The creation of a product’s vision statement is a component of the overall product strategy planning process. These statements should refer to the overarching, long-term vision of what the product aims to achieve. They provide a clear and inspiring picture of the desired future state and the impact the product intends to make in the market, guiding the product, the development team, leadership, and other stakeholders.
In this article we’ll look at the various elements that the Product Manager should clearly articulate when creating an impactful product vision.
The Products Future State
The product vision should describe the future state of the product, usually set for a specific timeframe (e.g., 3 years, 5 years). It must outline the desired outcomes and goals the product aims to accomplish, these should be ambitious and aspirational, reflecting the product’s potential for innovation and positive change.
Example:
“Our e-Readers are set to transform the digital content consumption landscape. Through the combination of state-of-the-art technology and an intuitive interface, our goal is to shake up the established e-reader market. Our product is poised to open up new market prospects, seamlessly bridging the gap between e-readers and interactive tablets. This dual approach caters to avid readers as well as multimedia enthusiasts. By flawlessly blending multimedia content and innovative note-taking capabilities, our e-reader is positioned to reshape current industry norms. It’s destined to become the quintessential companion for both knowledge seekers and entertainment enthusiasts.”
In this example, the product vision emphasizes the intended impact on the market. It highlights the e-reader’s potential to disrupt existing markets, create new market opportunities by targeting a broader audience, and redefine industry standards through unique features, thus providing exceptional value to its customers.
Customer Focus
A product vision should be customer-centric, emphasizing the value and benefits the product will deliver to its target audience. It should address the pain points, challenges, or unmet needs of the target market, highlighting how the product will address those needs and improve the customers’ experiences.
Example:
“First and foremost, our fitness app is customer-centric, putting the users’ needs at the forefront. We understand that our target audience seeks convenience and personalization in their fitness routines. Our product vision focuses on addressing their pain points of time constraints and lack of individualized guidance. By leveraging AI technology, our app will curate tailored workout plans for each user, optimizing their fitness journey and ultimately enhancing their overall fitness experience.”
In this example, the product vision puts the customer at the center of the vision, clearly emphasizing the values and benefits the app will bring to its target audience. It highlights the app’s focus on addressing the pain points and challenges of the target market while highlighting the product’s unique feature of personalized workout plans, all aimed at improving the customers’ fitness experiences.
Intended Market Impact
As touched upon in the Future State example, the vision should articulate the product’s intended impact on the market. This could include disrupting existing markets, creating new market opportunities, or redefining industry standards. It should highlight how the product will differentiate itself from competitors and provide unique value to customers.
Example:
“Our product will revolutionize the home cleaning industry by introducing a state-of-the-art robot that sets new standards for efficiency and convenience. Unlike traditional robotic cleaners, our innovative robot will utilize AI-powered mapping technology, enabling it to learn and adapt to the unique layout of each home, delivering a personalized and thorough cleaning experience. By redefining industry standards, our robot will significantly reduce cleaning time and effort, allowing customers to reclaim precious moments with their loved ones. With its unparalleled cleaning capabilities and seamless integration with smart home systems, our robot will create a new market opportunity for those seeking a truly intelligent and automated cleaning solution.”
In this example, the product vision once again positions the customer as the central focus, prominently highlighting the app’s values and benefits for its users. It underscores the app’s commitment to tackling the target market’s concerns and difficulties while spotlighting the distinctive features of personalized workout plans, all intended to enhance the customer’s fitness journey.
Mission Alignment
The product vision should align with the broader mission and goals of the company or organization. It should contribute to the overall strategy and support the company’s long-term growth, competitive position, and overall success. Alignment ensures that the product strategy is well-integrated into the company’s overarching objectives and available resources.
Example:
“Our product aims to establish an eco-friendly ride-sharing service that goes beyond transportation, actively fostering sustainable urban mobility. The platform’s emphasis on electric and hybrid vehicles is in sync with our company’s overarching mission to champion eco-conscious behaviors. This vision not only reinforces our growth strategy by attracting environmentally mindful customers but also bolsters our standing as a conscientious and innovative mobility provider. By seamlessly weaving green initiatives into our product strategy, we not only propel the company’s success but also create a positive environmental influence, upholding our pledge to sustainability.”
