Product Strategist: The Roles and Responsibilities in B2B SaaS
Who is a Product Strategist? And what are some of their top roles and responsibilities in the B2B SaaS sphere? Read on.
Often, there seems to be an ambiguity between the two designations, product strategist and a product manager. Although they both need to work hand-in-hand, there still exists a thin line of difference. A product strategist is the one who looks for new opportunities, evaluates the product and performance of a company and helps in developing strategic plans that dwell and evolve in the long run. On similar tracks, product managers are responsible for the marker success of specific products. Although it might not be so clear now, we will delve into this topic with magnifying lens to learn more. Let us dive right into the topic.
First and foremost, a product strategist should be able to find insights and opportunities by using data or technology. A major part of this job entails you to gather and analyze data from your company’s performance and your users interactions with your range of products. Not only that, you should be in a position to delve into the numbers of your competitors and keep a track of their records as well.
It goes without saying – to become a product strategist you need to have great communication skills. To succeed, you’ll need to communicate with different people and teams across your company, as well as people outside the organization. You’ll need a strong working relationship with the development, sales, and support teams, for example, to gain a deep understanding of the company’s products and users. Aside from this, you should also know how to communicate a proposal effectively and market a product to your new investors or executives.
As a product strategist, you should always be full of innovative ideas and suggestions. In short, you need to think big and out of box. It is you who has to see opportunities that others don’t. Not only that, you will also have to plan out ways of executing those ideas effectively as and when required. This is what is meant by entrepreneurial skills, that demands you to think like an entrepreneur.
The responsibilities of a product strategist goes in line with the roles of a product manager. Some of the few high-level initiatives that are taken solely by a product strategist includes the following:
In order to ascertain the unserved needs and market opportunities out there, a product strategist does the task of researching both the performance of their company and the competitive landscapes as well. Aside from this, they are constantly on the look out for a problem that needs immediate assistance. Any of which could represent a strategic opportunity that the company can exploit.
The primary responsibility of a product strategist is to think about every aspect of the company and its products. This includes their pricing strategist, their marketing strategist, the way they develop their strategic partnerships with other businesses and more. The strategist also has a good role to play when the company is preparing for a new product launch. In simple words, the strategist will be identifying business partnerships to look out for opportunities that extend the company’s reach to the new prospects and the value of the new products as well.
A product strategist targets to know where is the company standing today, or its position in the competitive space. Product strategists spend most of their time and energy planning where to take the product tomorrow. This means that the responsibility of the product strategist is to focus their time and energy on planning where to take the product tomorrow.
The salary of a product strategist in the USA can start with $50,000 and can go over $1,44,000. However, the median salary for this particular role is around $75,000.
The salary of a product strategist in the UK can start with £27,000 and can go over £92,300. However, the median salary for this particular role is around £44,500.
The salary of a product strategist in India can start with ₹1,94,000 and can go over ₹18,20,000. However, the median salary for this particular role is around ₹6,00,000.
For letting your business run smoothly, getting a great product strategist is really needed. It all comes down to carrying out your tasks just the way it demands it. What would really set you apart is how you build a rapport with a customer. Know and understand their point of view and place yourself in their shoes. Once you do that, you will get a clear view of your clients’ needs and wants. The more a product strategist digs into the technical facets of a SaaS industry, the easier it turns out for him to consolidate and train his customers. And thus, it eventually brings out more benefits to the company and the customers as well.
Originally Published September 27th, 2021, Updated September 27th, 2021
Simran hails from the content marketing backdrop with extensive knowledge in blogs, articles, and technical whitepapers in the non-fictional domain. She uses her 'gift of the gab' to explore new possibilities on her way and to make an exquisite impact on her readers. In her spare time, she likes to read journals on artificial intelligence or play with her cute kittens.