Question: Are there any tools available to help a product manager assess product strategy?
Can you recommend any tools to use for (re)assessing product strategy framework? If you have any recommendation on tools that are more suited for extending product suite, that would be most useful.
Answer from Roger Cauvin: I assume by “tools” you’re referring to principles and guidelines.
The most important guideline to keep in mind is to maintain focus.
When your products solve a compelling set of problems for customers, they have profit potential. As prospective customers begin to associate your company and products with a simple idea (e.g. “user friendly printers”), the power of your brand will drive sales.
However, whenever you extend your product offerings, you risk undermining your brand if the new offerings aren’t consistent with the established idea that customers associate with your company and products.
Accordingly, when deciding whether to introduce a new product or extend the functionality of an existing product, consider whether you are solving a different set of problems or are addressing a different segment of the market. Consider whether the new product or functionality strengthens, or at least is consistent with, your established brand.
If so, then the extension may be promising.
If the new product or functionality is not consistent with your established brand, then you should probably either nix it or create a separate brand. Give it a completely different name and release it under a new company name.