The Benefits of a Product Strategy Guide

When it comes to establishing strategies, businesses typically have two general options: having the strategy created in-house or hiring an outside consultant. While there are benefits to each route, the one major advantage of using an outside consultant—particularly one with expertise in product strategy—is that they can help you avoid some common pitfalls and ensure that your strategy continues to work well long after it’s been implemented. Here are three ways an outside consultant can help you set up an effective product strategy guide that will serve your business well into the future.

Why you need a product strategy guide

If you’re going to be investing a lot of time and money into your product, it’s important to clearly define what you want to achieve. A good guide helps organize your goals in one place so that everyone on your team is working toward them.

What should be included in your product strategy guide

A product strategy guide serves as a cornerstone for your business. Having one in place ensures everyone is on board with your plan, and eliminates any potential miscommunication between team members. The most important thing to remember when creating one is to leave out what matters less: There’s no need to explain every marketing plan or launch you have in store for later. After all, focusing on what you do best will help keep customers engaged and happy. Your product strategy guide should include five core elements

Where to store your document

If you’re a small-to-medium business, chances are you aren’t using (or paying for) an enterprise-level document storage system—that is, unless you’re one of those businesses that takes your documentation so seriously that you need to store it in multiple locations. Most businesses use some form of desktop or cloud storage. Keep all documents related to product strategy in either your shared drive or your company intranet.

How often it should be updated

Once you’ve drafted your product strategy guide, you need to ensure that it gets updated as often as necessary. The frequency will depend on how much is changing in your industry, your company, and even your own personal motivations. For example, if you are about to launch a new product or service and want to publicize it as soon as possible, then you’ll want to update your product strategy guide every month.