Product Strategy Canvas

Define how you are different from the competition, and think about your winning strategy.

Steps
8
Last edited
Nov 16, 2022
Created by
Nova

About this process

This product strategy canvas helps you define the strategic vision for the product, and define your offerings by stating where the market is going, highlighting how you are different from the competition, and giving you a framework to think about a winning strategy that will help you get there (and understand why those strategies will help you succeed)

The process in detail

8 steps
  1. 1

    Product Vision.

  2. 2

    Product Goals.

  3. 3

    Product Canvas.

  4. 4

    [3.1] Empathy.

  5. 5

    [3.2] The Solution.

  6. 6

    [3.3] The Market & Revenue Streams.

  7. 7

    [3.4] Product Strategy.

  8. 8

    Conclusions and Action Plan.

Read the full text
1. Product Vision.

Every product is the result of a team spotting an opportunity to solve a problem and reduce people's pain, but the solution is part of a larger vision. Therefore, all product visions must be aligned with the overall business vision.

The product vision is an aspirational future state caused by the value of your product.

Here is a template:

In [time frame] [company/product] will be [vision statement]. In order to reach our vision we need to [measurable objective] by [time frame]. After measuring we know that our current state is [measurements of current state]

2. Product Goals.

In the first column, add your product goals. Then, in the middle column add the metrics or methods you will use to measure its success.

Finally, add the deadline.

3. Product Canvas.
1.Define your solution and identify your core value proposition.
2.Understand what solutions are actually needed to win.
3.Define your product strategy, this will include a list with the most promising set of choices/tactics for winning your market (achieving your goals).
4.Define the type of value your product creates: 1)Functional - Save time/money/effort 2) Personal - Feel better/ Feel safe 3) Social - Look good/professional 4) Entertainment - Smile/Amaze/Fun 5) Other
4. [3.1] Empathy.

👉Target group: Describe who they are, how are they different from your anti-buyer (anti-user) and the job-to-be-done.

👉Pains: Think about the negative experiences, feelings, and risks that the customer experiences while they are trying to get the job done.

👉Gains: What benefits would the customer expect? What would they need? What would delight customers? What things may increase the likelihood of adopting a value proposition?

5. [3.2] The Solution.

👉Define your value proposition:

Our [🛵product/service] helps [🙂user type/target segment] who wants to [job to be done] by [verb (like reducing, avoiding)] and [customer pain] and [verb (increasing/enabling) [customer gain] unlike [...]

We help [🙂target segment] to solve [defined problem/pain]. Unlike other solutions we [differentiation]

👉Define your Product Promise and Warranty.

👉Solution.

•Pain Relievers: Remove current frustration and an exact description of how the product or service alleviates customer pains.
•Gain Creators: Offer them something new (added value). For example: "Comfortable, socially conscious, I get additional resources for free, etc"
6. [3.3] The Market & Revenue Streams.

Describe your competitors and your revenue streams (recurring revenue, transaction-based revenue, project revenue, or service revenue)

7. [3.4] Product Strategy.

👉Product offer:

•Core Product: The essential motivational benefit the customer/user/client is looking for. It's what the customer wants to get most.
•Functional requirements & Behavioral requirements(Emotional benefits).
•Basic Product: Physical and intangible properties that help satisfy the desire for the motivational benefit. You can also add a section for 'Expected Product'.
•Augmented Product: Extra attributes that helps make the product/solution more attractive. Additionally, you can add an additional level 'Potential product'

You should consider the emotional triggers, fears, and behaviors that will block users and potential users, as well as the strategies you can use to persuade them.

👉Velocity and production.

How would you improve velocity? (Operating efficiency, Inventory Turnover, Just-in-time development, New product time to market, Team processes and culture, Functional experts, ...)

👉Methods of sale and distribution (+Channels)

(Market share, Branding, Pricing,..)

Return/Profit. (Capital acquisition, enhanced distribution of profits, Policies, Margins, Upselling,..)

8. Conclusions and Action Plan.

Describe your strategy and action plan here or create a new session.

Some of the concepts you should think about:

•Do you have a sustainable advantage? Do you have the resources required to support your vision?
•Market trends.
•Strengths and Weaknesses.
•60-90 days action plan.

👉Next steps: Risk analysis, Competitors analysis, Product roadmap, and Winning strategy.

New Board
  • Product Canvas
  • 3
  • Strategy
  • Product Vision
  • 1
  • Product Offering
  • Target group
  • Needs
  • Return/profit
  • Velocity & Production Capability
  • Method of sale & Distribution /Channels
  • Pain
  • 3.1
  • 3.4
  • Start typing....
  • Define success criteria
  • Product Goals
  • 2
  • Measurable
  • Deadline
  • Product Goal
  • Start typing....
  • Start typing....
  • Start typing....
  • Start typing....
  • Gain Creators
  • Value proposition & Promise
  • Pain Relievers
  • 3.2
  • Start typing....
  • Start typing....
  • Conclusions/Action plan
  • 4
  • Cost Factors
  • Competitors/Alternatives
  • Revenue Sources
  • 3.3
Use this process
Capabilities
Fully editableAdapts as work changesAdd more sessions anytimeAI can be assigned
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Created byNova·Official process
Last edited Nov 16, 2022·8 steps