What is Product Vision & How to create it? (Tools Included)
June 22, 2021 Max 4min read
What is Product Vision?
Product Vision Definition
A product vision, often known as a product vision statement, outlines your product’s overall, long-term purpose. Vision statements are ambitious assertions that effectively explain where the product wants to go. And what it wants to accomplish in the big scheme of things.
The product vision needs to be clear and concise. You write the product vision statements at the beginning of a project to help guide development.
But they can also come in handy if you’re looking for an early indicator that your idea might not work out as planned.
Product visions need to be succinct. Hence, they don’t get lost amidst all those other great ideas floating around on the whiteboard. No one has enough time or space!
But sometimes, we find ourselves with more than just one good idea coming our way. Which means too many options rather than deciding what to do next.
So make sure everyone understands their role well from day one by writing down something like this: “This product will solve X problem because Y people want Z.”
How to create a product vision?
Begin with the goal of the product:
Understanding the objective of your product is the first step in creating your product story. It all comes down to three questions in the end.
- What is the purpose of your product?
- What steps will you take to achieve your why?
- What is the nature of your offering?
Prototype for product vision:
There is no one-size-fits-all format for a product vision, but then you can utilize tried-and-true templates as a starting point. It is a traditional fill-in-the-blank format that you can use to help you think.
Organize a workshop on product vision:
After you’ve acquired and documented the necessary data, you may move on to creating your product vision statement.
It would help if you involved vital project participants in generating the product vision to create a vision.
The vision will be supported and followed by your team members and stakeholders.
Preparation, introduction, ideation, PowerPoint presentation, voting, and attaining consensus are all part of a product vision workshop. Which helps you determine the best vision for your digital product.
The tool that you can use for the better Product Vision:
A product vision board is a handy reference point for product-related decisions. It captures the product vision and its attributes in one location.
Roman Pichler created the product vision board, a simple visual tool that captures the product vision and its associated features. These include the target audience, user needs, major product features, and company objectives.
The product vision board is a handy reference point for product-related decisions because it gathers all essential information in one location.
The product vision board assists you in identifying the most significant risks associated with developing your product with the help of appropriate product roadmap software. Also, the possibilities that you may achieve due to its release.
It’s a crucial tool because it allows businesses to stay connected to their vision while working on their product.
What are the advantages of Product Vision?
Without clarity, product teams can face the issue of stagnancy. It would not be easy to gauge the next step you need to take.
Moreover, some teams are likely to lack consistency towards a focused goal and change paths without a clear vision.
Hence, to avoid such inconvenience, it is recommended to have a product vision right at the beginning.
Product vision motivates the team by showing them how their work can solve an existing problem. It eliminates boredom because it shows the team how their efforts make a difference.
A compelling product vision helps build an excellent product strategy, enhancing the consumer experience. Don’t forget to implement the right product management software along the way.
Moreover, it helps to look at the bigger picture and the potential impact the product can have in the future.
What are the examples of Product Vision?
Consider any company, and you’ll know that each company has a product vision that they demonstrate through and through the services or products they offer.
Following are some the examples of famous companies and their product vision:
- SpaceX: To carry out space expeditions and advance the technology to live on other planets.
- Instagram: To transform mediocre-looking mobile photos into professional-looking snapshots.
- Tesla: To create transportation technology that is eco-friendly and affordable at the same time.
- Netflix: To create a market for filmmakers and become an entertainment distribution service.
When do you need a product vision?
Once you have identified the problem you want to cater to, you are also sure that you will invest your resources to solve that problem. It is when your product vision comes into the picture.
It is essential to begin the development process with a product vision so that you can fix your focus on the target outcome you wish to accomplish.
Don’t worry if you feel like modifying your product vision repeatedly. That’s the part of learning and growing.
Even if you start with a different vision and end up somewhere other, the product vision statement is what will provide you. That is with a clear understanding of the goal for which you are working.
In scrum, the product owner is the only person accountable for the product’s success. As a result, the product owner is in charge of creating, managing, and owning the product vision.
A product vision represents your product’s core: what issues it solves, for whom, and why now is the best time to create it. A product vision helps your team understand what they’re working on and why they’re working on it.