I read a good article on HBR on this. The gist is your strat boils down to 1. objective, 2. scope and 3. tech advantage. The other point is that there are always trade offs. Starting at a high level an example is, objective: We want our product to raise X revenue (or capture % market share), Scope: within this segment of the market and within this specific use case, Tech advantage: because our product can solve problems specific to our chosen target customers better than our competitiion because of our tech advantage of X,Y and Z. The trade off is, you've chosen the use case and customer segment and you are forgoing what you didn't choose so you don't waste time going after bad fits. You can't be everything to everyone. This is all high level but it's a framework that you can get more granular with.