A product vision statement is a concise, forward-looking statement that describes the desired future state of a product. It serves as a guiding star for the product team, helping them to make decisions about what features to build, what problems to solve, and how to position the product in the market.
Key Facts
- Understand the purpose of your product:
- Ask yourself why your product exists, how you will achieve your purpose, and what your product is.
- Collaborate with product stakeholders to determine the core purpose of your product.
- Define the unique value proposition of your product:
- Identify what sets your product apart from others in the market and how it will create a competitive advantage.
- Identify your target customers:
- Determine who your product is designed for and understand their needs and pain points.
- Analyze the competition:
- Understand the strengths and weaknesses of other products in the market to identify gaps or opportunities for differentiation.
- Determine the key features and benefits of your product:
- Identify the specific features and benefits that will provide value to your users and differentiate your product.
- Consider the design and user experience:
- Think about how the design and user experience of your product will set it apart from competitors and create a positive and memorable experience for users.
- Align the product vision with broader company goals:
- Ensure that your product vision aligns with the company’s overall vision and strategy to ensure long-term success and sustainability.
- Empathize with your users:
- Develop a deep understanding of your users’ needs, pain points, and motivations by completing an empathy map.
- Review and update the product vision statement:
- Regularly revisit the product vision and make adjustments based on new insights, feedback, and changing market conditions.
To write a product vision statement, you need to first understand the purpose of your product. Why does it exist? What problem does it solve? What value does it provide to users? Once you have a clear understanding of the product’s purpose, you can start to define its unique value proposition. What sets it apart from other products in the market? What are its key features and benefits?
Next, you need to identify your target customers. Who are you building this product for? What are their needs and pain points? Once you know who you’re targeting, you can start to analyze the competition. What other products are available in the market? What are their strengths and weaknesses? How can you differentiate your product from the competition?
Once you have a good understanding of the product’s purpose, unique value proposition, target customers, and competition, you can start to develop a product vision statement. A product vision statement should be concise, clear, and inspiring. It should be something that the product team can rally around and that will motivate them to do their best work.
Here are some tips for writing a product vision statement:
- Start with a verb.A strong product vision statement should start with a verb that describes the desired future state of the product. For example, “To create a world where everyone has access to clean water” or “To empower people to live healthier lives.”
- Be specific.Don’t be vague or abstract. Be specific about what you want to achieve with your product. For example, instead of saying “To make the world a better place,” say “To reduce poverty by 50% by 2030.”
- Be ambitious.Don’t be afraid to dream big. Your product vision statement should be something that inspires you and your team to reach for the stars.
- Be realistic.While it’s important to be ambitious, you also need to be realistic. Make sure your product vision statement is achievable with the resources and capabilities that you have.
- Be measurable.How will you know if you’ve achieved your product vision? Make sure your product vision statement includes measurable goals that you can track over time.
- Be flexible.Your product vision statement should be flexible enough to allow for changes in the market, technology, and your own understanding of the problem you’re trying to solve.
Once you’ve written a product vision statement, you need to communicate it to your team and stakeholders. Make sure everyone understands the vision and is aligned on the goals. The product vision statement should be a living document that is revisited and updated regularly. As the market changes, your understanding of the problem you’re trying to solve may change, and your product vision statement should reflect that.
Sources
- https://www.mural.co/blog/product-vision
- https://techfarhub.usds.gov/resources/learning-center/field-guides/create-inspiring-product-vision/
- https://blog.logrocket.com/product-management/product-vision-statement-template-examples/
FAQs
What is a product vision statement?
A product vision statement is a concise, forward-looking statement that describes the desired future state of a product. It serves as a guiding star for the product team, helping them to make decisions about what features to build, what problems to solve, and how to position the product in the market.
What are the key elements of a product vision statement?
The key elements of a product vision statement include:
- The product’s purpose
- The product’s unique value proposition
- The product’s target customers
- The product’s competition
- The product’s key features and benefits
- The product’s design and user experience
- The product’s alignment with broader company goals
How do you write a product vision statement?
To write a product vision statement, you need to:
- Understand the purpose of your product.
- Define the product’s unique value proposition.
- Identify your target customers.
- Analyze the competition.
- Determine the product’s key features and benefits.
- Consider the design and user experience.
- Align the product vision with broader company goals.
- Empathize with your users.
- Review and update the product vision statement.
What are some tips for writing a product vision statement?
Some tips for writing a product vision statement include:
- Start with a verb.
- Be specific.
- Be ambitious.
- Be realistic.
- Be measurable.
- Be flexible.
How do you communicate a product vision statement?
To communicate a product vision statement, you need to:
- Share it with your team and stakeholders.
- Make sure everyone understands the vision and is aligned on the goals.
- Create a product roadmap that outlines the steps needed to achieve the vision.
- Regularly revisit and update the product vision statement.
How often should you review and update your product vision statement?
You should review and update your product vision statement regularly, or as needed. Some common reasons to review and update your product vision statement include:
- Changes in the market
- Changes in technology
- Changes in your understanding of the problem you’re trying to solve
- Changes in your company’s goals
What are some common mistakes to avoid when writing a product vision statement?
Some common mistakes to avoid when writing a product vision statement include:
- Being too vague or abstract
- Being too ambitious
- Being too unrealistic
- Not being measurable
- Not being flexible
What are some examples of great product vision statements?
Some examples of great product vision statements include:
- “To create a world where everyone has access to clean water.” (WaterAid)
- “To empower people to live healthier lives.” (Fitbit)
- “To connect the world’s professionals to make them more productive and successful.” (LinkedIn)
- “To give people the power to build community and bring the world closer together.” (Facebook)
- “To organize the world’s information and make it universally accessible and useful.” (Google)