Product principles

• Think big, start small: think about a big vision, ruthlessly cut scope so it can be shipped
• Ship to learn: ship as quickly as possible to learn as fast as possible
• Design from first principles: start with a blank sheet instead of copying a competitor or assuming the best solution exists already

"Be stubborn on vision, flexible on the details"

• Jeff Bezos

A well mapped and communicated vision should include the following elements:

• Timeless description of what value the organization aims to deliver (Disney: "Make People Happy" - The Product vs. the product)
• A vision disconnected from specific technology or trends
• Separate documents to describe user goals and product goals
• Roadmap of what the big themes or stages of product delivery will be
• Connections between the stages of delivery and the value being delivered

Product strategy

Stages of strategy maturity:

a. We don't need a strategy

b. We need a strategy but don't have one

c. We have a strategy but it isn't articulated

d. We have an articulated strategy but execution is disconnected

e. We are cohesively executing on a known & rigorous strategy

When defining product strategy, consider the following frameworks for evaluating potential success.

1. Porter's 5 Forces: Understand how these 5 forces shape the market your product operates in.
   1. Buyer bargaining power
   2. Supplier bargaining power
   3. Existing competitor rivalry
   4. Threat of new entrants
   5. Threat of substitute products
2. Porter's 3 Strategies: For B2B/SaaS products, be intentional about which 3 strategies you are picking. See this mini-lecture on Porter's 4 Generic Strategies.
   1. Broad differentiation
   2. Overall cost leadership
   3. Segment focus
3. JTBD: Understand what jobs your customers are hiring your product for. More in this article.