Marty Cagan, founder of the Silicon Valley Product Group, once wrote: “Most product organizations I meet don’t even have a product strategy.” If your team has a similar challenge, and you’re not sure how to develop your own product strategy, keep reading. We’ve got some expert suggestions for you.

Product strategy is the process of defining and communicating how a company’s products or services will meet customer needs and achieve business goals. A successful product strategy requires careful planning, market analysis, and customer research. In this blog post, we’ll explore the role of market research in strategic planning and how to create a winning product strategy.

In response to customer complaints that it was becoming confusing to figure out whether they were viewing the DVD-rental or on-demand portion of the Netflix site, the company’s CEO decided to split these two services into separate businesses — and charge for each individually. The result was an updated Netflix subscription that offered streaming content only, and a new standalone DVD-rental service called Qwikster.

Craft.io is continually adding more workflow capabilities to our end-to-end product management platform. Recently, for example, we announced Craft.io integrations for design tools Figma, Adobe XD, and InVision. And now, you’ll find even more visual collaboration tools integrated into your Craft.io workspace — specifically Miro and the wireframing and prototyping app Axure.

In any product development process, it’s essential to identify what needs to be done and prioritize the work items effectively. Prioritizing can be tricky, especially when dealing with numerous requirements! Lucky for us, that’s where the MoSCoW method comes in handy. The MoSCoW method is a prioritization framework that helps product teams categorize their work items based on the order of their importance.

Product prioritization is the process of evaluating items on a product backlog — features, epics, stories, bug fixes, or entirely new products — and ranking them according to which ones promise to deliver the most value for the work involved. After ranking these items using one or more product prioritization frameworks, a product team can then meet with the Developers to discuss how to break the higher-priority activities into actionable tasks.

There are a lot of product management apps on the market today, and that’s great news. It means that as a Product Manager, you’re finally getting your long-overdue respect, with tools designed just for you. But this crowded market also creates some challenges, like figuring out which platform is the right choice for you and your product team.