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This week's post (for paid subscribers): Getting better at product strategy

Inside:
1. Qualities of a great strategy
2. Examples of outstanding strategies
3. Guides to developing your own strategy
4. Plug-and-play templates
5. Essential reads

Thread 👇
lennyrachitsky.com/p/getting-bett…
1/ Where strategy fits in:

Mission → Vision → *Strategy* → Goals → Roadmap

Mission: What are we trying to achieve?
Vision: What does it look like when we’ve achieved it?
Strategy: How will we achieve it?
Goals: How will we measure progress?
Roadmap: What should we build?
2/ My four favorite strategy documents:

Gitlab: about.gitlab.com/company/strate…

Tesla: tesla.com/blog/master-pl…

Salesforce: salesforce.com/blog/2013/04/h…

Yahoo’s "Peanut Butter" memo: sriramk.com/memos/garlingh…
3/ Templates to develop your own strategy:

Company strategy: docs.google.com/document/d/1JI…

Team strategy: docs.google.com/document/d/1RQ…
4/ My favorite guides to developing a strategy:

How to Become a Strategic Leader by @joulee: sloanreview.mit.edu/article/how-to…

Product Strategy by @cagan: svpg.com/product-strate…

How to define your product strategy by @gibsonbiddle: medium.com/@gibsonbiddle/…
5/ Essential reads:

Good Strategy Bad Strategy: amazon.com/dp/0307886239

Divinations newsletter: divinations.substack.com

The Innovator's Dilemma: amazon.com/Innovators-Dil…

7 Powers: amazon.com/7-Powers-Found…

Good to Great: amazon.com/Good-Great-Som…
6/ Much more in the full post
lennyrachitsky.com/p/getting-bett…
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More from @lennysan see all

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Lenny Rachitsky
@lennysan
🔥 A Guide to Fundraising – A Megathread 🔥

1. Preparation
2. Outreach
3. Navigating the process
4. Partner meetings + closing

Below you'll find a tweet-sized summary of @mccabe's incredible guest post from last week, with templates, references, and timelines.

👇 Read on 👇
1/ Ultimately, fundraising is an exercise in building trust. Each partner at a fund generally only makes 1-3 early-stage investments per year, and their career is ultimately staked to how successful these investments are. Each investment is incredibly significant to the fund.
2/ Note: This guide is for founders of tech businesses who have raised their seed round and are thinking forward to their next fundraise. It’s most relevant for Series A, but a lot of the same concepts apply for seed rounds, Series B, and to a certain extent Series C.
Read 42 tweets
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Lenny Rachitsky
@lennysan
Q: What's the most important growth metric to get right?
A: Retention

Q: How do you know if you have good retention?
A: Read this: lennyrachitsky.com/p/what-is-good…

Q: How do you increase retention, if it isn't good?

Time for a thread 👇👇👇
1/ First, know that increasing retention is very hard. Unless you're super early stage, is unlikely to budge significantly.
2/ Nevertheless, this doesn’t mean you shouldn’t try. As @bbalfour says, “if you have poor retention, nothing else matters.”

As you'll see below, it is possible, and when you can pull it off it’s often the biggest lever you have to grow your business.
Read 18 tweets
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Lenny Rachitsky
@lennysan
Love flywheels? You're in luck!

In this week's (subscriber-only) post I've pulled together all of my favorites – plus I help you create your very own!

Check out the thread 👇 for a few of my favorites. If you've come across others, I'd love to see!
lennyrachitsky.com/p/flywheels-fl…
1/ Uber's flywheel, courtesy of @DavidSacks Image
2/ Netflix's flywheel, courtesy of @Alex_Danco Image
Read 7 tweets

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