A product vision is a statement that describes a product’s purpose and intention and indicates the product’s long-term aspiration. Usually, companies create their product visions using a product vision template.
Although the vision is fundamental to a lasting product, companies should also set goals and KPIs. Goals should focus on the target market and the business use case scenarios of the product.
On the other hand, the KPIs should closely align with the product vision. Goals and KPIs are measurable and can help manage resources to make sure the vision is fulfilled.
Goals and KPIs also can help you estimate the throughput of the product.
What Makes a Good Product Vision?
As a product owner, vision is one of the most important attributes of any product. It lays out the product’s purpose and intention, insight into the real-world utility, and long-term aspiration. The fundamental aspects of the product vision must be aligned with the product’s goals.
These goals are specific to the business use cases that support the product’s value proposition. This vision will impact design, marketing and development. The long-term aspiration of a product vision helps you forecast the impacts of any decisions made within the product.
When Would You Use a Product Vision?
The simple answer to this question is that you’ll use a product vision throughout a product’s lifecycle. It doesn’t matter whether the product is still in its infancy or it’s been in the market for a while.
It is a plan to make sure you stay on track and achieve the most important goals. A product vision is a big-picture view of the success of your product and how to meet the goals. It is an established company-wide goal used to drive and measure the achievement of more tangible goals throughout the product lifecycle. It also drives appropriate customer insights and market intelligence.
How to Create a Meaningful Product Vision
Start With the Purpose of the Product
Product vision starts with understanding the purpose of your product. The answer ultimately lies in three questions.
- What is your product?
- Why does your product exist?
- How will you achieve your product’s why?
The exercise is very specific, although it looks easy. Make sure you collaborate with product stakeholders to effectively answer the questions.
Build a Truly Customer-Centric Product Vision
A product vision should be a high-level, customer-centric view of a product, service, or business. Fundamentally, businesses need to understand that they are nothing without their customers. Therefore, product visions should always revolve around meeting customers’ needs.
It’s important to think long-term and to consider customer needs as much as possible when building a product. Customer needs will ultimately determine how your business will be run and determine what it will stand for. With a strong customer-centered product vision, you can avoid making any major drawbacks or mistakes with your product, service, or business.
To build a customer-centric product vision, a business should understand its customers’ pain points. They can do this through various customer feedback channels, including surveys. The product vision template must therefore capture the pain point and how your product will address it.
Who Owns the Product Vision Template?
Just like a business plan, a product vision template belongs to the business owner. This notion may be a bit complicated in larger corporations.
The template is a great way to put your company on the path to rapid growth. These are intended to inspire your product’s future and can even become the foundation for the company’s core values.
In order to create a product vision, you first need to remember that it is your job to help others build their vision.
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