Want to know the secret to minimising risk in your product strategy?
Refining a product strategy is complex.
Implementing new features. Aligning with market trends. Balancing innovation with practicality. It's a delicate balance! That's why most 'sure-fire solutions' don't pan out. There's no one-size-fits-all strategy. But what if there was....
When I worked in management consulting and advertising it used to take months and a lot of people and money to come up with a sound strategy. But it always felt like a waste of time (and SO many PPT slides), to still only have a bunch of assumptions.
I tried to see how I could change that, and I discovered ONE method that reduces risk more effectively than anything else.
The secret? Test the riskiest elements of your strategy, BEFORE full-scale implementation.
Here's why:
π Focus on High-Risk Areas - Target the parts of your strategy that are most uncertain. This helps you understand potential challenges early on, saving time and resources.
π Gain Valuable Insights Quickly - By testing risky elements first, you get crucial feedback and data, which guides you in refining your overall strategy.
π Adapt and Overcome - Make necessary adjustments before committing to a full rollout, so you don't waste $10,000's on features that add no value.
To put this into practice:
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Identify the riskiest parts of your product strategy.
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Use research, prototypes, fake landing pages etc. to test what will work.
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Always collect data and feedback to make informed decisions, not assumed ones.
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Mistakes are costly, but failed experiments aren't.
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ps. this is me and my team when I was in management consulting, we'd just spent 1 week coming up with a 2-day workshop, and would take another week to actually distill it - only to have to do our own ideation anyway (but we had a good time)! Innovation theatre is the worst, hey?