7 steps to create a strategy:
1. Objective
Without a definition of success, a strategy is meaningless.
Strategies are always the response to a challenge. They answer the question: “what is the best way to do X?”.
A great format is:
Objective = mission + measure
2. Users
With the objective set, you’ve defined the question you need to answer.
That answer will depend on understanding your users.
Business value can only be created when you create so much value for users, that you can “tax” that value and take some for yourself.
3. Superpowers
You now need to figure out how you can offer them an exciting solution that they will value.
Whether you’re a startup or established, this should stem from your superpowers.
These are the things you can offer, but other companies will find difficult to.
4. Vision
Having a clear vision helps you link the day-to-day work of your team to a grander purpose.
This should be:
• A 1-line vision statement
• A product vision board or business canvas
• Amazon style PR / FAQs
• A series of mockups or storyboard, a “visiontype”
5. Pillars
Once you’ve set your vision, think through the key themes of work that will comprise your strategy.
Devise 2-4 pillars that say where you’ll focus your efforts.
They should solve your users’ needs, reinforce your competitive advantage, and deliver your vision.
6. Impact
As you pull your pillars together, estimate the impact each can have.
This involves:
• Developing a narrative for how your pillar will create impact
• Expressing that as a driver tree
• Estimating the change in driver metrics from the baseline you’ll see
7. Roadmap
You’ll need to:
• Come up with feature ideas
• Prioritize the order you’ll build these
• Learn and iterate as you ship features
• Keep everyone up to date on progress
Ultimately what you’re trying to do is give everyone visibility on what you’re planning to do.
@EdBiden goes 4K words deeper - with 7+ free templates - in today's guest post:
news.aakashg.com/p/strategy-in-1-day-week-month