Is your Product Strategy Built on 3 Ms Framework?

Read time: 4 minutes.

Welcome to the 47th edition of The Growth Elements Newsletter. Every Monday, I write an essay on growth metrics & experiments and business case studies.

Today’s piece is for 5,100+ founders, operators, and leaders from businesses such as Shopify, Google, Sage, Hubspot, Zoho, RateGain, Zaggle, Servcorp, Apollo and more.

Happy Monday!

Is your product strategy built on 3 Ms?

The foundation of the product strategy is rooted in 3 Ms:

1. Mission

2. Metrics

3. Modelling

I’m using Airbnb’s mission, “Belong Anywhere,” as an example throughout this post.

[1] 𝐌𝐢𝐬𝐬𝐢𝐨𝐧

► Mission directs the product’s core purpose and values, guiding its existence and objectives.

► Airbnb’s mission, “Belong Anywhere,” demonstrates a compelling statement of connections and feel home anywhere in the world.

► It serves as a guiding principle for decision-making, influencing user experience, new features, and product development.

[2] 𝐌𝐞𝐭𝐫𝐢𝐜𝐬

► Metrics indicate success, guiding decision-making processes.

► Include task success, user engagement, retention rates, and customer satisfaction scores.

► Airbnb tracks metrics like nights booked, hosts and travellers acquired, and Net Promoter Score (NPS) to gauge effectiveness.

[3] 𝐌𝐨𝐝𝐞𝐥𝐥𝐢𝐧𝐠

► Modelling involves understanding and modelling the metrics to derive data-driven iterations and roadmap.

► Conduct market research, competitive analysis, and predictive modelling.

► Airbnb leverages data and analytics to understand user needs and market behaviour.

𝐅𝐢𝐧𝐚𝐥 𝐖𝐨𝐫𝐝𝐬

► 3 Ms framework provides a systematic approach to building a product strategy.

► Businesses can create impactful products by aligning decisions with a clear mission, tracking relevant metrics, and leveraging data-driven insights.

► Effective product strategy transforms transactions into meaningful experiences, leaving a lasting impact on users’ lives.

That's it for today's article! I hope you found this essay insightful.

Wishing you a productive week ahead!

I always appreciate you reading.

Thanks,
Chintankumar Maisuria