An example of an effective combination of product strategy and company policy is the promotion of Stitch Fix. This is an application that evaluates the user's stylistic preferences and selects japan phone number fashionable, stylish things for him.
Stitch Fix
However, to work successfully here, you need not only a cool interface, but also the active participation of all departments of the company in order to minimize costs. What did Stitch Fix do? - Optimized accounting and logistics by investing in in-depth data mining. As a result, it was possible to more accurately plan the volumes of purchases and shipments from the warehouse. Thus, the product and production strategies together gave impetus to the further development of the company.
The goal comes first, and then the plan to achieve it
In fact, the existence of a project is the main condition, without which the indicators cannot be achieved. If you give the team the task of first setting priorities and then moving towards them, then these will end up being short-term goals that employees will try to achieve by hook or by crook, without using valuable features, normal UX and without thinking about the company's development prospects.
Limits should be formed based on the overall development plan, which in turn is built taking into account the interests of the consumer. This approach allows you to think more about customers during the development of a product strategy, without being distracted by everything else.
For example, Stripe added (within the framework of its existing product strategy) to its main paid product other offerings in the form of Stripe Atlas (an “assistant” for opening startups) and Stripe Press (publishing books on economic topics, describing advanced technologies, etc.).
Stripe Atlas
If the company had been following the “Goals First” approach, it would have continued to tinker with short-term goals like simplifying checkout and increasing conversion. But product managers were tackling the strategic problem of expanding the range of initiatives (with no idea when they would even pay off).
Bottom line: Stripe is helping more and more online businesses enter the market, helping them improve, and thereby preparing future customers for themselves. In essence, it is “increasing the GDP of the internet.”
Developing a product strategy is where a company starts. But to fully realize its potential, all departments must work together. Marketers, technologists, production – everyone must join forces, make plans, and move together toward a common global goal.