Importance of product strategy canvas
The product strategy canvas is a concise, yet content rich tool for conveying what your product is and how it is strategically positioned.
It is an appropriate tool to succinctly communicate important business information. It provides a compact, cohesive and concise format to build and sustain shared understanding.
The product strategy canvas is a step by step guide designed to help product managers define their product strategy. By filling in the different questions and sections of a product strategy. You can be confident that you are on the right path: defining the things that matter the most to the product success.
The product strategy canvas can be divided into two parts. Part one which provides an overview to the product, its stakeholders, what stakeholders value, the product profitability, product’s marketing methods and competitive information needed for product strategy.
Part two of product strategy canvas identifies dimensions to provide a holistic, comprehensive understanding of the product, you can say the part two of the product strategy canvas defines the product requirements.
The product strategy canvas has the following benefits.Check them out.
Helps identify outcome metrics
Product strategy canvas provides an insight for restructuring an organization.
Product strategy prepares you for collaborative product roadmapping
Helps facilitate the product discovery, backlog, management and planning
In conclusion, the product canvas provides you with concise way to define and communicate the essence of your product. This can be seen through part one of the product strategy canvas that articulates critical strategic information you need to guide your product planning, development, pricing, marketing, funding, servicing and deployment.
It can also help you identify opportunities that you can dominate the market your competition is ignoring.
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