A product strategy is not a nice-to-have; it’s a must-have.

A few weeks ago I began working with a client, a multinational food and beverage company, who wanted to revamp their app. They were excited about unifying an experience across regions and incorporating innovation. And they had tons of ideas. But the problem wasn't a lack of ideas, the challenge was how to structure and prioritize them.

Many organizations skip product strategy because it’s seen as time-consuming or unnecessary in fast-paced environments. Others mistakenly believe that a business or commercial strategy is sufficient.

What Is a Product Strategy? At its core, a product strategy is your roadmap for delivering value to your customers through a specific product or service. It aligns the needs of your customers with the goals of your organization. It’s the guiding light that answers:
👯 Who is this product for?
❓ What problems does it solve?
🦸‍♀️ Why is it better than alternatives?
🔀 What core flows and features are essential?

How Is a Product Strategy Different?
As a point of difference, a product strategy is the "what" and "how" for delivering customer value. The business strategy is the “why” and “where” of your company, and the commercial strategy is about "how you make money doing it."

The Risks of Skipping a Product Strategy
_Missed Market Fit: Without a clear plan, your product may fail to resonate with your target audience, leading to wasted resources and poor adoption rates.
_Internal Misalignment: Teams can’t effectively collaborate if they’re unclear on priorities or success metrics.
_Inefficient Resource Allocation: You risk over-investing in features that don’t matter and under-investing in what does.
_Competitive Disadvantage: Without a strategy, you’re reactive instead of proactive, making it harder to stand out in a crowded market.

So, does a product strategy take time? Yes. But it doesn't necessarily have to be a sequential process. In the project with my food and beverage client, we found a way to progressively run weekly sprints delivering strategy and design around themes such as personalization, efficient check-outs and in-app shopping.

And of course, the impact of having a product strategy is huge: aligning a product with consumer needs, delivering on business outcomes and setting your teams up for success.