2b customers can also provide useful perspectives and feedback.

Metrics: Once you're executing on your strategy with product updates in the market, you should start to see behavioral and operational metrics "proof" that your strategy is working. A lack of metrics proof might indicate either the strategy or the execution needs to be changed/improved.

Developing your product strategy skills involves a combination of education, hands-on experience, and continuous learning.

1. Formal Education and Training

• Courses and Workshops: Enroll in courses related to product management, business strategy, and market analysis. Many universities and online platforms offer specialized courses that can deepen your understanding of these areas.

• Certifications: Consider obtaining certifications from recognized bodies in product management such as AIPMM (Association of International Product Marketing and Management) or Pragmatic Institute.

2. Practical Experience

• Hands-On Involvement: The best way to learn is by doing. Engage directly in the development and execution of product strategies within your organization. Volunteer for new projects that require strategic thinking and planning.

• Cross-Functional Collaboration: Work closely with different teams (marketing, sales, customer service, engineering, etc.) to understand various perspectives and how they contribute to the overall product strategy.

3. Mentorship and Networking

• Find a Mentor: Connect with a seasoned product manager or strategist who can provide guidance, share insights, and help you navigate complex challenges in product strategy.

• Networking: Join professional groups and forums (like Product Management communities on LinkedIn or local meetups) where you can learn from peers and stay updated on industry trends.

4. Continuous Learning and Adaptation

• Keep Up with Industry Trends: Stay informed about the latest trends and technological advancements in your industry. Reading industry reports, subscribing to relevant newsletters, and attending webinars can help.

• Feedback and Reflection: Regularly seek feedback on your strategies and decisions. Reflect on what works and what doesn’t, and continuously refine your approach.

5. Read Widely and Deeply

• Books and Publications: Read books and articles on strategy, product management, customer psychology, and business operations. Authors like Marty Cagan, Ben Horowitz, and Clayton Christensen provide excellent insights into the dynamics of product strategy and management.

• Case Studies: Analyze successful and failed product strategies to understand decision-making processes, market reactions, and operational execution.

6. Use of Tools and Technology

• Master Strategic Tools: Familiarize yourself with tools that assist in market analysis, customer feedback, road mapping, and project management. Tools like JIRA, Trello, Roadmunk, or customer feedback platforms like UserVoice can be very beneficial.

7. Simulation and Scenario Analysis

• Engage in Scenario Planning: Practice developing strategies under different hypothetical market conditions to improve your strategic thinking and adaptability.

This is a great question. Part of it depends on where you are in your career as a PM. It's hard to practice if you aren't given opportunities to contribute to the strategy in your daily job. But, in general, developing your skills here is an ongoing journey that involves practical experience, active learning, mentorship, and community engagement. Here’s how I approach it:

• Practice and experience: The most important thing is to keep practicing. Constantly evaluate opportunities, listen to feedback, adjust your roadmap, talk to customers, analyze market data, and conduct competitive analysis. Push yourself to find information that isn’t easily accessible. This hands-on experience is invaluable. If you make a bad decision, learn from it and move on. Don't get stuck and feel like you've failed. Every PM has made bad strategic calls in their career, so file it away and get back on track.

• Market engagement: Stay deeply engaged with your specific market. Don’t just rely on your sales team to bring customer insights to you. Attend meetups, conferences, and industry events. Ask questions and listen to the challenges and needs of your target audience. This direct engagement keeps you grounded in the realities of the market. The more you know, the easier it is to evaluate opportunities and develop the right strategy.

• Mentorship: Find a mentor who has more experience in product management. Run your strategies and ideas by them and ask for their insights. When they suggest changes, ask why until you fully understand their reasoning. And don’t just take their word for it—validate their advice with data and see how it applies to your situation. I don't know a single good mentor who hates their mentee asking more questions and bringing more data to the table.

• Educational resources: Invest time in reading books and attending courses. These resources can provide you with a strong theoretical foundation and expose you to different perspectives and strategies. However, remember that real-world application is key. The examples and exercises in courses can only go so far—you need to apply what you learn to truly understand it. Personally, I found the Pragmatic Institute’s courses and becoming a Certified Product Owner very helpful, but they were just the beginning of my learning journey. These things are especially important if you are just getting started as a PM.

• Community involvement: Join a product management community. Ask questions on Sharebird. Find a group on LinkedIn that you can bounce ideas around in. Platforms like these can be great places to ask questions, share experiences, and learn from others. If you’ve taken any courses, see if the organization has an alumni group or message board. The more you interact with other PMs, the more you can learn from their successes and mistakes.

• Financial responsibility: If you get the chance, take on responsibilities related to managing P&L or budgets. There’s no faster way to learn than when you’re directly responsible for the financial outcomes of your decisions. Being responsible for and truly understanding the financial implications of your strategy is an amazing way to ensure you are making informed, impactful decisions. No one wants to be irresponsible with someone else's money.

While I'm sure that there are things that I've missed here, doing these will help you to continually refine and improve your product strategy skills. Remember, it’s a never-ending process of learning, adapting, and applying new knowledge. Stay curious, stay engaged, and never stop pushing yourself to grow.