Product Strategy Canvas - PM Tip of the Week EP06

Key Takeaways

[Music] welcome to episode 6 of PM exercises weekly last week we talked about product strategy and how do we develop a product strategy and where we ended was that once you have a bunch of strategic options and you evaluate them and you think about your objective you're able to make a recommendation on your product strategy now once you have that the next important thing that you have to think about is how you achieve your product strategy and typically it's very difficult to do and you kind of have to think about the implementation details and the more planning and the more implementation details you have the more trust you can gain from your teammates so it's very important for us to think about the execution part of it and this is what we're going to discuss today I really like a simple framework um called a product strategy canvas that I've seen online I'm not so sure who the original provider of product strategy canvas was but um I'll walk you guys through how it actually works in Practical terms and how we can simply kind of show uh to our team how we're going to achieve our uh strategy so um let's Dive Right In Here is an example of a product strategy canvas template that we can go over to kind of get an idea of how it works you start with the vision which is like kind of like what we're trying to achieve really at a very high level then there is a challenge that if we can overcome this challenge we're able to achieve that Vision right and then in order for us to overcome that challenge we need to be able to hit our Target condition and the target condition is kind of like our next milestone or like the next big um area of focus for us um given where we are today at the current state so the way you can kind of think about it is we are here current state we're going to push ourselves to the Target condition so that we can overcome the challenge to achieve our vision and I'm sure there's like you know some execution kind of implementation details along the way but this is how you can think about it and I really like this simple example from Uber which is in 10 years Uber wants to to be the cheapest alternative to r a car right and in order for us to do that right the wait time in the cities key cities needs to be less than 5 minutes by this time in order for us to achieve the vision right this is kind of the challenge that we have to overcome and in order for this to happen we need to do this right which is like we need to have one driver for every 50 people you've kind of said in order for achieve this this is what we need to do and this is where we are today so our Focus today has to be all about about going from here to here right so this is kind of like in order for for us to achieve our uh strategic Vision right like the ultimate goal um which is a kind of the Strategic path that we've chosen right we need to get to here we need to overcome this and in order to overcome this we need to um focus on this to go from here to here and then eventually here hope you find yourself