Having an effective product strategy, including clear goals, planning, and alignment can have significant benefits for yourself as a product owner and for the business looking to release products users love.
Product strategy is the process of defining what a company's products are, who they’re for and how to make them successful. The goal of product strategy is to build an effective, customer-focused product strategy. The primary goal of your Product Strategy is to define the vision for your product and who it's targeting. This includes defining what problem you're solving in a way that speaks to customers with potential solutions they'll find valuable or desirable. The secondary goals are to figure out where your product fits in the marketplace, how to make it profitable and the appropriate resources needed for its success.
An OKR is a short-term goal or objective that employees set for themselves throughout the year. It's typically aligned with an individual’s job responsibilities but can also be company-wide. The key to successful OKRs is setting goals that are measurable, achievable, and challenging. An example of an OKR might be to "improve conversion rate by 50% this year." This goal would be measured with a baseline number and then the percentage increase in conversions after 12 months.
A roadmap shows you where your business wants to go in the future. It outlines the steps that need to be taken now so that you can reach those goals down the line. The key to successful roadmaps is being flexible, being realistic, and minimizing the amount of work that needs to be done in order for your roadmap goals to take shape.
Which are better?
We have assembled some of the best content available to answer this question. In reality, every product manager and company leader will know what works best for them, but it doesn't hurt to learn from other leaders' best practices. As with all content on Joggo, we've summarized everything to save you time and help you identify where to dig in further.