10 Tips to Prepare for a Product Strategy Workshop

You’re planning to develop a software project for your business. That’s good news. Congratulations. But now comes the issue of getting everyone on the same page and minimizing miscommunication on both the developer and stakeholder sides.

It’s time for a scoping workshop.

A scoping workshop, as evident in the name, is where you scope the project from A to Z. Regardless of the minimum viable product (MVP), a scoping workshop prevents resource drain, quality issues, time delays, and cost overruns.

Nailing an MVP scoping workshop is no easy feat, though. We’ve got a few pointers to help you through it.

10 steps to attend your scoping workshop like a pro

Whether you’re calling it a discovery workshop or a product strategy workshop, the core goal remains the same: creating the project scope in the presence of all stakeholders.

Let us preface this section by saying that when you navigate the project scope with us at VeryCreatives, we don’t expect you to have the answers to every question below. But we find it helpful if you have some idea of each of the following.

1. Know your objectives

First things first, know what you want to get out of the product. A Project Management Institute report found that 34% of projects across the globe experience scope creep. The reasons? Everything from lack of focus to poor understanding of the project objectives.

You should have a clear idea of your product and what you want to achieve with it. Also, what problem will it solve for you or your consumers?

2. Assemble key stakeholders

Everyone who has some stake in the product should be a part of the product strategy workshop. The stakeholders range from founders and business analysts to developers and testers.

Ask yourself the following questions when choosing who will attend:

  • Will they have something valuable to contribute?
  • Do they play an essential role in the product’s development and success?
  • Will their presence help the team understand the big picture?
  • Do they have enough knowledge to provide meaningful insights?

Not all attendees have to be tech-savvy. Non-tech founders have an impressive history of starting successful products.

3. Do preliminary research

We’re referring to market research here. For example, conduct research about your competitors and the target audience. A thorough competitor and consumer sentiment analysis could be pretty helpful.

Plus, research the market gaps and current environment. Is there a growth potential? What do the projections look like? If similar products already exist in your niche, industry, or market, check how well or poorly they are doing.

4. Create a brief

Think of the brief as the roadmap and not the road itself. It must have a clear vision, even if it’s subject to changes.

The brief should contain all the goals, objectives, product features, initial thoughts, etc. Create bullet points to discuss in the scoping workshop.

5. Create a priority list

There are two types of features in an MVP: must-haves and nice-to-haves. Differentiate between both and craft a priority list accordingly.

Every feature important for your product’s core functionality is a must-have. For example, in a food delivery app, these features include order placement, payment processing, and delivery tracking. These features would make investors see your idea as “worth it”.

The bells and jingles, like customer avatars and gamification, can come in the later phase.

6. Estimate a budget

Before the workshop, have a rough idea of your budget. You can then discuss the nitty-gritty with the build team and decide how much functionality you can squeeze in.

Discuss the financing options, too. Will you be bootstrapping, looking for venture funding, taking out a loan, or a mix of these?

7. Decide integration preferences

Is there a specific tool or platform you want to use? Share it with us in the workshop. These could be:

  • Platforms: CRM, analytics platform, data storage, messaging, etc.
  • Requirements: HIPAA, KYC, SOC2, etc.
  • External Services: OpenBanking, content providers, payment gateways, marketing automation platforms, marketing integrations, etc.
  • Tech Partnerships: AI, AR/VR, IoT, etc.

8. Prepare a question list

The best way to save time in an MVP scoping workshop is to come prepared with questions. These could range from technical questions about the product to queries on timelines and budgets.

9. Do legal prep

Think of legal requirements, like non-disclosure agreements and licenses. If you want there to be any legal requirements or agreements with the build team, make sure to discuss them in the workshop.

10. Bring relevant data (case studies)

Data is vital to any MVP scoping workshop. Bring case studies, such as your competitors’ performance, to show the product strategy team what you’re trying to accomplish.

The same applies to any UX/UI design elements you want to include in the product. If you plan to develop a growth strategy, bring the relevant metrics or analytics to guide the discussion.

Scope Your MVP With Us

The meticulous planning needed in MVP development cannot be underestimated because even a slight oversight can lead to scope creep. If you’ve experienced it before, you’d likely dread its reoccurrence.

That’s why we’re here to help. Our expert MVP scoping and product discovery experts will assist you in navigating product development, from ideation to launch. The end result? The vision in your mind will be on paper in front of you as an action plan. Reach out to see how we do this.

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Peter

Peter

Head of Production at VeryCreatives

VeryCreatives

VeryCreatives

Digital Product Agency

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