This post will help you understand how to define a product vision. Read on to learn more.
The Surprising Truth About What Product Vision is
Product vision is the ultimate goal you want your product to achieve. It’s the essence of why you’re building it in the first place.
It’s a clear and compelling vision that answers the question: Why are we doing this? What are we building?
Most people think of product vision as being a company-wide, aspirational vision with a great mission statement. But in reality, it’s much more than that.
The product vision is a set of options for what the product can be. It’s a set of directions for how the product will evolve over time—and which features it should include.
It’s also how you create value for customers and a competitive advantage for your company. It’s essentially a strategic vision, with tactical actions to achieve it, and the purpose behind them.
At its core, it’s all about defining why a customer should be using your product or service.
It’s about creating a picture of what success looks like and how you get there. And then getting everyone on board with that picture.
It isn’t just “a big goal on a wall.”
Most companies have huge goals and objectives posted on walls, but they aren’t used as guides to make decisions.
So, how can you define a product vision to guide your team?
Let us find out.
Ways to Define a Product Vision to Guide Your Team
Describe the Motivation behind the Product
You need to understand what drives you to build the product.
What do you keep coming back to every day? What’s the most important reason you’re building the product?
If your product is successful, what will the world look like after it’s been built? How will customers be different? How will they feel? What will they think?
Describe a “Day in the Life” of Your Customer
This is about identifying your customer.
What do they need a solution for? When do they have time to use your product, and when are they too busy? Under what conditions are they most likely to try using your product, and under which conditions are they least likely to try it?
Describe How You’ll Make Money Off Your Product (or Service)
What’s the unique value that you’re creating for people, and how are you going to make money for doing it? A lot of people don’t think about this upfront.
They just focus on building a great product. But if you don’t have a plan for how you’re going to make money from your product, it’s going to be hard to build a sustainable business.
And if you can’t build a sustainable business, then your product won’t last.
It’s that simple. Have some sort of plan for how you’ll make money off your product—and at least one way that doesn’t require lots of venture capital or taking on lots of outside investment.
If you’re serious about thinking through this ahead of time, consider putting together a rough business plan with revenue projections before writing any code.
Once you define your product vision, you’ll be able to keep your team focused on what’s most important.
It will help you avoid the temptation to do everything at once, and instead focus on a few things that matter.