How to create a Product Vision Board template ?
How to create a Product Vision Board template?
Digital Product Management - 3
In this article, we will learn about the Product vision Board and what is the importance of the Product Vision Board. At the end of the article, you will have an example template for the Product Vision Board. We will also discuss the Strategic Landscape of a Product Based Company. These include different elements of Product Strategy. We will deep dive into 1 element of Product strategy which is Product vision.
In the previous article Digital Product Management - 2, we learnt about the following things:
- Evolution of Product Management
- What tools are usually used by Product Managers?
- What does a Product Org Structure look like?
- Who are the different stakeholders of Product Managers?
What is a Product Strategy?
Product strategy is a high-level plan created by a company that lays out the development plan, business and marketing strategy of a product. It starts with defining the vision of the product and finally laying out the roadmap and goals with clear timelines.
Defining the product strategy is the key to the success of the product. Hence it is of utmost importance to a Product Manager to take ownership of the product strategy.
Defining the product strategy is the key to the success of the product. Hence it is of utmost importance to a Product Manager to take ownership of the product strategy.
What are the different elements of Product Strategy?
Following are the elements of Product Strategy
- Identifying the Product Vision
- Identifying the Customer Segment and their pain points
- Identifying the Business Model of the Product
- Identifying the Strategic Landscape of Competitors
- Identifying the Positioning of the Product
- Identifying the Product Roadmap & Goals
Now we will discuss each and every element of Product Strategy in a more detailed manner.
Identifying the Product Vision
Product Vision is the long-term goal of a Product. The Product Vision describes what the product wants to achieve in the long term.
In the case of a single-product company, the vision statement of the company is the same as the vision statement of the product. But in the case of a multi-product company, this is not true.
The product vision is usually led by the Chief of Product. All other members of the product team work towards that vision. The vision is usually broken down into different goals, themes and initiatives. Different leaders in the team work towards different goals which are in sync with the broad vision of the Product.
The vision statement is a 2-3 liner statement which tells why the product exists. A fantastic Product vision is aspirational, customer-centric, clear, concise and achievable. A good vision statement should neither be too futuristic nor it should be too focused and narrowed. It should be realistic and ambitious.
We use Product Vision Board to set up and visualise the vision of the Product and Strategy.
Product Vision Board
A product vision board helps to capture the vision and strategy of the product. The board encompasses the following:
- Vision: The vision of the product explains the reason for creating it. A vision should be clear and easy to understand. It talks about what is the long-term goal and what is it that the company is trying to achieve through it. It provides long-term guidance, builds collaboration and helps in aligning everyone towards a common goal. The vision of a product can also align with the CSR goals of the company which helps signal to the community that the company cares about society.
For example - LinkedIn's vision is to "Create economic opportunity for every member of the global workforce" hence LinkedIn has features like LinkedIn Learning which enables individuals to learn and grow so that they become employable. - Target Group: The target group defines the customer segment which the product is trying to address. The members of the target group are usually homogenous in nature. For example - Linkedin's target group is working professionals who are looking for jobs and networking with other working professionals, looking for hiring people etc. They are the user segment which is targeted by the company.
- Need: Needs specify what the product is offering and helps in listing down the value proposition of the product. The needs have to be prioritised as per the importance it has for the target group that we have identified. Needs should be validated by conducting user research or surveys with the identified target group. You have to think about the targeted user journey to come up with the exact pain points and user needs.
- Product: The product summarises the 3-5 critical features that will make it stand out. These features solve the exact identified problems of the users
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