Why do products fail? Part 3: Product strategies that don’t evolve or constantly change

Developing and reviewing the Product Strategy are critical components of any product leader’s job. Product Strategy defines the overall direction for the product and sets the tone for how the product will be built and maintained throughout its lifecycle. A well-defined and well-maintained Product Strategy enables product leaders to make informed decisions about the roadmap, feature prioritization, and resource allocation.

Like any other product artefact, Product Strategy needs to be regularly reviewed to ensure its robustness. We’ve all heard the fate of companies such as Kodak and Blockbuster, which resisted strategic change and innovation.

While there is no fixed timeframe for updating them, Product Strategies that don’t evolve as needed are one of the reasons successful products eventually fail.

Change in the Product Strategy is inevitable. Perhaps the most common reason is that the current Product Strategy no longer aligns with the company’s overall business strategy. As the company’s direction evolves, the product strategy must adapt accordingly.

Another common reason is a change in the competitive landscape. New competitors who offer products significantly different from what is currently available can disrupt the…