Can We Find a Good Definition of What Product Strategy Is?

If you’ve ever attended some kind of meeting or watched a presentation from a manager, you’ve likely heard the term “product strategy” thrown around like confetti at a parade 🎉. But what does it actually mean? Is it a secret recipe for success, or just another corporate buzzword that gets people nodding in agreement without truly understanding?

Let’s try to break it down.

The “What”

At its core, a product strategy is your game plan for making a product successful. It’s not just about deciding what will be built but also detailing why it should be built, how it will reach success, and who will come to love it. Think of it like planning a vacation. You decide where you want to go (the goal ), figure out how to get there (the plan), and ensure it aligns with what everyone expects from a great holiday (the vision).

The “Why”

Sure, making money is great. But a compelling product strategy looks beyond the dollar signs. It seeks to answer why this product must exist in the first place and why anyone should care. If a product strategy were a person at a party, it would be the one who knows everyone’s name, their likes and dislikes, and who not to place next to whom at the dinner table.

The “How”

How do you turn your vision into reality? That’s where the “how” of a product strategy comes in. It involves understanding your customers’ needs, the market demands, and how your product will meet these in a way that stands out from the crowd. It’s a bit like being a detective in a mystery novel, where you connect clues before the big reveal.

Inadequate tester engagement

Maintaining engagement from testers throughout the beta testing period can be challenging. Testers may lose interest if the feedback process is cumbersome or if they feel their contributions are overlooked. To keep testers motivated and involved, make the feedback process straightforward and regularly communicate how their insights are being used to improve the product. Offering incentives and providing regular updates can also help sustain their interest.

Poor quality of feedback

Another common issue is receiving feedback that is vague, irrelevant, or too general, which complicates the extraction of actionable insights. This often results from testers not knowing exactly what kind of feedback is needed or from including testers who do not match the target user profile. To improve the quality of feedback, provide clear instructions and training on how to give useful feedback. Structured feedback forms with specific questions can guide testers to provide the detailed information required. Carefully selecting testers who truly represent the intended audience is crucial.

Rushing into major changes

It’s crucial not to rush into major changes based on beta feedback alone. Instead, carefully evaluate each piece of feedback, considering whether it necessitates revisiting earlier phases of discovery or testing. This thoughtful approach ensures that modifications are not just reactive but are truly beneficial and aligned with the product’s long-term vision.

👉 Example

⏮️ Prepare

Objectives defined: The primary objective was to evaluate the usability, accuracy of recommendations, and overall user satisfaction with HostSpot’s new Personalized Itinerary feature.

Metrics established: Metrics included user engagement (time spent on the feature), accuracy (how often users followed through with the app’s suggestions), and satisfaction ratings collected through surveys.

Participant selection: HostSpot recruited 200 beta testers through an online campaign targeting users who frequently use travel and local discovery apps. Participants were briefed via an online webinar about the test objectives, the importance of their feedback, and how to use the new feature.

Environment setup: Testers were given access to a beta version of HostSpot via an invite-only section of the app. An online forum and a dedicated email address were set up for testers to report issues, provide feedback, and interact with the development team.

▶️ Conduct

Launch and monitor: The beta test ran for one month, during which testers were encouraged to use the Personalized Itinerary feature for any trips or local outings they planned. The HostSpot team regularly engaged with testers on the forum, addressing queries and providing updates when issues were fixed.

Feedback collection and issue tracking: Testers filled out weekly surveys about their experience with the feature, including specific questions about the relevance of the itinerary suggestions and the ease of use of the interface. All technical problems and user complaints were logged and categorized for priority action.

⏭️ After

Analysis and reporting

Data Compilation: Feedback and usage data were compiled and analyzed at the end of the testing period. The analysis revealed that while the itinerary suggestions were highly appreciated, some users found the feature’s interface to be non-intuitive.

Review Session: The findings were presented to stakeholders, highlighting both the successes and areas for improvement.

Review and implementation of changes

Interface Improvements: The HostSpot team decided to redesign the interface to make it more intuitive, based on specific suggestions from the beta testers.

Communicate Changes: Participants were informed about the upcoming changes and how their feedback helped shape these improvements.

Documentaiton and future steps

Lessons Learned: Key lessons about user interface design and user engagement strategies were documented for future feature developments.

Preparation for Public Launch: With the interface improvements implemented and retested with a small group of beta participants, the Personalized Itinerary feature was finalized for public launch.

Disclaimer: This is a hypothetical example created to demonstrate how Beta Testing can be applied to an Airbnb-like platform. All scenarios, participants, and data are fictional and meant for illustrative purposes only.