In this example, the product vision clearly aligns with the overarching mission and objectives of the company. It centers around establishing an environmentally conscious ride-sharing service, which directly reinforces the company’s commitment to advocating sustainable practices. By weaving green initiatives into the product strategy, this vision supports the company’s ongoing expansion and competitive position, all the while efficiently utilizing accessible resources to realize the shared goals.
Inspiring and Easily Communicable
A compelling product vision should be inspiring and easy to understand and communicate. It should capture the attention of stakeholders, team members, and customers alike, uniting them with a common goal and fueling their drive to actively contribute toward realizing that vision.
Example:
“Our latest cutting-edge Virtual Reality game is designed to whisk players away to a mesmerizing environment, offering the chance to embark on grand adventures and set their imaginations free like never before. Through the immersive capabilities of virtual reality, we’re set to dissolve the boundaries between reality and the gaming world, captivating players and immersing them into the narrative. By crafting an unforgettable and emotionally impactful experience, we aim to inspire a worldwide community of gamers, encouraging them to venture, collaborate, and partake in this extraordinary virtual universe. Collectively, we’re poised to reshape the gaming landscape, forging connections that transcend digital worlds.”
In this example, the product vision is inspiring and easy to understand. It captures the imagination of stakeholders, team members, and potential customers by describing a virtual reality game that offers a unique and immersive experience. The vision rallies everyone around a shared purpose of creating an extraordinary virtual universe and motivates them to contribute their skills and efforts toward achieving this vision.
Provides Directional Guidance
The product vision should provide directional guidance for decision-making throughout the product life cycle. It helps Product Managers and teams prioritize features, make trade-offs, and align their efforts toward long-term goals. The vision serves as a North Star, guiding strategic choices and ensuring that short-term decisions contribute to the long-term vision.
Example:
“Our smart home system will create an eco-friendly and sustainable living environment. Across the product’s lifecycle, this vision will steer our decision-making. When it comes to feature prioritization, our emphasis will be on those that champion energy efficiency, curtail waste, and contribute to environmental preservation. For example, we’ll place a higher priority on integrating smart energy monitoring and optimizing energy consumption over non-essential convenience features. The vision acts as our North Star, ensuring that every short-term decision aligns with our long-term goal of creating a greener, more sustainable living space.”
In this example, the product vision of establishing an environmentally conscious smart home system takes center stage in the decision-making process. The team gives precedence to features that align with this vision and contribute to overarching objectives. This approach guarantees that the product’s evolution stays aligned with its fundamental purpose and direction. By making astute decisions in line with the overarching vision, the team solidifies the strategic foundation of the product.
Measurable Outcomes
While the vision is a high-level statement of intent, it should be supported by measurable outcomes or key results. These measurable goals provide a means to track progress and evaluate the success of the product in achieving its vision. Setting clear milestones and key performance indicators (KPIs) helps measure progress and make data-driven decisions.
Example:
“Our objective is to develop the most effective project management software tailored for businesses. To attain this, we’ve established quantifiable outcomes and key performance indicators to gauge our progress and achievement. Within the initial 12 months post-launch, our target is to onboard 1,000 businesses, while maintaining an average customer satisfaction rating of 4.5 out of 5. Moreover, we’re aiming to slash the average project turnaround time by 20% by leveraging our streamlined features. These milestones andKPIs will serve as our yardstick, enabling us to consistently evaluate our advancement, pinpoint areas for enhancement, and make informed decisions driven by data.”
In this example, the product vision is supported by specific and measurable outcomes. The team has set clear milestones, such as the user adoption rate and customer satisfaction rating, as well as a specific KPI related to project turnaround time. These measurable goals provide a way to track the product’s progress, evaluate its success, and make data-driven decisions to align with the high-level intent of creating efficient project management software.
The Importance of a Well-Crafted Product Vision Statement
The product vision statement establishes the product’s path and purpose. It outlines the product’s objectives, and its influence on customers and the market, and aligns with the company’s mission and goals. Additionally, a well-crafted product vision statement acts as a motivating force and guiding light for Product Managers and product teams, enabling a collective understanding and dedication to the product’s success. A well-crafted product vision statement helps ensure that all internal stakeholders stay attuned to the larger objective, maintain a forward-looking perspective, and align their immediate actions with the long-term vision.