2022 Product Strategy for Project Managers

Project managers are responsible for overseeing the organization, planning, and execution of a project. A project manager who is skilled in managing projects will ensure that each phase of the project is well-planned, within budget, and moves along on time.
There is a difference between great and stellar project management. It all comes down to a complete understanding of the project’s purpose in relation to the business. Project managers can provide a better product that supports the business’s strategy with this level of insight.
This article provides a brief overview on product strategy for project managers and how it can help a company achieve its goals and succeed.
Continue reading: The Difference Between Product Owner and Product Manager
What is Product Strategy?
Product strategy is a way to evaluate the value, cost, potential and sales potential of a product. It asks questions like:
What is the ultimate goal of this product?
What is the market position for this product?
What type and how much planning is required to launch this product
What kind of work is required to make this product a success?
The goal of a product strategy is to define the product’s goals and objectives, both within and outside the business. This will ensure that customers are satisfied with the product and it is worth the effort and money that a business invests in it.
Types of Product Strategy
Product strategy includes three elements: product quality, product cost, customer intimacy, and product strategy.
High Quality Product
Product quality refers both to the quality and quantity of the final product, and for project managers, it also refers to the quality and quantity of the project’s “product”. It is distinct from project quality, which focuses more on whether a project has been completed successfully.
The customer’s expectations and standards are the primary criteria for determining product quality. For example, if an aquatic conditioner is marketed to reduce chlorine levels in fish tanks, but the water tests show that the chlorine levels are still high, the conditioner’s quality is low. This is a sign that the product didn’t meet customer expectations.
Product costs
Product cost management refers to the product strategy component that aims to achieve a specific target profit at the product’s launch date. This is simpler and more effective than project cost management which technologically measures the impact of a variety of factors on a project’s success and cost.
Any of the following processes could be considered product cost:
Design for assembly
Design to Cost
Cost targeting
Pricing for commodities
Spend analysis
It could also include any additional steps, processes, or information pertaining to product price or pricing.
Customer Intimacy
Product strategy is only as good as the relationship with customers. It is the process of refining products or services to make them feel more tailored to customer needs. Although it may be costly and time-consuming to achieve customer intimacy, it can provide a competitive advantage in the market.
Who owns the product strategy?
The product manager is responsible for product strategy. The product manager is responsible to communicate a strategic vision that will lead to a product’s success. This role requires a lot research, analysis, strategic development, and a lot of planning.
Although product managers and project managers are two distinct roles, project managers can use elements of product strategy to advance their projects for the benefit of the company. Let’s take a closer look at some of these strategies and tips.
Read more: Product Manager vs. Project Manager
Tips for Project Managers to Align with Product Strategy
Understanding the Meaning of Success for Your Product
First, let’s get to the point.