Co-Creating SaaS Startups and Your Product Strategy

Product strategy could mean different things to different companies and different leaders. But when it’s done right, product strategy provides the direction and boundaries on what should be done to achieve organizational product goals.

Defining product strategy is much of an outside-in approach to gather inputs and insights from the customers, competitors, market and business models. When you define the product strategy, you would have carefully answered questions…

• Who are the customers? and why should we solve their problem?
• Which category or sub-category of the customers should we serve?
• Should we focus on a specific industry or for all industries? And why?
• What industry trends should we care about and how do they impact?
• What will happen if we don’t solve customers’ problem?
• Who are the competitors? and why are they winning?
• What business model helps us to serve customers and also be profitable?

As the company, market and customers evolve in time, the product strategy does too. It turns out that for many products that did not do well in the market, product strategy is either failed to change over time or is not defined well.