I've been pondering product strategy and how to articulate it. Frameworks helped guide our thinking.

If your teams aren't working together or there's no clear path to victory, your product strategy may not be well-articulated or communicated (if you have one).

Before diving into a product strategy's details, it's important to understand its role in the bigger picture — the pieces that move your organization forward.

the overall picture

A product strategy is crucial, in my opinion. It's part of a successful product or business. It's the showpiece.

To simplify, we'll discuss four main components:

1. Vision

2. Product Management

3. Goals

4. Roadmap

Vision

Your company's mission? Your company/product in 35 years? Which headlines?

The vision defines everything your organization will do in the long term. It shows how your company impacted the world. It's your organization's rallying cry.

An ambitious but realistic vision is needed.

Without a clear vision, your product strategy may be inconsistent.

Product Management

Our main subject. Product strategy connects everything. It fulfills the vision.

In Part 2, we'll discuss product strategy.

Goals

This component can be goals, objectives, key results, targets, milestones, or whatever goal-tracking framework works best for your organization.

These product strategy metrics will help your team prioritize strategies and roadmaps.

Your company's goals should be unified. This fuels success.

Roadmap

The roadmap is your product strategy's timeline. It provides a prioritized view of your team's upcoming deliverables.

A roadmap is time-bound and includes measurable goals for your company. Your team's steps and capabilities for executing product strategy.

If your team has trouble prioritizing or defining a roadmap, your product strategy or vision is likely unclear.

Formulation of a Product Strategy

Now that we've discussed where your product strategy fits in the big picture, let's look at a framework.

A product strategy should include challenges, an approach, and actions.

Challenges

First, analyze the problems/situations you're solving. It can be customer- or company-focused.

The analysis should explain the problems and why they're important. Try to simplify the situation and identify critical aspects.

Some questions:

• What issues are we attempting to resolve?

• What obstacles—internal or otherwise—are we attempting to overcome?

• What is the opportunity, and why should we pursue it, in your opinion?

Decided Method

Second, describe your approach. This can be a set of company policies for handling the challenge. It's the overall approach to the first part's analysis.

The approach can be your company's bets, the solutions you've found, or how you'll solve the problems you've identified.

Again, these questions can help:

• What is the value that we hope to offer to our clients?

• Which market are we focusing on first?

• What makes us stand out? Our benefit over rivals?

Actions

Third, identify actions that result from your approach. Second-part actions should be these.

Coordinate these actions. You may need to add products or features to your roadmap, acquire new capabilities through partnerships, or launch new marketing campaigns. Whatever fits your challenges and strategy.

Final questions:

• What skills do we need to develop or obtain?

• What is the chosen remedy? What are the main outputs?

• What else ought to be added to our road map?

Put everything together

… and iterate!

Strategy isn't one-and-done. Changes occur. Economies change. Competitors emerge. Customer expectations change.

One unexpected event can make strategies obsolete quickly. Muscle it. Review, evaluate, and course-correct your strategies with your teams. Quarterly works. In a new or unstable industry, more often.

Product management wizardry.

Early adopters buy a product even if it hasn't hit the market or has flaws.

Who are the early adopters?

Early adopters try a new technology or product first. Early adopters are interested in trying or buying new technologies and products before others. They're risk-tolerant and can provide initial cash flow and product reviews. They help a company's new product or technology gain social proof.

Early adopters are most common in the technology industry, but they're in every industry. They don't follow the crowd. They seek innovation and report product flaws before mass production. If the product works well, the first users become loyal customers, and colleagues value their opinion.

What to do with early adopters?

They can be used to collect feedback and initial product promotion, first sales, and product value validation.

How to find early followers?

Start with your immediate environment and target audience. Communicate with them to see if they're interested in your value proposition.

1) Innovators (2.5% of the population) are risk-takers seeking novelty. These people are the first to buy new and trendy items and drive social innovation. However, these people are usually elite;

Early adopters (13.5%) are inclined to accept innovations but are more cautious than innovators; they start using novelties when innovators or famous people do;

3) The early majority (34%) is conservative; they start using new products when many people have mastered them. When the early majority accepted the innovation, it became ingrained in people's minds.

4) Attracting 34% of the population later means the novelty has become a mass-market product. Innovators are using newer products;

5) Laggards (16%) are the most conservative, usually elderly people who use the same products.

Stages of new information acceptance

1. The information is strange and rejected by most. Accepted only by innovators;

2. When early adopters join, more people believe it's not so bad; when a critical mass is reached, the novelty becomes fashionable and most people use it.

3. Fascination with a novelty peaks, then declines; the majority and laggards start using it later; novelty becomes obsolete; innovators master something new.

Problems with early implementation

Early adopter sales have disadvantages.

Higher risk of defects

Selling to first-time users increases the risk of defects. Early adopters are often influential, so this can affect the brand's and its products' long-term perception.

