1. Focus
Product strategy derives from focus (see Strategy deals with present challenges) on your product’s vision and current objectives.
2. Insights
Once you have identified those objectives, you need insights. Unfortunately, there is no pre-defined process for getting insights. Instead, insights result from a talented leader having deep knowledge of their customers, industry, product, and company and using that knowledge to identify a few critical leverage points.
3. Action
These insights are converted into meaningful, well-directed action (e.g., new product development).
4. Completion
Finally, the action must be managed to completion (by going to market with the new product).