How to Create an Excellent Product Growth Vision, According to Experts

Product growth vision is a key part of the strategic plan for a company.

It is a shared understanding of what a company wants to achieve in the coming years. It is a goal for the future, not a description of where the company is now.

Product growth vision can help to create a product growth plan. This plan describes how the company will achieve the product growth vision.

So how can you create one? Continue reading to know more about the topic.

Tips to Create an Excellent Product Growth Vision

Be precise

The vision should be precise. This means that it should be clear enough to understand and implement. The vision should also be specific about the period. 

For example, the vision may not say “we will grow our product over the next five years.” Instead, it may say “we will grow our product by 50% in the next three years.” 

This will help to define how much growth is needed and when it should happen.

Don’t try to be everything for everyone

A product growth vision should make the company better. It should make it more competitive in the market. This means that the vision should focus on improving the company’s offerings or positioning it in a better way. 

For example, if the company is already one of the largest in its industry, then growing by 50% is not very meaningful. 

Instead, try to focus on what makes you different from your competitors. This might be having better customer service or providing higher quality products than others do. 

Be prepared to adjust, iterate and course-correct

Many products fail because the vision was too ambitious. 

Product growth vision should be realistic. It should not rely on impossible or unlikely assumptions. 

Don’t try to predict the future. Instead, focus on the long-term goal for the company. This means that you should aim for a long-term goal, rather than a short-term one. 

For example, you might decide to increase your revenue by 20% every year for five years. This is a reasonable goal for you to achieve. 

However, if you decide to increase revenue by 100% every year for five years, then this may be too aggressive and unrealistic. You might end up failing before you can reach that goal. 

Keep your customer in the center

It is important to understand what customers want and why they buy your product. Without this knowledge, it is impossible to create an effective product growth vision. 

This means that you should identify who your customers are and how they think. 

Once you have identified them, try to create a vision that aligns with your target market’s interests and needs. 

Show a great deal of commitment and leadership

The product growth vision should be owned by the top management team. This means that all major stakeholders in the company should be involved in creating it and supporting it. 

Even if you do not have all the resources or capabilities needed to achieve this goal right now, you should still aim at it. Maintain this vision even if there are setbacks or difficulties along the way. 

Wrapping Up

Product growth vision is an important part of the product strategy. It can be created using the above-mentioned tips. 

However, remember that creating an excellent vision will take time and effort. Plan it carefully and discuss it with your top management team before you start working on it.