What is a Product Vision with Examples?

Posted on 3/25/2023, 12:43:34 PM

A product vision is a clear and concise statement that describes the desired future state of a product or service. It sets the direction for the product's development and communicates the purpose, values, and goals of the product to the entire organization. A product vision should inspire and motivate the team, stakeholders, and customers, and guide decision-making throughout the product's lifecycle.

A product vision answers the following questions:

• What problem is the product solving?
• Who is the target customer?
• How does the product differentiate itself from competitors?
• What is the product's long-term goal?

A good product vision should be specific, measurable, achievable, relevant, and time-bound. It should be easy to understand and remember, and it should resonate with the target audience.

How to Come Up with a Product Vision?

Coming up with a product vision requires a deep understanding of the customer's needs, the market trends, and the company's strengths and weaknesses. Here are the steps to follow:

Step 1: Understand the customer's needs

The first step is to identify the customer's pain points, desires, and expectations. This can be done through customer interviews, surveys, market research, and user testing. The goal is to understand what motivates the customer to buy or use the product, what they like and dislike about the existing solutions, and what their ideal solution would look like.

Step 2: Analyze the market trends

The second step is to analyze the market trends, including the competition, the technological advancements, and the regulatory environment. This can be done through industry reports, market analysis, and competitive analysis. The goal is to identify the gaps in the market and the opportunities for innovation.

Step 3: Identify the company's strengths and weaknesses

The third step is to identify the company's strengths and weaknesses, including the resources, the capabilities, and the culture. This can be done through internal analysis, including SWOT analysis and value chain analysis. The goal is to identify the areas where the company can leverage its strengths and improve its weaknesses.

Step 4: Define the product vision statement

The fourth step is to define the product vision statement, using the insights from the previous steps. The product vision statement should be clear, concise, and inspiring. It should answer the questions mentioned earlier and align with the company's mission and values.

Step 5: Communicate the product vision

The final step is to communicate the product vision to the team, stakeholders, and customers. The product vision should be communicated in a way that is easy to understand and remember. It should be reinforced through product roadmaps, user stories, and product demos. The goal is to align everyone around the product vision and create a shared understanding of the product's purpose, values, and goals.

Examples of Good Product Visions

• Apple iPhone: "A phone that combines a revolutionary mobile phone, a widescreen iPod with touch controls, and a breakthrough Internet communications device."

Apple's iPhone product vision combines three products into one, creating a new category of mobile devices. It focuses on the user experience, innovation, and convergence. It has inspired many imitators and has transformed the mobile industry.

• Tesla: "To accelerate the world's transition to sustainable energy."

Tesla's product vision is focused on solving the global energy crisis by transitioning to sustainable energy sources. The vision is aligned with the company's overall mission and has helped drive the development of innovative electric vehicles and renewable energy solutions.

• Airbnb: "To create a world where anyone can belong anywhere."

Airbnb's product vision is focused on creating a global community where people can connect and share unique travel experiences. The vision is aligned with the company's business model of providing a platform for individuals to rent out their homes and has helped drive the growth and success of the company.

• Google: "To organize the world's information and make it universally accessible and useful."

Google's product vision is focused on organizing and democratizing access to information. The vision is aligned with the company's mission of making information accessible and has helped drive the development of innovative search algorithms, machine learning technologies, and knowledge-sharing platforms.

In conclusion, a product vision is a critical component of a product strategy and serves as a guide for the development and execution of the product roadmap. Developing a product vision requires a deep understanding of customer needs, market opportunities, and business goals. By aligning the product vision with the overall mission of the organization, a well-defined product vision can help inspire and align the team towards achieving a shared goal.

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