How to define product strategy, management and marketing

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As digital enables more business models to pivot towards direct-to-consumer propositions and the products on offer become more like services, marketers need to master the interplay between marketing strategy and product strategy.

As with marketing strategy, product strategy should flow from broader business goals. In a company offering digital products and/or services, marketing and product strategy must be closely linked with a close relationship between the two.

Product strategy should translate the larger business strategy into a high-level plan for how the product can achieve business goals. This should incorporate a definition of who the product is designed for (the personas), the vision of how the product will meet the needs of those personas, and what the goals of the product are throughout its lifecycle.

A good product strategy creates alignment and direction, allowing everyone involved with the product (including development, marketing, sales, customer success) to see how their work contributes to the achievement of organizational goals .

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