What Should You Do If Your Company Doesn’t Have a Product Strategy?

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There are multiple steps to take if you determine that your company doesn’t have a product strategy. How you proceed depends largely on your findings, your role, and the team around you. But regardless of these factors, you must take the appropriate action. 

The first thing you must do is answer these two questions:

• Does your company not have a product strategy?
• Do you not know what the product strategy is?

There’s a big difference between the two. If your company doesn’t have a product strategy, you may want to take the lead in creating one. Conversely, if you don’t know what the product strategy is — perhaps because you’re new to the company — it’s essential to collaborate with the rest of your team to get up to speed. 

Here are two common reasons why your company may not have a product strategy:

1. Trouble at the top

In many cases, this problem starts at the top and trickles down. For example, if your company’s head of product or CEO doesn’t effectively communicate the strategy, it’s easy to believe that one doesn’t exist. In reality, there is a strategy, you just don’t have a clear vision of what it is.

There’s nothing wrong with asking clarifying questions. It’s the best way to get on the same page in regards to strategy. And when that happens, you’ll realize that everyone is working together to move in the same direction. 

2. A product strategy isn’t necessary

There are times when a product strategy is necessary. There are also times when it doesn’t make sense. Your company may be at a point where they don’t need a product strategy. This is common in early-stage companies that are still figuring out the best path forward.

You may find that all you have is the next milestone. There’s nothing beyond that as the company as a whole is still trying to figure things out. For example, you’re working at a startup and your entire focus is to launch the product as soon as possible to collect data that can be used to refine it. 

Either way, ask around to see if your colleagues share your sentiment. Ask questions such as:

• Are you clear in regards to the product strategy?
• Are you also struggling to understand the path forward?
• Do you have any suggestions on how I can better understand the product strategy?

If multiple people agree that there’s no product strategy, you’ve validated your thoughts. You can then determine the reason for this (see above). 

Suggest that you implement a product strategy

At this point, you have the knowledge needed to determine why your company doesn’t have a product strategy. But what you don’t know is what to do next. This is the step when you suggest a change.

Before you do anything, think about ways that you can personally develop a product strategy. Spend some time thinking through different scenarios and how to address each one. This is a good time to conduct a SWOT analysis.

By reviewing the strengths, weaknesses, opportunities, and threats associated with your product, it’s easier to have meaningful conversations about what comes next. And if you find yourself taking charge of the strategy, a SWOT analysis is a natural first step. From that point, you can clearly think about the evaluation criteria and what that means in terms of choosing a path. 

Once you have a path, think about the product strategy canvas. This acts as a step-by-step guide to help you define your product strategy. If you’re seeking a starting point, use Geoffry Moore’s product vision template:

Filling in the blanks alone doesn’t constitute a product strategy, but it gets you in the right frame of mind. It helps you develop a vision for what you want your strategy to look like.

The Business Model Analyst shares various product strategy canvases of some of the world’s most well-known companies. Uber is one of the best examples. 

It touches on nine key areas:

• Key partners
• Key activities
• Value propositions
• Customer relationship
• Customer segments
• Key resources
• Channels
• Cost structure
• Revenue streams

Are you beginning to feel more confident in your ability to create a product strategy that brings efficiency to your organization? The final step before implementation is securing engagement across the organization. In other words, it’s not likely that you’ll have the power to do everything on your own.

The manner in which you engage and move forward depends largely on the size of your company. Consider the following:

• Large company: As a product manager in a large company, take steps to ensure that the right people are involved. It takes a lot of collaboration, discussion, and back and forth to pin down a  product strategy that suits every individual. 
• Small company or startup: If you’re employed as a product manager at a smaller company or startup, there’s a better chance you’ll take the lead in developing a product strategy. With fewer people in the company — especially on your team — you’ll have more input. There will be some level of collaboration, such as with engineers and the design team, but you’re sure to do more of the heavy lifting than if you were employed by a larger company.

Regardless of company size, collaborating with others helps you understand your role and decide who you can lean on for assistance.

Is it Time to Move On?

If none of the above “hits home” it may be time to consider a change. You may realize that you’re better off leaving your current position and searching for a company with a more defined strategy. 
At PM Exercises, we can help you prepare for the next stage in your product manager journey. Review our library of 2500+ PM interview questions, find a mock interview partner, and consult with an interview coach. Doing all of these things will help you land a PM position that better suits your short and long-term career goals.