To give a general overview, it usually takes anywhere from 3 to 6 months to develop a well-thought-out product strategy. However, it's important to remember that this timeline is not set in stone and can be influenced by the complexity of your product, the market dynamics, and the availability of resources.
During this time, you'll typically go through several stages, including market research, competitive analysis, customer insights gathering, goal setting, and strategic planning. This process involves conducting thorough research, engaging with stakeholders, and carefully considering various factors that shape your product's direction.
First, you should understand that Product Strategy is subject to change, even in the most rigid projects, since its primary goal is to help you set the correct SMART goals. A good Product Strategy must come before any other stage of the development process. Furthermore, many variables can affect the time it will take to create a viable Product Strategy draft. Key project elements, such as the product itself, your budget, tech requirements, etc., can all affect the time it will take to prepare the roadmap.
Of course, it's worth mentioning that each organisation and product is unique so the timeline can vary. Some strategies may require a more extensive discovery phase or involve additional complexities requiring extra time and effort.
At Miquido, we work according to Scrum iterations, meaning that each work cycle takes between 1 or 2 weeks, depending on the team. If you require assistance solely with the business aspect of a Product Strategy, you can count on faster completion of the entire process.