Having a defined product vision is important, as it helps create drive and purpose in your colleagues and ensures everyone is on the same page in what they’re creating. In this Tech in 2, Principal Consultant Ryan Finco explains what goes into a product vision and shares four questions to ask as you’re defining yours.
A product vision plays a crucial role in instilling motivation and purpose among employees. This applies to individuals at all levels within an organization. It empowers everyone to understand the purpose of their work and the bigger picture they contribute to. A company vision is significant in shaping various aspects. It’s often accompanied by a mission statement, which outlines how the company plans to achieve its vision. The company vision is like the aspiration, the direction the company aims to move toward, while the mission statement details the steps it will take to get there.
As companies expand and offer multiple products, a separate product vision emerges alongside the overarching company vision. The idea is for the product vision to align with and support elements of the company vision. It’s a more focused subset that contributes to the larger goals.
Simplifying these concepts, we can break them down into four essential questions: a) What is the product? b) What will the product do? c) How does it differentiate itself in the market? d) Will people actually buy it?
These questions are pivotal in shaping a product vision. The answers provide validation and clarity about the product’s purpose and viability. It’s worth noting that while many products might seem like great ideas, the crucial factor is whether people will actually purchase them. This aspect is sometimes overlooked, leading to products that might not find a market even if they’re innovative.
Collectively, all these components help determine the feasibility and market viability of a product.
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