A product vision outlines the overall long-term goal of your product. Basically, it communicates why the product exists and what the desired end state of the product is in the future.
Clearly defined product vision serves as the overall purpose guiding for everyone in the company. The product strategy matters as well since it will determine how to achieve the product vision. The odds of creating a successful product are slim without a common product vision and strategy. Though product vision and strategy are essential, straightforwardly stating them can be challenging. Roman Pichler, a leading agile product management expert, can help you create one with his product vision board.
What Questions Should Product Vision Answer?
Creating a product vision is not an easy task. If this is your first time, you can start with making sure that your product vision answers the questions below:
- Who will be the buyer of the product? Who will be the target customer? Who will be the user of the product? Who will be their target customers?
- In what way will the product address customer needs? What is the added value of the product?
- Which product attributes are critical for meeting the needs selected and therefore for the success of the product? Among the product features, which are crucial for solving customers’ pain? What will the product approximately look like and how will it function? In which spaces will the product stand out?
- In what ways will the product differ from the existing products, both from the same company and its competitors? What will be the unique selling points of the product? What will be its target price?
- How will the company monetize the product? What will be the revenue sources and what will be the business model?
Why is Product Vision Important?
Some people think it is unnecessary to build a product vision, arguing that it’s unrealistic and people will never bother to pay any attention to it. It’s quite an unfortunate argument for them.
Imagine yourself going on a long road trip without a direction. You will either never make it to your destination, or you will waste too much fuel desperately to get there. So, having a product vision and strategic plan will allow you to achieve product goals much easier than without one.
1) It keeps all stakeholders on the same page
Product visions enable all teams, including Sales, Marketing, and Customer Success, to work towards the common goal that accelerates product success. Teams can always refer to a shared vision as a benchmark for where they should be going, so they never lose sight of why they do what they do.
2) It makes it easier to prioritize and make decisions
A product vision is also useful because it allows you to identify actions that you should take faster and more efficiently. You can use your product vision as a compass to navigate your team when you are lost in conflicting priorities or lost in finding your way. Let’s keep in mind that it applies to more than just product teams. A sales team also shouldn’t close the deal if the potential customer is not appropriate for your product vision.
3) It helps to promote your product
With a clear product vision statement, potential investors and customers can be motivated and drawn in. Marketers or sales teams, for instance, can utilize product vision to advertise or sell a product.
Who is Responsible for Defining the Product Vision?
It’s not just a document to create and go on with business as usual, since everybody has a role to play. It is crucial that all teams put the product vision at the core and rely on it as a true north star. However, it is product management’s responsibility to carry the product vision to completion and ensure that everyone in the organization owns it.
Producter is a product management tool designed to become customer-driven.
It helps you collect feedback, manage tasks, sharing product updates, creating product docs, and tracking roadmap.