What is a Product Portfolio Strategy?
A product portfolio strategy is a plan to maximize the performance of a product portfolio. It outlines the objectives, focus areas, and actions that need to be taken in order to meet the goals of the product portfolio. It is an essential part of any product team's strategic planning process that will ensure successful strategy execution.
What's included in this Product Portfolio Strategy template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Product Portfolio Strategy template for?
This template is designed for product teams who want to create a portfolio strategy that helps them achieve their goals. It provides a comprehensive outline with the focus areas, objectives, and actions that need to be taken in order to maximize the performance of the product portfolio.
1. Define clear examples of your focus areas
A focus area is a broad area of focus that the portfolio strategy should aim to address. It is the foundation of the portfolio strategy and should be defined in order to achieve the desired results. Examples of focus areas may include increasing customer engagement, increasing product usage, or increasing customer acquisition.
2. Think about the objectives that could fall under that focus area
Objectives are the specific goals that should be achieved in order to meet the focus area. They should be measurable, achievable, and time-bound in order to be effective. Examples of objectives may include increasing customer retention, increasing customer satisfaction, or increasing product usage.
3. Set measurable targets (KPIs) to tackle the objective
KPIs (Key Performance Indicators) are measurable goals that are set in order to track the success of the portfolio strategy. They should be specific, achievable, and relevant to the objective. Examples of KPIs may include increasing customer retention rate, increasing customer satisfaction rate, or increasing product usage rate.
An example of a KPI for the focus area of Increase customer engagement could be: Increase customer retention rate from 50% to 75%.
4. Implement related projects to achieve the KPIs
Projects (or actions) are the steps that need to be taken in order to achieve the KPIs. They should be specific, achievable, and relevant to the KPI. Examples of projects may include launching a loyalty program, improving customer service, or launching product tutorials.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
The Cascade Strategy Execution Platform is a powerful software tool that helps product teams create, manage, and track their product portfolio strategies. It includes a comprehensive set of features that make it easier to set and track KPIs, implement projects, and measure the performance of the strategy.