In this episode of the Product Coalition podcast, Jay Stansell interviews Mike Goitein about the 'Playing to Win' framework for product strategy. They discuss the misconceptions surrounding product strategy, the importance of understanding finance, and the order of strategic development. Mike shares insights from his experience, including a case study on Udemy's strategic approach, the significance of mission and vision, and the role of facilitation in strategic sessions. The conversation emphasizes the need for adaptability in strategy and the potential ROI of effective strategic planning.
Takeaways
Product strategy is often misunderstood as just a plan or goal.
Understanding client behavior is crucial for successful product management.
Strategy should be a problem-solving framework, not just financial goals.
The order of strategic development starts with understanding existing problems.
Cross-functional collaboration is key to addressing ambiguity in strategy.
Mission and vision provide qualitative direction for product strategy.
Facilitation is essential for effective strategic design sessions.
Time boxing can help focus efforts in strategic planning.
Adapting strategy to changing environments is necessary for success.
The ROI of strategy can be significant if executed effectively.
Chapters
00:00 Introduction to Product Strategy
02:48 Understanding Product Strategy Misconceptions
06:09 The Role of Finance in Strategy
08:58 The Order of Strategic Development
11:54 Case Study: Udemy's Strategic Approach
15:01 Identifying Top Clients and Leadership Skills
17:55 Time Boxing in Strategic Design
21:13 The Importance of Mission and Vision
24:10 Facilitation in Strategic Sessions
26:58 Activating Strategy for Execution
29:46 Adapting Strategy to Changing Environments
33:01 Conclusion and Future Insights
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