Not what was expected

First-time buyers may be disappointed by the product. Marketing messages can mislead consumers, and if the first users believe the company misrepresented the product, this will affect future sales.

Compatibility issues

Some technological advances cause compatibility issues. Consumers may be disappointed if new technology is incompatible with their electronics.

Method 5 WHY

Let's talk about 5 why, a good tool for finding project problems' root causes. This method is also known as the five why rule, method, or questions.

The 5 why technique came from Toyota's lean manufacturing and helps quickly determine a problem's root cause.

On one, two, and three, you simply do this:

1. We identify and frame the issue for which a solution is sought.

2. We frequently ponder this question. The first 2-3 responses are frequently very dull, making you want to give up on this pointless exercise. However, after that, things get interesting. And occasionally it's so fascinating that you question whether you really needed to know.

3. We consider the final response, ponder it, and choose a course of action.

Always do the 5 whys with the customer or team to have a reasonable discussion and better understand what's happening.

And the “five whys” is a wonderful and simplest tool for introspection. With the accumulated practice, it is used almost automatically in any situation like “I can’t force myself to work, the mood is bad in the morning” or “why did I decide that I have no life without this food processor for 20,000 rubles, which will take half of my rather big kitchen.”

An illustration of the five whys

A simple, but real example from my work practice that I think is very indicative, given the participants' low IT skills.  Anonymized, of course.

Users spend too long looking for tender documents.

Why? Because they must search through many company tender documents.

Why? Because the system can't filter department-specific bids.

Why? Because our contract management system requirements didn't include a department-tender link. That's it, right? We'll add a filter and be happy. but still…

why? Because we based the system's requirements on regulations for working with paper tender documents (when they still had envelopes and autopsies), not electronic ones, and there was no search mechanism.

Why? We didn't consider how our work would change when switching from paper to electronic tenders when drafting the requirements.

Now I know what to do in the future. We add a filter, enter department data, and teach users to use it. This is tactical, but strategically we review the same forgotten requirements to make all the necessary changes in a package, plus we include it in the checklist for the acceptance of final requirements for the future.

Errors when using 5 why

Five whys seems simple, but it can be misused.

Popular ones:

1. The accusation of everyone and everything is then introduced. After all, the 5 why method focuses on identifying the underlying causes rather than criticizing others. As a result, at the third step, it is not a good idea to conclude that the system is ineffective because users are stupid and that we can therefore do nothing about it.

2. to fight with all my might so that the outcome would be exactly 5 reasons, neither more nor less. 5 questions is a typical number (it sounds nice, yes), but there could be 3 or 7 in actuality.

3. Do not capture in-between responses. It is difficult to overestimate the power of the written or printed word, so the result is so-so when the focus is lost. That's it, I suppose. Simple, quick, and brilliant, like other project management tools.

Conclusion

Today we analyzed important study elements:

Early adopters and 5 WHY We've analyzed cases and live examples of how these methods help with product research and growth point identification. Next, consider the HADI cycle.

Quitting your job for a side gig isn't smart.

A few years ago, I would have laughed at the idea of starting a side business.

I never thought a side gig could earn more than my 9-to-5. My side gig pays more than my main job now.

You may then tell me to leave your job.  But I don't want to gamble, and my side gig is important. Programming and web development help me write better because of my job.

Yes, I share work-related knowledge. Web development, web3, programming, money, investment, and side hustles are key.

Let me now show you how to make one.

Create a side business based on your profession or your interests.

I'd be direct.

Most people don't know where to start or which side business to pursue.

You can make money by taking online surveys, starting a YouTube channel, or playing web3 games, according to several blogs.

You won't make enough money and will waste time.

Nitin directs our efforts. My friend, you've worked and have talent. Profit from your talent.

Example:

College taught me web development. I soon created websites, freelanced, and made money. First year was hardest for me financially and personally.

As I worked, I became more skilled. Soon after, I got more work, wrote about web development on Medium, and started selling products.

I've built multiple income streams from web development. It wasn't easy. Web development skills got me a 9-to-5 job.

Focus on a specific skill and earn money in many ways. Most people start with something they hate or are bad at; the rest is predictable.

Result? They give up, frustrated.

Quietly focus for a year.

I started my side business in college and never told anyone. My parents didn't know what I did for fun.

The only motivation is time constraints. So I focused.

As I've said, I focused on my strengths (learned skills) and made money. Yes, I was among Medium's top 500 authors in a year and got a bonus.

How did I succeed? Since I know success takes time, I never imagined making enough money in a month. I spent a year concentrating.

I became wealthy. Now that I have multiple income sources, some businesses pay me based on my skill.

I recommend learning skills and working quietly for a year. You can do anything with this.

The hardest part will always be the beginning.

When someone says you can make more money working four hours a week. Leave that, it's bad advice.

