The North Star vs. The Map: Why You Need a Product Strategy (And How to Build One)

Andrew Talbot

Andrew Talbot

— 3 min read

Most product teams have a destination. They want to "Disrupt FinTech" or "Revolutionize Supply Chain." That is a vision. It’s a great North Star.

But a North Star doesn't tell you how to cross the swamp, climb the mountain, or avoid the bears. For that, you need a map.

Product Strategy is that map. It connects the "Why" (Vision) to the "How" (Execution). Without it, your team is just hiking in random directions, hoping to stumble upon success. In the high-stakes world of Enterprise B2B, that’s a recipe for disaster.

Here is how to build a strategic compass that actually works.

Part 1: The Anatomy of a Strategy (What Goes In?)

A strategy isn't a 50-page document that gathers dust. It is a decision-making framework. It needs to answer three questions:

  1. Who is it for? (Target Audience)
  2. What problem does it solve? (Pain Points)
  3. Why us? (Unique Value Proposition)

The "FinTech Solutions" Example: Imagine a company building software for banks.

  • Bad Strategy: "We will build the best banking software." (Too vague).
  • Good Strategy: "We will target mid-sized financial institutions (Who) that struggle with legacy compliance hurdles (Problem) by offering a security-first, cloud-native platform that automates GDPR reporting (Why Us)."

Part 2: Agile is a Vehicle, Not a Destination

You have your map. Now, what vehicle are you driving?

In Enterprise software, requirements change faster than the weather. You need a vehicle that can turn. This is why we use Agile (Scrum).

  • The Project Management Triangle: You have Scope, Timeline, and Budget. You can only fix two. Agile accepts that Scope will change based on feedback.
  • Iterative Design: Don't build the whole bank vault at once. Build the door, test the lock, then build the walls.
  • Shutterstock
Image of agile scrum process flow

The Timeline Reality: Even with Agile, stakeholders need dates. Use a visual timeline to manage expectations, but keep it flexible.

  • Pro Tip: Use color-coded bars to show "Confidence Levels" in your dates. Green = Locked, Yellow = Risk, Red = Wild Guess.
  • Shutterstock
Image of project timeline gantt chart

Part 3: The Compliance Trap (The Boring Stuff That Matters)

In consumer apps, you can "move fast and break things." In FinTech or Healthcare, if you break things, you go to jail (or at least get sued).

Compliance is not an afterthought.

  • The Risk: If you build your entire architecture and then realize it violates PCI DSS (credit card security), you have to rewrite the whole thing.
  • The Fix: Bake compliance into the "Definition of Done." A feature isn't finished until the Legal team says it is.
  • The Audit: Document everything. If an auditor walks in, you need to show them the paper trail of every decision.
  • Shutterstock
Image of risk management process cycle

Part 4: Managing the Humans (Stakeholders)

Your strategy will fail if the people around you don't buy into it.

The Stakeholder Matrix:

  • Internal: Executives (care about ROI), Developers (care about technical debt).
  • External: Customers (care about features), Regulators (care about rules).

The Trust Equation: You build trust by communicating before things go wrong. When a bug crashes the system (and it will), own it. Communicate the fix, the timeline, and the prevention plan. Transparency buys you forgiveness.

Part 5: The Tool Belt (Don't Invent the Wheel)

You don't need to manage this on a napkin. Use the tools that exist.

  • Strategy & Planning: Microsoft Project or Teams to keep everyone aligned.
  • Feedback Loops: Dynamics 365 (CRM) to track what customers are actually saying, not what you think they are saying.
  • Data: Power BI to visualize usage. If nobody is clicking the "Advanced Reporting" button, stop building advanced reports.
  • Design: Visio for wireframing. Show, don't just tell.

The Bottom Line

A product strategy is your compass. It allows you to say "No" to good ideas that don't fit the route. It helps you navigate the regulatory storms and the technical swamps.

It turns a group of people writing code into a team building a legacy.

📝 Quick Cheat Sheet (For the Skimmers)

  • Strategy = Focus: Define Who, What, and Why Us.
  • Agile: Use sprints to adapt to change. Don't plan 2 years out in detail.
  • Compliance: Start early. Document everything. Don't get sued.
  • Stakeholders: Manage expectations with transparent communication.
  • Tools: Use CRM for feedback and BI for data. Don't guess.

Read more