Do you know what cognitive dissonance theory is? It's a term used in psychology to describe the tension that occurs when you try to hold two opposing concepts at the same time. We all have to strike a balance between opinions that are frequently diametrically opposed. For product managers and product marketing managers, this is especially true. Harmonising an internal focus (the construction) with an exterior focus (the launch) is required for creating and releasing amazing products (the launch).
You must understand the why behind the task — the product strategy and go-to-market plan — in order to perform this properly.
Let's begin with some basic definitions. The core of any product strategy is the product structure. It outlines what you'll give customers and how that will benefit them. In most cases, the go-to-market strategy is more limited. It describes how you plan to launch a new experience or sequence of new experiences.
These two tactics are actually compatible, notwithstanding our speculations on cognitive dissonance. The go-to-market strategy informs the product strategy; both should be aligned with the broader business objectives. Teams often suffer friction and misunderstandings in businesses where product and marketing are not aligned on strategy. This can cause releases to be delayed and vision to be diluted, eventually harming customers.
It is critical to understand each approach, whether you work in product development or marketing. This will allow you to cooperate more efficiently and create unique experiences for your customers that they will actually enjoy.
Consider the following key distinctions between the two approaches:
The product strategy brings the entire company together around a shared vision of how a new product or update to an existing product will provide value and assist the firm in meeting its objectives. It identifies key investment areas and informs your product roadmap — a timeline that unites your team around the true north of what you'll build.
The go-to-market strategy unifies the rest of the company around the tasks that must be done in order to give something fresh to your target market. This could be a new product launch, a new feature, or a market expansion. It establishes the method through which you will translate technical functionality into customer-friendly messages.
The product strategy is set by product leaders, and the product team is in charge of executing it. Before product managers begin working with the technical team on implementation, the strategy is presented to and reviewed by corporate management. Product managers are in charge of informing internal teams like sales and support about timelines and progress.
To implement the launch, senior product marketing leaders create the go-to-market strategy and collaborate with a cross-functional product team (made up of product, marketing, sales, and support). Product marketing managers are in charge of communicating product benefits both within the organization and to customers on an external level.
The following elements are usually included in a product strategy:
The following elements are usually included in a go-to-market strategy:
The product strategy is an ongoing process. It directs the entire product lifetime and determines the product's long-term direction, while remaining flexible enough to accommodate changing client needs. This strategy must be determined early on since it governs all of the work that the team will undertake.
The go-to-market strategy has a limited number of options. Most organizations create specialized plans for a fresh launch in addition to a yearly go-to-market strategy. The go-to-market strategy (as well as a timeframe for the work to be done) is defined well in advance of bringing a new product or experience to market for planning purposes.
Both product and go-to-market strategies are necessary to provide significant value to customers, but they must be balanced.
You'll need real products and go-to-market roadmaps to put that approach into action. Your approach is just as good as how you implement it, so get it right the first time. So, take down the high-level direction, then map out how you'll execute the work and construct a delivery schedule.
Share your roadmap with other teams and keep in touch on a regular basis. It can be used as a starting point for product team meetings. This will assist you in ensuring that the product and marketing strategies are aligned. Although it is impossible to completely eliminate the tension between the build and the launch, you can strive for less dissonance and more harmony along the route.
Originally published on Prosple India
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