If someone recommends a paid course to help you succeed, think twice.

The beginning is always the hardest.

I made many mistakes learning web development. When I started my technical content side gig, it was tough. I made mistakes and changed how I create content, which helped.

And it’s applicable everywhere.

Don't worry if you face problems at first. Time and effort heal all wounds.

Quitting your job to work a side job is not a good idea.

Some honest opinions.

Most online gurus encourage side businesses. It takes time to start and grow a side business.

Suppose you quit and started a side business.

After six months, what happens? Your side business won't provide enough money to survive.

Indeed. Later, you'll become demotivated and tense and look for work.

Instead, work 9-5, and start a side business. You decide. Stop watching Netflix and focus on your side business.

I know you're busy, but do it.

Next? It'll succeed or fail in six months. You can continue your side gig for another six months because you have a job and have tried it.

You'll probably make money, but you may need to change your side gig.

That’s it.

You've created a new revenue stream.

Remember.

Starting a side business, a company, or finding work is difficult. There's no free money in a competitive world. You'll only succeed with skill.

Read it again.

Focusing silently for a year can help you succeed.

I studied web development and wrote about it. First year was tough. I went viral, hit the top 500, and other firms asked me to write for them. So, my life changed.

Yours can too. One year of silence is required.

Enjoy!

I've never seen this before.

Focus on native crypto development, not price activity or turmoil.

CT is boring now. Either folks are still angry about FTX or they're distracted by AI. Plus, it's year-end, and people rest for the holidays. 2022 was rough.

So DeFi fans can get inspired by something fresh. Who's building? As I read the Defillama daily roundup, many updates are still on FTX and its contagion.

I've used the same method on their Raises page. Not much happened :(. Maybe my high standards are to fault, but the business may be resting. OK.

The handful I locate might last us till the end of the year. (If another big blowup occurs.)

Hashflow

An on-chain monitor account I follow reported a huge transfer of $HFT from Binance to Jump Tradings.

I was intrigued. Stacking? So I checked and discovered out the project was launched through Binance Launchpad, which has introduced many 100x tokens (although momentarily) in the past, such as GALA and STEPN.

Hashflow appears to be pumpable. Binance launchpad, VC backers, CEX listing immediately. What's the protocol?

Hasflow is intriguing and timely, I discovered. After the FTX collapse, people looked more at DEXs.

Hashflow is a decentralized exchange that connects traders with professional market makers, according to its Binance launchpad description. Post-FTX, market makers lost their MM-ing chance with the collapse of the world's third-largest exchange. Jump and Wintermute back them?

Why is that the case? Hashflow doesn't use bonding curves like standard AMM. On AMMs, you pay more for the following trade because the prior trade reduces liquidity (supply and demand). With market maker quotations, you get a CEX-like experience (fewer coins in the pool, higher price). Stable prices, no MEV frontrunning.

Hashflow is innovative because...

DEXs gained from the FTX crash, but let's be honest: DEXs aren't as good as CEXs. Hashflow will change this.

Hashflow offers MEV protection, which major dealers seek in DEXs. You can trade large amounts without front running and sandwich assaults.

Hasflow offers a user-friendly swapping platform besides MEV. Any chain can be traded smoothly. This is a benefit because DEXs lag CEXs in UX.

Status, timeline:

Wintermute wrote in August that prominent market makers will work on Hashflow. Binance launched a month-long farming session in December. Jump probably participated in this initial sell, therefore we witnessed a significant transfer after the introduction.

Binance began trading HFT token on November 11 (the day FTX imploded). coincidence?)

Tokens are used for community rewards. Perhaps they'd copy dYdX. (Airdrop?). Read their documents about their future plans. Tokenomics doesn't impress me. Governance, rewards, and NFT.

Their stat page details their activity. First came Ethereum, then Arbitrum. For a new protocol in a bear market, they handled a lot of unique users daily.

It’s interesting to see their future. Will they be thriving? Not only against DEXs, but also among the CEXs too.

STFX

I forget how I found STFX. Possibly a Twitter thread concerning Arbitrum applications. STFX was the only new protocol I found interesting.

STFX is a new concept and trader problem-solver. I've never seen this protocol.

STFX allows you copy trades. You give someone your money to trade for you.

It's a marketplace. Traders are everywhere. You put your entry, exit, liquidation point, and trading theory. Twitter has a verification system for socials. Leaderboards display your trading skill.

This service could be popular. Staying disciplined is the hardest part of trading. Sometimes you take-profit too early or too late, or sell at a loss when an asset dumps, then it soon recovers (often happens in crypto.) It's hard to stick to entry-exit and liquidation plans.

What if you could hire someone to run your trade for a little commission? Set-and-forget.

Trading money isn't easy. Trust how? How do you know they won't steal your money?

Smart contracts.

