Product Vision
This is the foundation of your product and answers the Why? question .
Customer
Then it’s time to answer the question ‘Who’. Who is going to be using your product? For this, you’ll need to determine the target market - the segment of people who will be most likely to use and buy your product, and you’ll need to define your customer persona - your ideal customer, together with their goals, challenges, buying motivation and objectives.
This will be crucial to decide how your product will look, how you will communicate with your audience, where you will reach them, etc.
Product Positioning
Product positioning means defining how your product fits into the marketplace. Rather than doing something to the product itself, product positioning is the messaging, how you’re going to present your product to the world, and how your audience will perceive it.
However, the most important thing about positioning is to be realistic - positioning is not about how you describe your product, it’s ultimately how your users perceive it.
Differentiation
Product differentiation should answer the following questions How does your product differ from other similar products on the market? What are its unique values that would motivate your customers to choose your product over another one?
To be able to do proper product differentiation, you’ll need to do a thorough competitive analysis to get to know your competition and realize how you could outshine them.
Product Goals
Lastly, product strategy includes product goals and initiatives. Goals should be clearly defined, measurable and time-bound that will help you and your team understand what you want to achieve with the product. After that, it’s time to define Initiatives, which are the high-level efforts that will be necessary to achieve the goals you’ve set.