STFX's trader is a vault maker/manager. One trade=one vault. User sets long/short, entrance, exit, and liquidation point. Anyone who agrees can exchange instantly. The smart contract will keep the fund during the trade and limit the manager's actions.

Here's STFX's transaction flow.

Managers and the treasury receive fees. It's a sustainable business strategy that benefits everyone.

I'm impressed by $STFX's planned use. Brilliant priority access. A crypto dealer opens a vault here. Many would join. STFX tokens offer VIP access over those without tokens.

STFX provides short-term trading, which is mind-blowing to me. I agree with their platform's purpose. Crypto market pricing actions foster short-termism. When you trade, the turnover could be larger than long-term holding or trading. 2017 BTC buyers waited 5 years to complete their holdings.

STFX teams simply adapted. Volatility aids trading.

All things about STFX scream Degen. The protocol fully embraces the degen nature of some, if not most, crypto natives.

An enjoyable dApp. Leaderboards are fun for reputation-building. FLEXING COMPETITIONS. You can join for as low as $10. STFX uses Arbitrum, therefore gas costs are low. Alpha procedure completes the degen feeling.

Despite looking like they don't take themselves seriously, I sense a strong business plan below. There is a real demand for the solution STFX offers.

In 8 months, I doubled my audience with them.

LinkedIn's buzz isn't over.

People dream of social proof every day. They want clients, interesting jobs, and field recognition.

LinkedIn coaches will benefit greatly. Sell learning? Probably. Can you use it?

Consistency has been key in my eight-month study of LinkedIn. However, I'll share seven of my tips. 700 to 4500 people followed me.

1. Communication, communication, communication

LinkedIn is a social network. I like to think of it as a cafe. Here, you can share your thoughts, meet friends, and discuss life and work.

Do not treat LinkedIn as if it were a board for your post-its.

More socializing improves relationships. It's about people, like any network.

Consider interactions. Three main areas:

• Respond to criticism left on your posts.

• Comment on other people's posts

• Start and maintain conversations through direct messages.

Engage people. You spend too much time on Facebook if you only read your wall. Keeping in touch and having meaningful conversations helps build your network.

Every day, start a new conversation to make new friends.

2. Stick with those you admire

Interact thoughtfully.

Choose your contacts. Build your tribe is a term. Respectful networking.

I only had past colleagues, family, and friends in my network at the start of this year. Not business-friendly. Since then, I've sought out people I admire or can learn from.

Finding a few will help you. As they connect you to their networks. Friendships can lead to clients.

Don't underestimate network power. Cafe-style. Meet people at each table. But avoid people who sell SEO, web redesign, VAs, mysterious job opportunities, etc.

3. Share eye-catching infographics

Daily infographics flood LinkedIn. Visuals are popular. Use Canva's free templates if you can't draw them.

Last week's:

It's a fun way to visualize your topic.

You can repost and comment on infographics. Involve your network. I prefer making my own because I build my brand around certain designs.

My friend posted infographics consistently for four months and grew his network to 30,000.

If you start, credit the authors. As you steal someone's work.

4. Invite some friends over.

LinkedIn alone can be lonely. Having a few friends who support your work daily will boost your growth.

I was lucky to be invited to a group of networkers. We share knowledge and advice.

Having a few regulars who can discuss your posts is helpful. It's artificial, but it works and engages others.

Consider who you'd support if they were in your shoes.

You can pay for an engagement group, but you risk supporting unrelated people with rubbish posts.

Help each other out.

5. Don't let your feed or algorithm divert you.

LinkedIn's algorithm is magical.

Which time is best? How fast do you need to comment? Which days are best?

Overemphasize algorithms. Consider the user. No need to worry about the best time.

Remember to spend time on LinkedIn actively. Not passively. That is what Facebook is for.

Surely someone would find a LinkedIn recipe. Don't beat the algorithm yet. Consider your audience.

6. The more personal, the better

Personalization isn't limited to selfies. Share your successes and failures.

The more personality you show, the better.

People relate to others, not theories or quotes. Why should they follow you? Everyone posts the same content?

Consider your friends. What's their appeal?

Because they show their work and identity. It's simple. Medium and Linkedin are your platforms. Find out what works.

You can copy others' hooks and structures. You decide how simple to make it, though.

7. Have fun with those who have various post structures.

I like writing, infographics, videos, and carousels. Because you can:

Repurpose your content!

Out of one blog post I make:

• Newsletter

• Infographics (positive and negative points of view)

• Carousel

• Personal stories

• Listicle

Create less but more variety. Since LinkedIn posts last 24 hours, you can rotate the same topics for weeks without anyone noticing.

Effective!

The final LI snippet to think about

LinkedIn is about consistency. Some say 15 minutes. If you're serious about networking, spend more time there.

The good news is that it is worth it. The bad news is that it takes time.